Misc 09/11/2020

Stock Market Euphoria greets Pfizer's Announcement: Ibex soars to 8%

Companies linked to tourism and banks, big winners in the Spanish stock market

1 min
Imatge d'arxiu d'una dosi d'una vacuna contra el virus de la grip

BarcelonaStock markets around the world have skyrocketed as soon as the American pharmaceutical company Pfizer announced that its covid-19 vaccine is effective in 90% of cases.

In Spain, where the Ibex-35 was up less than 2% this morning (according to analysts, thanks to Joe Biden's victory in the US elections), the announcement has caused a jump of 8%. A rise that, despite the logical oscillations, was maintained at 2.30pm.

The most benefited companies have been those linked to tourism and travel: by 2.30pm, IAG (the company that brings together Iberia, British Airways and Vueling) had gone up 31%, although it had gone up over 40% at some points during the morning. Meliá grew by 25%, Amadeus by 17% and Aena by 14%.

The banks, which have been heavily penalised on the stock market since the beginning of the pandemic, also benefited from Pfizer's announcement: Santander, with 15%, and Sabadell, with 13%, were the financial institutions that rose the most. No company in the Íbex-35 was negative.

These rises have brought a logical joy to investors, eager for good news, but did not mask the harsh reality: they still have a long way to go to recover the losses accumulated during the long months of pandemic. Despite this Monday's rise in IAG, for example, the company's shares have dropped 52% of their share compared with since January 1. In the case of Meliá, the cumulative fall is 44%. The same happens in the cases of Sabadell (-70%), Santander (-45%) and Bankinter (-42%)