IBEX 35 has advanced more than 7% so far this year and this is noticeable in all market orders. Especially in the weighting of the values, which change depending on how they close each day. But if we approach the official still photo, the one marked by BME, Bolsas y Mercados Españoles at the end of August, we can make an X-ray of the moment that the main Spanish indicator is experiencing beyond the maelstrom that second by second runs through the stock market of our country in each session.
The first thing that transcends is that, at that moment, the Ibex reached a market value that was approaching half a billion euros. Specifically, 485,014 million euros with a selective that closed the eighth month of the year at 8,846.6 points.
The heavyweights have also changed over the years, although there are old acquaintances who remain, albeit with different positions in the Top5. it is the number one despite its unfortunate year in the market, with 13.78%, with Banco Santander and Inditex exchanging their positions and both moving in a very narrow range, above 11% of their weight in the index. The great news of recent times is Cellnex, which grows without stopping until it represents no less than 8.12% of the selective and is closed by a BBVA that reaches a weighting of 7.63%.
Gone is one of the great comings and goings, which despite the recovery has been overtaken by a good part of the now leaders in capitalization and weight. We are talking about Telefonica, which already weights less than 5% of the total Ibex. And so we could continue until the 35 of the selective closed by Melia Hotels, PharmaMar, Indra, Almirall and Solaria
Of all the values that make up the Ibex, up to 12 of them, more than a third of the selective do not reach 1% weighting, while the Top5 represents more of the index look, almost 52% of the total. If one day the market fell back from Iberdrola to BBVA for various reasons, the Ibex would go down.
On many occasions this is what happens with the weight of these values in the market. A large drag to the index. And let’s not say if we talk about sectors. Although it has lost strength in recent times, our Ibex continues to be clearly banked. We are talking about 25.5% of the weight of the financial sector, with the entities and Mapfre
And even energy companies follow very closely, with chemically pure utilities such as Iberdrola, Endesa or Naturgy (Natural Gas), electricity and gas managers such as REE and Enagas, as if we included Acciona and Solaria in that club. Leaving aside Repsol as a hybrid company still, their joint weighting reaches 21.9%.
And of course, not all companies achieve a listed floating capital or free float in the market. This is the case of Inditex, of only 60% by the percentage of Amancio Ortega’s company, from Endesa or Naturgy, from Mapfre. There is also the case of Siemens-Gamesa, Acciona, Fluidra, Inmobiliaria Colonial, Aena, Almirall or Meliá Hotels. And the value that less free float reaches in the Ibex is ArcelorMittal with only 20%.
Little by little the Ibex is changing its bias, with the entry of new sectoral companies for the selective. Solaria, Cellnex, PharmaMar, Fluidra, from photovoltaics to welllness companies, which are added to the traditional, banking, utilities, industrial, airlines … that are adapting and will do so much more in the future, to the new corporate times. At the moment in the immediate “must”, the technological values that they will surely arrive at the Ibex in time to accompany Amadeus and a part of Indra.