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Spain: Equities

A special report prepared by Benito & Monjardin SVB.

A EUROMONEY SURVEY - MARCH 1996

Recent performance

Last year was a turbulent one for the Spanish equity market, with many foreign investors in particular preferring to stay on the sidelines as a series of political problems and disappointing economic figures played themselves out in the first half of the year. In the second quarter the Madrid General Index dipped as low as 264 and for the year as a whole, the total volume of turnover on the Madrid bourse fell by 13%. But this hides the recovery in sentiment in the second half of the year, a recovery that was boosted by the announcement of general elections. Domestic and international investors alike expect the government to be changed in March's elections after 13 years of socialist rule, with the centre-right Partido Popular forecast to dominate the new administration.

Market developments

The Spanish equity market was capitalized at Pta19.5 trillion at the end of 1995. The Madrid General index, the longest established index of Spanish stock prices is the most broadly-based indicator.