The Spanish stock market is recovering from the recent crisis in the telecommunications sector, reporting a spate of share price rises.
Madrid’s Ibex Index is floating at around the 11,000-point mark as share prices increase for companies such as Repsol-YPF, BSCH, Vallehermosa, Zeltia and Sol Meliá. Despite setbacks following high payouts in the UMTS auctions, Telefónica is also enjoying an upturn in its fortunes on the market.
Vallehermoso, whose Patrimonio subsidiary recently merged with Prima Inmobiliaria, now leads the Spanish market, according to JP Morgan Securities.
In the first six months of the year the company made profits of almost €78m (Pta13.4bn) up 99% on the same period last year. Investment reached over €318m (Pta53bn) and Vallehermoso remains a favourite with investors.
Gaceta de los Negocios, 26 August 2000
