Ferrovial, Pescanova, Portugal Telecom: Iberian Equity Preview

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

Spain’s IBEX 35 Index (IBEX) fell 1 percent to 10,038.10. Portugal’s PSI-20 Index (PSI20) dropped 2 percent to 7,107.10.

Spanish stocks:

Abertis Infraestructuras SA (ABE) : The toll road operator will hold its annual general meeting. The shares fell 0.9 percent to 15.20 euros.

Ferrovial SA (FER) : The builder’s plan to sell a 10 percent stake in BAA Airports Ltd. is “advancing positively and is still in a preliminary phase,” a company official said in an e-mailed statement. The shares fell 0.7 percent to 8.49 euros.

Pescanova SA (PVA) : Novacaixagalicia, a savings bank group, said in a filing to regulators that it sold a 4 percent stake in the seafood processor at 30 euros a share. In a separate filing, Pescanova said it had carried out an equity swap on the same amount of shares. Pescanova shares fell 0.5 percent to 29.55 euros.

Portuguese stocks:

Portugal Telecom SGPS SA (PTC) : Portugal’s biggest phone company may gain after its 14-day relative strength index fell to 13, the lowest in more than a year. A reading below 30 often indicates a stock is poised to rally after a sharp or prolonged decline. Portugal Telecom fell 2.6 percent to 6.77 euros.

To contact the reporter on this story: Charles Penty in Madrid at cpenty@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net