Iberia 35 Index (IBEX)

QUOTE AND NEWS
Clusterstock  Jul 23  Comment 
The big winner today is Spain. The stock market, as measured by the IBEX 35, is up 1.6%. GDP in the second quarter shrunk merely 0.1%, which was an improvement from the 0.5% shrinkage in Q1. It would appear that the country will soon see...
Mondo Visione  Mar 7  Comment 
BATS Chi-X Europe, the largest pan-European equities market operator, today reported 16.2% market share in Spain’s IBEX 35, inclusive of the closing auction, a new one-day record and the first time BATS Chi-X Europe has closed above 15% in this...
Mondo Visione  Mar 7  Comment 
The Spanish stock exchange has admitted to trading the first exchange-traded products linked to the daily performance of the IBEX 35® Triple Leverage Net, IBEX 35® Triple Short, IBEX 35® Leverage Net X5 and IBEX 35® Short X5 indices. These...
MarketWatch  Feb 1  Comment 
German, U.K. stocks lead Europe stocks mostly higher; Spain IBEX 35 down 2%
Financial Times  Oct 16  Comment 
Spanish banks lead the way as the Ibex 35 is energised by reports that the government is prepared to make a rescue request
Financial Times  Oct 2  Comment 
Bourses inch upwards, with Spain’s Ibex 35 leading the way as investors await news of the government’s formal request for a bailout
MarketWatch  Sep 28  Comment 
Spain's IBEX 35 leads Europe gains with 1% jump as market applauds budget
Financial Times  Sep 21  Comment 
Zara chain owner rallies 1.1% over the week, outperforming Spain’s Ibex 35, while Heineken gains as it edges closer to buying Asia Pacific Breweries
FX Street  Aug 16  Comment 
IBEX 35 Strong Breakout Bar, More Upside? Aug 16th IBEX 35 (Spanish Bolsa/Stock Exchange) Wanted to... For more information, read our latest forex news and reports.




 
TOP CONTRIBUTORS

The Iberia Index 35, or the IBEX 35 is the benchmark for the Madrid Stock Exchange, mapping the 35 most liquid companies on the exchange. It is a market capitalization weighted index, based on the free float method and is reviewed twice annually. Initiated in January 14, 1992, with a base value for 3000 points and can be traced back to December 1989[1].

Weighting and Calculations

The IBEX 35 involves the total market capitalization of the companies weighted by their effect on the index, so the larger stocks would make more of a difference to the index as compared to a smaller market cap company. The basic formula for any index is (be it capitalization weighted or any other stock index)[2]:

  • Index level= Σ(Price of stock* Number of shares)*Free float factor/ Index Divisor.

The Free float Adjustment factor represents the proportion of shares that is free floated as a percentage of issued shares and then its rounded up to the nearest mulitple of 5% for calculation purposes. To find the free-float capitalization of a company, first find its market cap (number of outstanding shares x share price) then multiply its free-float factor. The free-float method, therefore, does not include restricted stocks, such as those held by company insiders.

While one might track this portfolio’s value in dollar terms, it would probably be an unwieldy number – for example, the S&P 500 market value is roughly $11.8 trillion. Rather than deal with ten or more digits, the figure is scaled to a more easily handled number, currently around 1250. Dividing the portfolio market value by a factor, usually called the Index divisor, does the scaling.

Continuity in index values is maintained by adjusting the divisor for all changes in the constituents’ share capital after the base date. This includes additions and deletions to the index, rights issues, share buybacks and issuances', and spin-offs. The divisor’s time series is, in effect, a chronological summary of all changes affecting the base capital of the index. The divisor is adjusted such that the index value at an instant just prior to a change in base capital equals the index value at an instant immediately following that change[3].

Composition

Eligilbility

Sector Breakdown

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List of companies

The composition of the IBEX 35 Index, as of 23rd October, 2008:[5]

COMPANY NAME TICKER (MC:) Weighting
Abengoa ABG 0.35
Abertis ABE 1.96
Acciona ANA 1.86
Acerinox ACX 0.92
ACS ACS 2.19
Banco Popular POP 2.59
Banco Sabadell SAB 1.59
Banco Santander SAN 17.7
Banesto BTO 0.32
Bankinter BKT 0.71
BBVA BBVA 11.06
BME BME 0.48
Cintra CIN 0.56
Criteria CaixaCorp CRI 1.24
Enagás ENG 1.04
Endesa ELE 0.4
FCC FCC 0.72
Ferrovial FER 1.07
Gamesa GAM 1.84
Gas Natural GAS 2.41
Grifols GRF 1.05
Iberdrola IBE 10.31
Iberdrola Renovables IBR 1.01
Iberia IBLA 0.35
Inditex ITX 2.65
Indra IDR 0.66
Mapfre MAP 0.67
Obrascón Huarte Lain OHL 0.37
Red Eléctrica REE 1.36
Repsol YPF REP 7.41
Sacyr Vallehermoso SYV 0.54
Técnicas Reunidas TRE 0.58
Telecinco TL5 0.29
Telefónica TEF 19.55
Unión Fenosa UNF 2.19

References

  1. Composicion Del Indice IBEX 35
  2. Capitalization method methodology
  3. Capitalization Weighted Description
  4. Wikipedia
  5. IBEX 35 components
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