Spain’s IBEX 35 index dropped 16, or 0.2 percent, to 10,735 at the 5:30 p.m. close in Madrid. The Madrid Stock Exchange General Index fell 0.3 percent.
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) fell 1.5 percent to 8.85 euros, erasing yesterday’s gain. Spanish lenders fell as Greece and Portugal’s credit ratings were cut by Standard & Poor’s. Banco Santander SA (SAN SM) dropped 1.3 percent to 8.45 euros. Banco Popular Espanol SA (POP SM) slid
1.4 percent to 4.3 euros. Bankinter SA (BKT SM) slipped 1.2 percent to 5.02 euros.
Inditex SA (ITX SM), Spain’s largest clothing retailer, rose 1.3 percent to 57.54 euros. Cotton prices yesterday tumbled the most allowed by ICE Futures U.S. on speculation that global production will climb.
Mapfre SA (MAP SM) fell for a third day, losing 1.9 percent to 2.66 euros. Spain’s biggest insurer company bought 12.5 percent of Mapfre International from Caja Madrid and Caja Madrid bought 48.97 percent of Banco Servicios Financieros from Mapfre, Mapfre and Caja Madrid said in a regulatory filing.
Nicolas Correa SA (NEA SM) rose 5.1 percent to 2.05 euros, the steepest gain in more than two months. Spain’s largest maker of milling machines will return to profit in the second half of this year after it completes the reshuffle of its management team and reduces the number of products it manufactures, El Confidencial said, citing Chairman Jose Ignacio Nicolas Correa.
Solaria Energia & Medio Ambiente SA (SLR SM) soared for a sixth day, jumping 5.7 percent to 2.58 euros. Solar-panel installations may rise by more than 50 percent this year, matching Apple Inc.’s 2010 sales increase after launching the iPad, as the technology emerges as a mainstream consumer product.
Zeltia SA (ZEL SM) fell 0.7 percent to 2.81 euros, erasing yesterday’s gain. The Spanish developer of cancer drugs from sea creatures was downgraded to “accumulate” from “buy” at Caja Madrid Bolsa.