Spanish stock market index
The
IBEX 35
(IBerian IndEX) is the benchmark
stock market index
of the
Bolsa de Madrid
, Spain's principal
stock exchange
. Initiated in 1992, the index is administered and calculated by Sociedad de Bolsas, a subsidiary of
Bolsas y Mercados Espanoles
(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
Spanish stocks traded in the
Madrid Stock Exchange General Index
and is reviewed twice annually.
[2]
Trading on
options
and
futures contracts
on the IBEX 35 is provided by MEFF (Mercado Espanol de Futuros Financieros), another subsidiary of BME.
[3]
History
[
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]
The IBEX 35 was inaugurated on January 14, 1992,
[4]
although there are calculated values for the index back to December 29, 1989, where the base value of 3,000 points lies.
[5]
Between 2000 and 2007, the index outperformed many of its Western peers,
[6]
driven by relatively strong domestic economic growth which particularly helped construction and real estate stocks.
[7]
Consequently, while the record highs to date of the
FTSE 100
,
CAC 40
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.
[8]
[9]
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,
[10]
and rose a record 6.95% three days later.
[11]
Rules
[
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]
Selection
[
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]
The composition of the IBEX 35 is reviewed twice per year (in June and December)
[12]
by the so-called Technical Advisory Committee, which consists of "representatives of the
stock exchanges
and
derivatives
markets, as well as... renowned experts from the
academic
and financial fields".
[12]
If any changes are made, they come into effect the following trading day after the third Friday of the rebalance month
[13]
[12]
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
of the stock is at least 0.3% of the total market cap of the index.
[5]
Any candidate stock must also have either been traded on at least a third of all trading days in the previous six months,
[12]
or rank in the top twenty overall in market cap
[14]
(thus allowing large recently
IPOed
companies to be included).
Weighting
[
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]
The IBEX 35 is a
capitalization-weighted index
.
[12]
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.
[5]
Any company with 50% or more of its shares considered free float is given a free float factor of 1.
[5]
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
[
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]
The index value (given here as
I
) of the IBEX 35 index is calculated using the following formula:
[5]
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
[
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]
IBEX Mini futures contracts are traded on the MEFF Renta Variable (MEFF-RV) exchange under the ticker symbol BIBX. The full contract specifications for IBEX Mini futures are listed below.
Contract Specification
[16]
IBEX Mini (BIBX)
|
|
Exchange:
|
MEFF-RV
|
Sector:
|
Index
|
Tick Size:
|
0.1
|
Tick Value:
|
0.5 EUR
|
Big Point Value (BPV):
|
5
|
Denomination:
|
EUR
|
Decimal Place:
|
1
|
Components
[
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]
As of August 3, 2023
[update]
, the following 35 companies make up the index:
[17]
Record values
[
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]
The index reached the following record values:
Category
|
All-time highs
|
All-time lows
|
Closing
|
15,945.70
|
8 November 2007
|
1,873.58
|
5 October 1992
|
Intraday
|
16,040.40
|
9 November 2007
|
1.861,90
|
5 October 1992
|
Annual returns
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The following table shows the annual development of the IBEX 35 since 1992.
[18]
Year
|
Closing level
|
Change in Index
in Points
|
Change in Index
in %
|
1992
|
2,344.57
|
|
|
1993
|
3,615.22
|
1,270.65
|
54.20
|
1994
|
3,087.68
|
?527.54
|
?14.59
|
1995
|
3,630.76
|
543.08
|
17.59
|
1996
|
5,154.77
|
1,524.01
|
41.97
|
1997
|
7,255.40
|
2,100.63
|
40.75
|
1998
|
9,836.60
|
2,581.20
|
35.58
|
1999
|
11,641.40
|
1,804.80
|
18.35
|
2000
|
9,109.80
|
?2,531.60
|
?21.75
|
2001
|
8,397.60
|
?712.20
|
?7.82
|
2002
|
6,036.90
|
?2,360.70
|
?28.11
|
2003
|
7,737.20
|
1,700.30
|
28.17
|
2004
|
9,080.80
|
1,343.60
|
17.37
|
2005
|
10,733.90
|
1,653,10
|
18.20
|
2006
|
14,146.50
|
3,412.60
|
31.79
|
2007
|
15,182.30
|
1,035.80
|
7.32
|
2008
|
9,195.80
|
?5,986.50
|
?39.43
|
2009
|
11,940.00
|
2,744.20
|
29.84
|
2010
|
9,859.10
|
2,080.90
|
?17.43
|
2011
|
8,566.30
|
?1,292.80
|
?13.11
|
2012
|
8,167.50
|
?398.80
|
?4.66
|
2013
|
9,916.70
|
1,749.50
|
21.42
|
2014
|
10,279.20
|
362.80
|
3.66
|
2015
|
9,544.50
|
?734.70
|
?7.15
|
2016
|
9,352.10
|
?192.10
|
?2.01
|
2017
|
10,043.90
|
691.80
|
7.40
|
2018
|
8,539.90
|
?1,504.00
|
?14.97
|
2019
|
9,549.20
|
1,009.30
|
11.82
|
2020
|
8,073.70
|
?1,475.50
|
?15.45
|
2021
|
8,713.80
|
640.10
|
7.93
|
2022
|
8,229.10
|
?484.70
|
?5.56
|
2023
|
10,102.10
|
1,873.02
|
22.76
|
Related indices
[
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]
- IBEX Medium Cap
: 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
.
- BME Growth
: a sub-market of Bolsas y Mercados Espanoles (BME) for smaller companies to float shares with a more flexible regulatory system than is applicable to the main market.
Past components
[
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]
All changes are due to market capitalisation unless stated otherwise.
[19]
See also
[
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]
References
[
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]
- ^
"IBEX 35 Factsheet"
(PDF)
. BME Market Data. March 2021
. Retrieved
April 16,
2021
.
- ^
IBEX 35 facts via Wikinvest
- ^
"About us"
. Mercado Espanol de Futuros Financieros. Archived from
the original
on September 18, 2010
. Retrieved
October 1,
2010
.
- ^
"El Ibex 35 celebra su 15º cumpleanos con una revalorizacion superior al 400%"
.
El Mundo
. January 15, 2007
. Retrieved
January 21,
2008
.
- ^
a
b
c
d
e
"Technical Regulations for the Composition and Calculation of the Sociedad De Bolsas, S.A. Indexes"
(PDF)
(in Spanish). Sociedad de Bolsas. Archived from
the original
(PDF)
on May 22, 2006
. Retrieved
January 27,
2008
.
- ^
"5-year comparison chart of Xetra DAX, IBEX 35, CAC 40, FTSE 100 and DJIA"
.
Yahoo! Finance
. Retrieved
December 28,
2007
.
- ^
Smyth, Sharon (January 9, 2007).
"Around the Markets: Spanish stock market could become victim of its own success"
.
International Herald Tribune
.
Bloomberg
. Archived from
the original
on March 14, 2007
. Retrieved
January 27,
2008
.
- ^
"Record para el Ibex: Santander hizo saltar la sesion por los aires"
.
El Economista
. November 8, 2007
. Retrieved
January 27,
2008
.
- ^
"Historical prices of IBEX 35"
(in Spanish).
Yahoo! Finance
. Retrieved
December 28,
2007
.
- ^
"El Ibex 35 pierde un 7,5% y registra la mayor caida de toda su historia"
[The Ibex 35 loses 7.5% and registers the biggest drop in its history].
El Mundo
(in Spanish). January 21, 2008.
- ^
"El Ibex gana un 6,95%, la mayor subida de su historia"
.
El Pais
(in Spanish). January 24, 2008.
- ^
a
b
c
d
e
"10 key questions about IBEX 35"
. Sociedad de Bolsas.
Archived
from the original on March 29, 2009.
- ^
"Bolsa de Madrid"
.
BME Exchange
. Retrieved
April 30,
2023
.
- ^
"Notice from the Technical Advisory Committee of the IBEX indices regarding changes to the Technical Regulations for the Composition and Calculation of the Indices"
(PDF)
.
Bolsas y Mercados Espanoles
. April 17, 2008. Archived from
the original
(PDF)
on July 16, 2011
. Retrieved
April 18,
2008
.
- ^
"Historical Ibex Mini Intraday Data (BIBX)"
.
PortaraCQG
. Retrieved
September 16,
2022
.
- ^
"Indices IBEX"
(PDF)
(in Spanish). Bolsas y Mercados Espanoles. August 3, 2023.
- ^
"IBEX 35. (^IBEX) Historical Data - Yahoo Finance"
.
finance.yahoo.com
. Retrieved
January 21,
2020
.
- ^
"Bolsa de Madrid - Historical Constituents"
.
www.bolsamadrid.es
. Retrieved
June 1,
2021
.
External links
[
edit
]
Wikimedia Commons has media related to
IBEX 35
.