Spanish Stocks: Inditex, Abengoa, Indra, Shares Are Active
The following were among the most active stocks in the Spanish market. Symbols are in parentheses after company names.
Financial companies declined after Moody’s Investors Service said in a note today that nonperforming loans in the Spanish banking system reached an all-time high of 102.5 billion euros ($143.26 billion) in August, citing data from the Bank of Spain released on Oct. 11.
Banco Santander SA (SAN SM) declined 1.9 percent to 9.45 euros, the IBEX 35’s worst performance today. Banco Sabadell SA (SAB SM) dropped 1.7 percent to 3.51 euros, the stock’s third drop in four days. Banco Popular Espanol SA (POP SM) slid 1.3 percent to 4.66 euros, the first decline in three days. Banco Bilbao Vizcaya Argentaria SA (BBVA SM) declined 1.2 percent to 9.66 euros, the third consecutive drop.
Bolsas y Mercados Espanoles (BME SM) climbed 0.5 percent to 19.80 euros, the stock’s second gain in three, amid takeovers in the exchanges industry. Singapore Exchange Ltd. agreed to buy ASX Ltd., Australia’s main stock exchange, for A$8.4 billion ($8.3 billion) in cash and shares in a drive to compete with Hong Kong and Tokyo. Shares in the Singapore company tumbled the most in two years after the announcement.
Industria de Diseno Textil SA (ITX SM) rose 1.3 percent to 60.30 euros, erasing Oct. 22’s 0.5 percent drop. Inditex, the owner of the Zara and Massimo Dutti clothing chains, said it will start its online store in Austria, Belgium, Ireland, Luxembourg and the Netherlands on Nov. 4.
Indra Sistemas SA (IDR SM) dropped 0.6 percent to 14.39 euros, the first decline in three days. Spain’s largest computer-services company was cut to “hold” from “buy” at Societe Generale SA, which cited spending cuts in the public sector and defense industries.
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