IBEX-35 companies
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The IBEX 35 (IBerian IndEX) is the benchmark
stock market index In finance, a stock index, or stock market index, is an index that measures a stock market, or a subset of the stock market, that helps investors compare current stock price levels with past prices to calculate market performance. Two of the ...
of the Bolsa de Madrid, Spain's principal
stock exchange A stock exchange, securities exchange, or bourse is an exchange where stockbrokers and traders can buy and sell securities, such as shares of stock, bonds and other financial instruments. Stock exchanges may also provide facilities for th ...
. Initiated in 1992, the index is administered and calculated by Sociedad de Bolsas, a subsidiary of Bolsas y Mercados Españoles (BME), the company which runs Spain's securities markets (including the Bolsa de Madrid). It is a market capitalization weighted index comprising the 35 most
liquid A liquid is a nearly incompressible fluid that conforms to the shape of its container but retains a (nearly) constant volume independent of pressure. As such, it is one of the four fundamental states of matter (the others being solid, gas, a ...
Spanish stocks traded in the Madrid Stock Exchange General Index and is reviewed twice annually. Trading on
options Option or Options may refer to: Computing *Option key, a key on Apple computer keyboards *Option type, a polymorphic data type in programming languages * Command-line option, an optional parameter to a command *OPTIONS, an HTTP request method ...
and futures contracts on the IBEX 35 is provided by MEFF (Mercado Español de Futuros Financieros), another subsidiary of BME.


History

The IBEX 35 was inaugurated on January 14, 1992, although there are calculated values for the index back to December 29, 1989, where the base value of 3,000 points lies. Between 2000 and 2007, the index outperformed many of its Western peers, driven by relatively strong domestic economic growth which particularly helped construction and real estate stocks. Consequently, while the record highs to date of the FTSE 100,
CAC 40 The CAC 40 (french: CAC quarante ) (''Cotation Assistée en Continu'') is a benchmark French stock market index. The index represents a capitalization-weighted measure of the 40 most significant stocks among the 100 largest market caps on the E ...
and AEX, for example, were set during the dot-com bubble in 1999 and 2000, the IBEX 35's all-time maximum of 15,945.70 was reached on November 8, 2007. The financial crisis of 2007–2008 included extreme volatility in the markets, and saw both the biggest one day percentage fall and rise in the IBEX 35's history. The index closed 7.5% down on January 21, 2008, the second biggest fall in the Spanish equity market since 1987, and rose a record 6.95% three days later.


Rules


Selection

The composition of the IBEX 35 is reviewed twice per year (in June and December) by the so-called Technical Advisory Committee, which consists of "representatives of the
stock exchange A stock exchange, securities exchange, or bourse is an exchange where stockbrokers and traders can buy and sell securities, such as shares of stock, bonds and other financial instruments. Stock exchanges may also provide facilities for th ...
s and
derivatives The derivative of a function is the rate of change of the function's output relative to its input value. Derivative may also refer to: In mathematics and economics * Brzozowski derivative in the theory of formal languages * Formal derivative, an ...
markets, as well as... renowned experts from the academic and financial fields". If any changes are made, they come into effect the following trading day after the third Friday of the rebalance month In general, at each review, the 35 companies with the highest trading volume in Euros over the previous six months are chosen for inclusion in the index, provided that the average free float
market capitalization Market capitalization, sometimes referred to as market cap, is the total value of a publicly traded company's outstanding common shares owned by stockholders. Market capitalization is equal to the market price per common share multiplied by t ...
of the stock is at least 0.3% of the total market cap of the index. Any candidate stock must also have either been traded on at least a third of all trading days in the previous six months, or rank in the top twenty overall in market cap (thus allowing large recently IPO'ed companies to be included).


Weighting

The IBEX 35 is a capitalization-weighted index. The market cap used to calculate the weighting of each constituent is multiplied by a free float factor (ranging from 0.1 to 1) depending on the fraction of shares not subject to block ownership. Any company with 50% or more of its shares considered free float is given a free float factor of 1. Unlike many other European benchmark indices, the weightings of companies in the IBEX 35 are not capped. As of 2015, international funds based abroad (chiefly in Norway, the United States, the United Kingdom and Qatar) owned 43% of the index, vs. 16% in 1992. Such rate of foreign investment was about 5% above the EU average.


Calculation

The index value (given here as ''I'') of the IBEX 35 index is calculated using the following formula: I(t) = I(t-1)\times\frac with ''t'' the moment of calculation; ''Cap'' the free float market cap of a specific listing and ''J'' a coefficient used to adjust the index on the back of capital increases or other corporate actions so as to ensure continuity. The formula can be adjusted to accommodate changes in index structure, such as the temporary suspension of companies pending news.


Specification

IBEX Mini futures contracts are traded on the MEFF Renta Variable (MEFF-RV) exchange under the ticker symbol BIBX. The full contract specifiactions for IBEX Mini futures are listed below.


Components

As of June 1, 2021, the following 35 companies make up the index:


Record values

The index reached the following record values:


Annual returns

The following table shows the annual development of the IBEX 35 since 1992.


Related indices

*
IBEX Medium Cap An ibex (plural ibex, ibexes or ibices) is any of several species of wild goat (genus ''Capra''), distinguished by the male's large recurved horns, which are transversely ridged in front. Ibex are found in Eurasia, North Africa and East Africa. ...
: It is composed by the 20 listed Spanish companies with the largest capitalization after those included in the IBEX 35. * IBEX Small Cap: It is composed by the 30 listed Spanish companies with the largest capitalization after those included in the IBEX Medium Cap. *
IBEX Top Dividendo An ibex (plural ibex, ibexes or ibices) is any of several species of wild goat (genus ''Capra''), distinguished by the male's large recurved horns, which are transversely ridged in front. Ibex are found in Eurasia, North Africa and East Africa. ...
. *
BME Growth The BME Growth is a sub-market of Bolsas y Mercados Españoles (BME), the Spanish company that deals with the organizational aspects of the Spanish stock exchanges and financial markets, which includes the stock exchanges in Madrid, Barcelona, B ...
: a sub-market of Bolsas y Mercados Españoles (BME) for smaller companies to float shares with a more flexible regulatory system than is applicable to the main market.


Past components

All changes are due to market capitalisation unless stated otherwise. * Abengoa * Abertis Infraestructuras * Aceralia (merged with Arbed and Usinor to from Arcelor) * Agromán * Aguas de Barcelona * Altadis *
Amper The Amper, called the Ammer upstream of the Ammersee, through which it runs, is the largest tributary of the Isar in southern Bavaria, Germany. It flows generally north-eastward, reaching the Isar in Moosburg, about from its source in the Ammerga ...
*
Antena 3 TV Antena 3 is a Spanish terrestrial television channel part of Atresmedia Televisión, of which it is the flagship station. Its current headquarters are located in San Sebastián de los Reyes. Some of the most popular programmes broadcast by Ante ...
* Arcelor * Asland (not listed anymore) * Asturiana de Zinc (not listed anymore) * Autopistas del Mare Nostrum (renamed as Aurea, and merged in 2003 with ACESA to form Abertis) *
Banco Central Banco Central Hispano was a Spanish bank. In 1999 it was merged with Banco Santander Banco Santander, S.A., doing business as Santander Group (, , Spanish: ), is a Spanish multinational financial services company based in Madrid and Santande ...
(merged with Banco Hispano Americano to form
Banco Central Hispano Banco Central Hispano was a Spanish bank. In 1999 it was merged with Banco Santander Banco Santander, S.A., doing business as Santander Group (, , Spanish: ), is a Spanish multinational financial services company based in Madrid and Santande ...
, which later merged with Banco Santander to form Banco Santander Central Hispano, renamed later as Banco Santander) * Banco Hispano Americano (merged with
Banco Central Banco Central Hispano was a Spanish bank. In 1999 it was merged with Banco Santander Banco Santander, S.A., doing business as Santander Group (, , Spanish: ), is a Spanish multinational financial services company based in Madrid and Santande ...
to form
Banco Central Hispano Banco Central Hispano was a Spanish bank. In 1999 it was merged with Banco Santander Banco Santander, S.A., doing business as Santander Group (, , Spanish: ), is a Spanish multinational financial services company based in Madrid and Santande ...
, which later merged with Banco Santander to form Banco Santander Central Hispano, renamed later as Banco Santander) * Banco Popular (acquired by Banco Santander) *
Banesto Banco Español de Crédito, S.A. (), “Spanish Credit Bank”) better known as Banesto, was a Spanish multinational financial services company. Prior to the Spanish Government's historical intervention in 1993, the very first in the history of ...
(acquired by Banco Santander) * Bankia (acquired by CaixaBank) * Bolsas y Mercados Españoles * Carrefour * CEPSA * Cintra (acquired by Ferrovial) * Continente (merged with
Pryca Carrefour () is a French multinational retail and wholesaling corporation headquartered in Massy, France. The eighth-largest retailer in the world by revenue, it operates a chain of hypermarkets, groceries stores and convenience stores, which ...
to form Carrefour) *
Corporación Financiera Alba Corporación Financiera Alba is a Spanish investment holding company founded in 1986 and listed on the Continuous Market of the Spanish stock exchanges. The company is part of the March Group, one of Spain's leading private family-owned busin ...
* Cortefiel * Cristalería Española (not listed anymore) * Distribuidora Internacional de Alimentación * Dragados (acquired by ACS) *
Ebro Industrias Agrícolas , name_etymology = , image = Zaragoza shel.JPG , image_size = , image_caption = The Ebro River in Zaragoza , map = SpainEbroBasin.png , map_size = , map_caption = The Ebro ...
(merged with
Puleva Pulev ( bg, Пулев) is a Bulgarian male surname, its feminine counterpart is Puleva. Notable people with the surname include: *Kubrat Pulev (born 1981), Bulgarian boxer *Tervel Pulev Tervel Venkov Pulev ( bg, Тервел Венков Пу ...
to form
Ebro Puleva Ebro Foods, S.A. (; ), formerly Ebro Puleva, is a Spanish food processing company. Ebro Foods is the world's largest producer of rice and the second biggest producer of pasta (its Panzani brand is a market leader in France). The company's head offi ...
, which later was renamed Ebro Foods) * Energía e Industrias Aragonesas (not listed anymore) * Ence * Ercros *
Fadesa Fadesa Inmobiliaria, S.A. was a Spanish real estate company. In 2007, the company was the subject of a friendly takeover by rival Martinsa resulting in the creation of Martinsa-Fadesa. History Fadesa was established on 24 July 1980 by Manuel Jo ...
(not listed anymore) *
Fomento de Construcciones y Contratas Fomento de Construcciones y Contratas, S.A. (), or FCC, is a Spanish construction company based in Barcelona. Until November 2014, over 50 percent of the shares were owned by a company controlled by the daughter of its founder, Esther Koplo ...
* FECSA (merged with Endesa) * GESA (acquired by Endesa) * Hidrocantábrico (acquired by
EDP Group EDP - Energias de Portugal (formerly Electricidade de Portugal) is a Portuguese electric utilities company, headquartered in Lisbon. It was founded in 1976 through the merger of 14 nationalised electricity companies. History EDP was founded as '' ...
and renamed EDP España) *
Huarte Huarte or Uharte is a town and municipality located in the province and autonomous community of Navarre, northern Spain , image_flag = Bandera de España.svg , image_coat = Escudo de España (mazonado).svg , national_ ...
(merged with Obrascón to form Obrascón Huarte, which later merged with Construcciones Lain to form Obrascón Huarte Lain) * Iberia (merged with British Airways to form IAG) * Jazztel (acquired by
Orange España Orange Espagne S.A.U., more commonly known by its trade name of Orange España, is a mobile network operator in Spain. It was previously known as Amena, a brand of Retevisión, until 2005, when it was bought by France Télécom (now Orange S.A. ...
) * Masmovil Ibercom *
Mediaset Mediaset Italia S.p.A., also known as Mediaset, is an Italian-based mass media company which is the largest commercial broadcaster in the country. The company is controlled by the holding company MFE - MediaForEurope. Founded in 1987 by former ...
* Movistar Móviles (acquired by Telefónica) *
NH Hoteles NH Hotel Group is a Spanish multinational hotel company headquartered in Madrid, that operates over 350 hotels in 28 countries, currently under the Anantara, NH Collection, nhow Hotels, Tivoli, NH Hotels, Elewana Collection and Avani brands. The ...
* Obrascón Huarte Lain *
Picking Pack Picking or Pickings may refer to: Activities * Fruit picking * Guitar picking, various techniques for playing a guitar * Lock picking, the art of unlocking a lock without the original key * Nose-picking, the act of extracting mucus and/or fore ...
*
Portland Valderrivas Portland most commonly refers to: * Portland, Oregon, the largest city in the state of Oregon, in the Pacific Northwest region of the United States * Portland, Maine, the largest city in the state of Maine, in the New England region of the northeas ...
* Prisa *
Pryca Carrefour () is a French multinational retail and wholesaling corporation headquartered in Massy, France. The eighth-largest retailer in the world by revenue, it operates a chain of hypermarkets, groceries stores and convenience stores, which ...
(merged with Continente to form Carrefour) *
Puleva Pulev ( bg, Пулев) is a Bulgarian male surname, its feminine counterpart is Puleva. Notable people with the surname include: *Kubrat Pulev (born 1981), Bulgarian boxer *Tervel Pulev Tervel Venkov Pulev ( bg, Тервел Венков Пу ...
(merged with
Ebro Industrias Agricolas The Ebro (Spanish and ; ca, Ebre ) is a river of the north and northeast of the Iberian Peninsula, in Spain. It rises in Cantabria and flows , almost entirely in an boxing the compass, east-southeast direction. It flows into the Mediterranean Sea ...
to form
Ebro Puleva Ebro Foods, S.A. (; ), formerly Ebro Puleva, is a Spanish food processing company. Ebro Foods is the world's largest producer of rice and the second biggest producer of pasta (its Panzani brand is a market leader in France). The company's head offi ...
, which later was renamed Ebro Foods) * Radiotrónica (renamed as Avanzit) * Sacyr * Sarrió (not listed anymore) *
Sevillana de Electricidad ''Sevillanas'' () are a type of folk music and dance of Sevilla and its region. They were derived from the Seguidilla, an old Castilian folk music and dance genre. In the nineteenth century they were influenced by Flamenco. They have a rela ...
(acquired by Endesa) *
Sol Meliá Sol or SOL may refer to: Astronomy * The Sun Currency * SOL Project, a currency project in France * French sol, or sou * Argentine sol * Bolivian sol, the currency of Bolivia from 1827 to 1864 * Peruvian sol, introduced in 1991 * Peruvian sol ( ...
* Técnicas Reunidas *
Telefónica Móviles Telefónica, S.A. () is a Spanish multinational telecommunications company headquartered in Madrid, Spain. It is one of the largest telephone operators and mobile network providers in the world. It provides fixed and mobile telephony, broadba ...
(acquired by Telefónica) *
Telefónica Publicidad e Información Telefónica, S.A. () is a Spanish multinational telecommunications company headquartered in Madrid, Spain. It is one of the largest telephone operators and mobile network providers in the world. It provides fixed and mobile telephony, broadba ...
(acquired by
Yell A yell is a loud vocalization; see screaming. Yell may also refer to: Places United Kingdom * Yell, Shetland, one of the North Isles of the Shetland archipelago, Scotland * Yell Sound, Shetland, Scotland United States * Yell, Tennessee, an unin ...
) * Telepizza * Terra Networks (acquired by Telefónica) * Tubacex *
Uralita Uralita is a Spanish construction materials multinational enterprise, founded in 1907 as . Uralita produces insulation, gypsum, roofing and piping systems. It became associated in Spain to its fiber cement products, to the point that is a com ...
* Urbis * Unión Fenosa (acquired by Gas Natural, later renamed as
Naturgy Naturgy Energy Group S.A''.'', formerly ''Gas Natural Fenosa'' (), is a Spanish multinational natural gas and electrical energy utilities company, which operates primarily in Spain. The company's administrative headquarters are in Barcelona, while ...
) * Vocento *
Yell Publicidad A yell is a loud vocalization; see screaming. Yell may also refer to: Places United Kingdom * Yell, Shetland, one of the North Isles of the Shetland archipelago, Scotland * Yell Sound, Shetland, Scotland United States * Yell, Tennessee, an uni ...
* Zardoya Otis * Zeltia


See also

* Economy of Spain


References


External links

*
Reuters page for .IBEX
{{DEFAULTSORT:Ibex 35 1992 establishments in Spain 1992 introductions Spanish stock market indices