Lorraine Williamson
Spain’s benchmark stock index has crossed a psychological threshold that markets love to talk about, even when it’s only numbers on a screen. On Monday, 2 February, the Ibex 35 closed above 18,000 points for the first time in its history, finishing the session a touch over 18,100 after a 1.3% rise.
It was a milestone moment for the Bolsa de Madrid, but also a reminder of how uneven this rally has been: a handful of heavyweight sectors are doing most of the lifting, and the story is as much about banks and industrials as it is about Spain itself.
What pushed the Ibex to a new peak
The strongest engine on the day was the banking sector, with several lenders posting gains above 2%.
Alongside the banks, shares linked to global growth and travel helped the index climb, with ArcelorMittal and IAG among the standout risers in Madrid.
Not every corner of the market joined the party. Renewable and utility names featured among the laggards, while oil-linked stocks were pressured by a sharp fall in crude prices during the session.
The global backdrop was messy, but Spain climbed anyway
The record arrived on a day when global markets were anything but calm. Coverage highlighted heavy moves in commodities and precious metals, and fresh nerves around US monetary policy after political headlines in Washington.
Against that noise, Spanish equities still pushed higher, helped by strength across parts of Europe and a late improvement on Wall Street.
What to watch next
Tuesday’s trade has already shown how quickly euphoria can fade. After Monday’s record close, the Ibex eased back from its highs as wider markets cooled, underlining that this is a rally that can still wobble with global sentiment.
The next big test is whether the market’s leaders keep delivering. Banking earnings and guidance matter, as does the outlook for rates in Europe, with investors watching central bank decisions closely.
Sources: RTVE, Cinco Días, Cadena SER