The banking sector boosts the Ibex-35 after the ECB rate hike

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Spain’s main stock index closed higher on Thursday, buoyed by an effervescent banking sector following a rate hike announced earlier in the day by the European Central Bank.

Following the news, euro zone bank shares were pushed to a near three-week high. The banking index rose 2.4% and was at the head of the most profitable sectors in Europe on the day, before moderating its advances.

At the national level, Bankinter (BME: BKT ) closed at the head of the Ibex , posting 6.57%, followed by the rest of the country’s banking sector.

In line with forecasts, this unprecedented increase of 75 basis points highlights the urgency of central banks to step up their fight against inflation in a climate marked by recessionary risks.

“By opting for 0.75%, the ECB took the tougher option, in line with the tougher tone central banks have been sounding since the Jackson Hole meeting of central bankers in late August,” Willem said. Sels, Managing Director of Private Banking and Wealth at HSBC in London.

The selective Spanish stock market Ibex-35 closed 60.90 points higher on Thursday, 0.78%, to 7,916.80 points, while the FTSE Eurofirst 300 index of large European stocks rose 0.47%.

Following Bankinter, Caixabank (BME: CABK ) gained 6.25%, Sabadell (BME: SABE ) rose 5.58%, BBVA (BME: BBVA ) gained 3.00%, and Santander (BME: SAN ) rose 2.77%.

Among the large non-financial stocks, Telefónica (BME: TEF ) fell 2.19%, Inditex (BME: ITX ) lost 1.17%, Iberdrola (BME: IBE ) rose 0.61%, Cellnex (BME : CLNX ) gained 1.31% and oil company Repsol (BME: REP ) lost 0.81%.

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