Spanish Stocks: Ebro, Sacyr, Banco Santander, Iberpapel Move
The following were among the most active stocks in the Spanish market. Symbols are in parentheses after company names.
Banco Santander SA (SAN SM) declined for a second day, losing 1.1 percent to 8.999 euros. Spain’s largest bank was cut to “neutral” from “buy” at Nomura Holdings Inc.
Bolsas y Mercados Espanoles (BME SM) dropped for a fourth straight day, slipping 0.7 percent to 18.82 euros. The manager of Spain’s stock exchange was cut to “sell” from “neutral” at UBS AG.
Ebro Foods SA (EBRO SM) declined for a second day, losing 0.9 percent to 14.235 euros. Iberdrola Renovables SA replaced Ebro Foods SA on Banesto Bolsa’s list of top picks for Spanish stocks, according to a note sent to investors today. Repsol YPF SA, Abertis Infraestructuras SA, Telefonica SA and Tecnicas Reunidas SA are the other stocks on the list, the report said.
Iberpapel Gestion SA (IBG SM) gained 1.8 percent to 12.65 euros, breaking three days of losses. Spain’s largest producer of fine paper said full-year profit will exceed the 11.5 million-euro ($15.8 million) average estimate of three analysts in a Bloomberg survey, Chairman Inigo Echevarria said in a phone interview.
Sacyr Vallehermoso SA (SYV SM) sank 2.8 percent to 4.822 euros, snapping a two-day increase. The builder aims to carry out a 400 million-euro share sale before the end of November, El Confidencial reported, citing unidentified people familiar with the plans. Shareholders including Juan Abello and a group of savings banks have doubts over whether to invest more money in the company, the financial news website said.
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