Inditex, Iberdrola y ACS, para superar la travesía electoral

As the electoral campaign progresses, analysts are assessing the potential impact of Spain's upcoming elections on the country's stock market. Antonio Castelo, a iBroker analyst, insists that history suggests a stabilizing effect. Since 1996, the Ibex, Spain's main stock index, has risen seven out of ten times during election periods.

Castelo points out two key signals to watch for: a weaker Spanish market relative to European counterparts, which has not occurred so far, and a widening gap between Spanish and German bond yields, a pattern that also has not been observed. Currently, the market shows greater interest in the political developments in France and Italy compared to Spain.

In a global environment of high public debt and deficits, political instability in Spain could divert international market attention from France. However, Castelo remains more concerned about the volatility of the debt market than the electoral outcome.

Among the stocks to consider amid this electoral period are Inditex, Spain's leading company with a strong international business and solid financial foundation, despite potential currency effects. Iberdrola, with its diversified business ranging from energy to investments, could benefit from a conservative-liberal government's support for nuclear power.

ACS is also highlighted due to its international presence, reducing dependence on Spanish electoral outcomes. A potential conservative-liberal government would likely receive positive feedback from Spanish banks, with the removal of the extraordinary tax potentially benefiting domestic entities such as CaixaBank, Bankinter, Sabadell, and Unicaja.

In the energy sector, a conservative framework would favor Endesa and Iberdrola due to the continued profitability of nuclear power plant operations.