Santander, Corticeira, Gas Natural, Renovables: Iberian Preview

The following companies may have unusual price changes in Spanish and Portuguese trading. Stock symbols are in parentheses and share prices are from the previous close.

Spain’s IBEX 35 Index fell 2.3 percent to 10,810.5. Portugal’s PSI-20 Index dropped 2.2 percent to 7,855.73.

Spanish stocks:

Banco Santander SA (SAN SM): Spain’s biggest lender said it will generate a $1.21 billion capital gain from the sale of 51 percent of its Latin American insurance unit to Zurich Financial Services AG, according to a regulatory filing. The capital gain will go toward strengthening its balance sheet, according to the filing. The shares plummeted 3.3 percent to 8.96 euros.

Bolsas y Mercados Espanoles (BME SM): The Spanish exchange operator, wants to become a “significant shareholder” in a proposed pan-Andean exchange, the Financial Times reported, citing Chief Financial Officer Javier Hernani. The shares slumped 3.3 percent to 22.35 euros.

Ferrovial SA (FER SM): BAA (SP) Ltd.’s net loss narrowed to 321.8 million pounds ($519.5 million) in 2010 from 684 million pounds in 2009 as operating costs declined, the airport operator said today in a statement.

Separately, the Spanish company was rated “outperform” in new coverage at RBC Capital Markets. The shares dropped 3.4 percent to 8.55 euros.

Gas Natural SDG SA (GAS SM): Spain’s largest gas company said it made an additional provision to account for risks connected to its dispute with Algeria’s national oil company Sonatrach. The shares fell 2.5 percent to 12.43 euros.

Iberdrola Renovables SA (IBR SM): The renewable energy company said its board agreed to a dividend of 2.5 euro cents a share, unchanged from a year earlier. The shares lost 2.5 percent to 2.67 euros.

Inditex SA (ITX SM): The owner of the Zara and Massimo Dutti chains was raised to “neutral” from “underperform” at BofA Merrill Lynch Global Research. The shares slid 1.2 percent to 53.82 euros.

Repsol YPF SA (REP SM): The Spanish oil company has started to repatriate some of its 70 employees in Libya because of the unrest in the North African country, El Mundo reported, without citing anyone. The shares slipped 2.6 percent to 23.94 euros.

Portuguese stocks:

Corticeira Amorim SGPS SA (COR PL): The world’s biggest cork processor said net income climbed to 20.5 million euros in 2010 from 5.1 million euros in 2009. The stock was unchanged at 1.15 euros.

To contact the reporters on this story: Emma Ross-Thomas in Madrid at erossthomas@bloomberg.net; Manuel Baigorri in Madrid at mbaigorri@bloomberg.net

To contact the editor responsible for this story: David Merritt at dmerritt1@bloomberg.net

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