Spain Stocks Hover Above 10900 Level

The IBEX 35 edged up to 10,990 on Tuesday, trading above the 10,900 level for the third session, as investors adopted a wait-and-see stance ahead of inflation figures from major European countries and the US later in the week.

Domestically, Spain's GDP grew by 2.5% in 2023, slowing from an over 5% expansion in the previous year but coming above market expectations.

On the corporate front, the leaders of increase were Indra Sistemas (1.9%), Mapfre (1.5%), Repsol (1.4%), Banco Sabadell (1.2%), and Banco Santander (1.2%).

The lenders got a raise in recommendations from Barclays analysts, while Repsol announced its alliance in Spain with Bunge, thus raising its access to the raw materials.

Also, Telefonica added 1% on improved target price and the exploration of its real estate company sale, and Telefonica rose by 0.4% after SEPI has entered the company's capital with a 3% stake.

On the side of losses, Bankinter (-1%), Enagas (-0.8%), Acerinox (-0.8%), and Acciona Energia (-0.7%) dragged.