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Spanish Stocks: Popular, Indra, BBVA, Gamesa Shares Move

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Nov. 12 (Bloomberg) -- Spain’s IBEX 35 Index advanced after two days of losses, gaining 77.3, or 0.8 percent, to 10,226.8 at the 5:30 p.m. close in Madrid. The measure has lost 1.9 percent this week. The Madrid Stock Exchange General Index gained 0.9 percent to 1,047.32.

The following were among the most active stocks in the Spanish market. Symbols are in parentheses after company names.

Banco Bilbao Vizcaya Argentaria SA (BBVA SM) rose 2.9 percent to 8.32 euros, snapping two days of losses. Spain’s second-biggest bank was raised to “neutral” from “sell” at UBS AG.

Banco Popular Espanol SA (POP SM) increased 5.9 percent to 4.43 euros, breaking five days of losses. In October, Spanish banks reduced their European Central Bank borrowings to 67.9 billion euros ($93.1 billion) from 97.7 billion euros in September, the Bank of Spain said today. Bankinter SA rose 3.8 percent to 4.56 euros. Banco de Sabadell SA gained 3 percent to 3.30 euros. Banco Espanol de Credito SA advanced 2.8 percent to 6.93 euros. Banco Santander SA rose 2 percent to 8.53 euros.

Funespana SA (FUN SM) slid 2.6 percent to 6.35 euros, the stock’s third drop this week. The funeral-services company posted a nine-month net loss of 824,000 euros compared with a net profit of 2.3 million euros a year earlier. Sales fell 5 percent to 52.7 million euros, it said.

Gamesa Corporacion Tecnologica SA (GAM SM) slumped 2.1 percent to 5.26 euros, erasing yesterday’s 1 percent gain. The Spanish wind turbine maker named as a takeover target by UBS AG said net income fell 86 percent in the third quarter as global demand for its generators declined.

Indra Sistemas SA (IDR SM) dropped for a second day, losing 3.6 percent to 13.25 euros. Spain’s largest computer-services company said nine-month profit dropped 5 percent to 143.4 million euros as sales in Spain decreased. The company forecast a 2 percent increase in full-year sales, at the low end of a range of 2 percent to 4 percent that it set in January.

Vocento SA (VOC SM) fell for a fifth day, losing 2.6 percent to 3.51 euros. Spain’s largest newspaper publisher posted a nine-month loss of 12.3 million euros, compared with a profit of 47.2 million euros a year earlier. Sales fell 4.1 percent to 531 million euros, it said.

Zeltia SA (ZEL SM) slipped for a third day, losing 3 percent to 2.94 euros. Zeltia said that Centocor Ortho Biotech Products LP, the Johnson & Johnson unit that owns the marketing rights for Zeltia’s Yondelis treatment outside Europe and Japan, withdrew a request for approval to sell the drug in Australia and plans to present more data to regulators in that country. Centocor has won approval to sell Yondelis as a treatment for ovarian cancer in Colombia, Zeltia said.

To contact the reporter on this story: Paul Tobin in Madrid at ptobin@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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