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Spanish Stocks Plummet

Source: El Pais - Thu 11th Aug 2011

Following a slight improvement upon markets opening, Spanish stocks on yesterday fell for a ninth consecutive day, reaching a yearly low, following the news that France is preparing to introduce austerity measures and that the country may be about to lose its AAA credit rating.

The Ibex 35 fell after some increases at the start of the day's trading, and on closing saw the sharpest drop since May 2010. "Despite seeing some small gains in the morning thanks to Wall Street's rally yesterday [Tuesday], with so much uncertainty around, if the markets look for a reason to drop they will find it," said Soledad Pellón, an analyst at IG Markets.

Banco Santander, a consistently strong performer, fell the most during Wednesday's session, falling 8.33%. The bank was followed by Gamesa and Abengoa, which closed having fallen 8.09% and 7.87% respectively. BBVA also fell 7.83%, followed by Repsol, 5.72%; Telefónica, 5.69%; and Iberdrola, 5.16%.

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