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Spanish markets fall after results of local elections


Spanish markets fall after results of local elections


Not so much a hit but a battering. That’s the effect of the result of the Spanish poll on the the country’s markets.

By the afternoon Spain’s IBEX – the country’s stock market had fallen just over 2.2 percent.

The nation’s bonds declined for a second day. The 10 year yield rose 11 base points – 0.11 percentage point – to 1.89 percent.

Banking, telecommunications and energy companies all suffered drops. In the banking sector Santander was the most traded entity and was down 2.7 percent.

Shares in telecommunications giant Telefonica also dipped falling 1.43 percent while energy company Iberdrola saw its shares drop 2.8 percent.

Traders warned the figures could be distorted as London, Frankfurt and New York were all closed on Monday.

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