Iberia 35 Index (IBEX)

Mondo Visione  Mar 1  Comment 
The Spanish Stock Exchange traded €46.5 billion in Equities in February, up 2.8% year-on-year. The number of trades in February came in at 4.4 million, up 15.5% from the same month a year earlier. Trading of Financial Derivatives to...
Financial Times  Oct 4  Comment 
Ibex 35 companies draw most of their revenue from outside the country
Mondo Visione  Jan 23  Comment 
Starting today, MEFF, BME’s Derivatives Market, extends by an hour the trading of IBEX 35 and Mini IBEX Future contracts. Trading then starts at 8:00 with a 5-minute auction from 7:55 h to 8:00 h (the opening auction will feature an additional...
Mondo Visione  Sep 12  Comment 
The contracts that can be traded as of this date are on the IBEX 35 BANK and on IBEX 35 ENERGY indices, once, in July, the Spanish stock market regulator (CNMV), approved the amendment of the General Conditions of the Underlying Financial Assets...
Mondo Visione  Sep 1  Comment 
Improvement of IBEX 35 spread in relation to previous months The equity trading volume in the first eight months of the year came in at €471 billion The number of trades until August reached 37.7 million Trading volume in IBEX 35...
Mondo Visione  Mar 30  Comment 
The Spanish stock exchange today started trading on the Warrants, Certificates and other products segment the first MULTI, which offer exposure to the IBEX 35® X10 LEVERAGE NET and IBEX 35® x10 SHORT. The MULTI are exchange-traded products...
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...


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].



Sector Breakdown

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List of companies

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

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
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


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