Spanish stock market sees ‘biggest rise in history’

Spain’s stock market has experienced its best month in history, closing November with a record increase, according to market data. The Bolsa, as the national share price index is known in Spain, soared by 25.18 percent between 00.01 on 1st November and 23.59 on 30th November, a rise never seen before.
Rocketing share values have been largely driven by pharmaceutical laboratories as market speculators invest heavily in them ahead of the release of the imminent Covid-19 vaccines.
The increase was tempered slightly by a 1.39 percent shrinkage at opening on the last day of the month leaving it on 8,100 points, pulled down by the fall of Wall Street and the petroleum industry and losses suffered by the banks.
Spain’s main share price indicator and list of its top 35 companies by capital, the IBEX-35, dropped by 113.8 points, or 1.39 percent, to 8,076.9, with an accumulated annual decrease of 15.42 percent.
A fall of over 1 percent in Wall Street at the last minute, and a reduction of 1.5 percent in Brent crude oil prices to US$47.50 per barrel had a knock-on effect on the IBEX-35 and the Bolsa, explain analysts.
The ‘big six’ in the IBEX-35 all experienced reductions in November – Repsol at 5.04 percent, Telefónica 2.11 percent, Banco Santander 1.93 percent, Inditex clothing empire at 1.52 percent, BBVA bank at 0.71 percent, and Iberdrola utility board at 0.22 percent.