Delving into European stock markets: The Ibex 35

Julie Brownlee, Fsp Invest, 21 Jul. 2015

Tags: ibex 35, what is the ibex 35, spanish stock market, spain’s stock market,

Ever wondered about the top stocks listed in Spain? Well the Ibex 35 is where you’ll find the top Spanish listed companies.

So what are the major components of the market? And are there any companies you know?

Read on to find out…

What is the Ibex 35?

The Ibex 35 is Spain’s benchmark stock market index of the Bolsa de Madrid. It is home to the largest 35 companies listed on the Spanish stock market.

The Spanish stock exchange launched the index in 1992. The value of the companies included in the Ibex 35 amount to around €614 billion (R8.3 trillion).

Have a look at the chart below of the sectors that make up the index…

Chart of sectors in the Ibex 35

By far the largest sector is financials. This accounts for nearly 39% of the index, the experts at Money Week explain. This makes it very different in comparison to any other European stock market.

Banks listed include Banco Santander, Banco Popular and Bankia.

The Ibex 35 is heavily weighted with cyclical companies

The large financials sector goes a long way in explaining why Spain’s market lagged its peers in Europe when the worst of the financial crisis hit in 2011 and 2012. But since then, the market has recovered significantly.

The next largest sector is consumer services, accounting for nearly 15% of the index. 10% of this is thanks to fashion chain Zara, which dwarfs other companies in the sector.

Utilities account for nearly 14% of the index. This is a heavy weighting in comparison to other European markets. This gives the index quite a heavy defensive holding against other European markets.

But the stock market is highly cyclical. Around 72% of the Ibex 35 is in cyclical sectors.

So there you have it. The Ibex 35.

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