Three months ago the committee that looks after the Ibex 35 announced the inclusion of two values in the Spanish stock market index: and . Since June, these two listed . The members of that committee will meet again this Thursday, September 8, to assess whether it is necessary to make another adjustment, although the most common is that no changes are made in the March and September reviews, placing them for June and December. And on this occasion this pattern could be followed.
The committee will review the liquidity of the Ibex securities and the rest of the Spanish stock market in the last six months. One of the main parameters to measure it is the trading volume, that is, the money that the shares of the companies have moved in the purchase and sale operations, since March. According to the contracting data, it would be the Ibex company with the highest risk of being excluded from the index, although the candidates to enter have a similar volume. Therefore, it would be normal for the members of the committee to choose to wait and see how this negotiation develops between now and December, when they will meet for the last time this year.
Renta 4: “Taking into account that it is a follow-up meeting, we do not expect there to be any change in the composition of the Ibex”
“We do not expect changes. Although Logista is slightly ahead of Pharmamar in terms of volumes traded in the calculation period, the difference is minimal, and considering that it is a follow-up meeting, we do not expect there to be any change in the composition of the Ibex”, argues Natalia Aguirre, director of analysis and strategy at Renta 4.
Among the applicants who would meet the requirements are now , whom the expert cites after carrying out several reviews as a candidate; , which was excluded in June; or , which would be the sixth bank in the index, although that would not be a handicap since no sectoral limit is imposed.
What is required to enter the Ibex is a minimum stock value, which these three firms meet for future reviews. All of them have an average capitalization since March that exceeds 0.30% of the total Ibex -including only those shares that circulate freely on the stock market and are not in the hands of reference shareholders-.
The one that no longer passes this scale is precisely PharmaMar. Failure to comply with this capitalization criterion does not necessarily imply that a company has to be expelled -Meliá, for example, has not reached the minimum for some time-, but it can be a reason for it. “Meliá continues to fail to meet the minimum capitalization required, but its trading volume is clearly higher than that of the potential candidates,” they defend at Bankinter, where they do not expect changes this Thursday either.
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