Stock Markets April 28, 2026 12:05 PM

Madrid market edges higher as financials and telecoms help lift IBEX 35

IBEX 35 closes up 0.46% with banks among top gainers while heavyweights in materials and real estate weigh

By Leila Farooq
Madrid market edges higher as financials and telecoms help lift IBEX 35

Spanish equities closed higher on Tuesday, with the IBEX 35 up 0.46% in Madrid. Gains were led by Financial Services & Real Estate, Chemical, Petroleum & Plastic and Telecoms & IT sectors. Banco de Sabadell, Bankinter and Caixabank were the session's top performers, while ArcelorMittal, Merlin Properties and ROVI posted the largest declines. Market breadth was positive and commodity and currency moves provided mixed signals.

Key Points

  • IBEX 35 closed up 0.46% in Madrid, led by gains in Financial Services & Real Estate, Chemical, Petroleum & Plastic and Telecoms & IT sectors.
  • Top individual gainers were Banco de Sabadell (BME:SABE), Bankinter (BME:BKT) and Caixabank (BME:CABK); largest decliners were ArcelorMittal (BME:MTS), Merlin Properties (BME:MRL) and ROVI (BME:ROVI).
  • Commodities and FX were mixed: gold futures fell significantly, while both WTI and Brent crude rose; EUR/USD and EUR/GBP were essentially unchanged and the US Dollar Index Futures ticked higher.

Spanish stocks finished the trading day in positive territory on Tuesday as sector advances in Financial Services & Real Estate, Chemical, Petroleum & Plastic and Telecoms & IT supported the market.

At the close in Madrid, the benchmark IBEX 35 rose 0.46%.

The strongest performers on the IBEX 35 were Banco de Sabadell SA (BME:SABE), which climbed 2.74% or 0.09 points to end at 3.26; Bankinter (BME:BKT), which added 2.70% or 0.38 points to finish at 14.27; and Caixabank SA (BME:CABK), which was up 2.32% or 0.24 points to close at 10.60.

At the other end of the index, ArcelorMittal SA (BME:MTS) led decliners, falling 1.89% or 0.95 points to trade at 49.33 at the close. Merlin Properties SA (BME:MRL) slipped 1.67% or 0.25 points to end at 14.73, while Laboratorios Farmaceuticos ROVI (BME:ROVI) was down 1.67% or 1.35 points to 79.35.

Market breadth in Madrid favored advancing issues, with 112 shares rising against 72 that fell; 27 stocks finished unchanged.


Commodities and fixed-income-linked contracts

Gold Futures for June delivery were lower, down 2.04% or 95.75 to $4,597.95 a troy ounce. In oil markets, crude for June delivery gained 3.65% or 3.52 to reach $99.89 a barrel, and the July Brent contract rose 2.49% or 2.53 to trade at $104.22 a barrel.

Foreign exchange and dollar strength

In FX trading, EUR/USD was essentially unchanged, listed at 1.17 with a 0.09% move, while EUR/GBP was unchanged at 0.87 with a 0.12% move. The US Dollar Index Futures were up 0.13% at 98.45.


Tuesday's session showed financial stocks and select industrial and telecom-related names providing upward momentum for the IBEX 35, while materials and real estate names contributed to the day's biggest declines. The reported commodity and currency movements provide additional market context for investors assessing sector positioning and near-term volatility.

Risks

  • Commodity price moves - rising oil and falling gold prices could increase volatility for energy, materials and related sectors.
  • Sector concentration - gains driven by a few sectors (financials, telecoms and chemicals) leave the market sensitive to sector-specific news or earnings.
  • Market breadth - while advancers outnumbered decliners, a notable share of index components declined, indicating uneven performance across the market.

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