IBEX 35

History

The IBEX 35 was inaugurated on January 14, 1992,{{cite news |access-date=January 21, 2008 |access-date = January 27, 2008 |url-status = dead |archive-url = https://web.archive.org/web/20060522095757/http://www.sbolsas.com/data/normdef-in.pdf |archive-date = May 22, 2006

Between 2000 and 2007, the index outperformed many of its Western peers,{{cite web |access-date=December 28, 2007}} driven by relatively strong domestic economic growth which particularly helped construction and real estate stocks.{{cite news |access-date=January 27, 2008 |archive-url=https://web.archive.org/web/20070314010112/http://www.iht.com/articles/2007/01/08/bloomberg/bxatm.php |archive-date=March 14, 2007 |access-date=January 27, 2008 |access-date=December 28, 2007|language=es}}

The 2008 financial crisis 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 exchanges and derivatives 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 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 IPOed 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{\sum_{i=1}^{35} {\rm Cap}{i}(t),}{[,\sum{i=1}^{35} {\rm Cap}_{i}(t-1),\pm J,],}

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 specifications for IBEX Mini futures are listed below.

Components

, 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: 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 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 form Arcelor)
• Agromán
• Aguas de Barcelona
• Altadis
• Amper
• Antena 3 TV
• 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 (merged with Banco Hispano Americano to form Banco Central Hispano, which later merged with Banco Santander to form Banco Santander Central Hispano, renamed later as Banco Santander)
• Banco Hispano Americano (merged with Banco Central to form Banco Central Hispano, which later merged with Banco Santander to form Banco Santander Central Hispano, renamed later as Banco Santander)
• Banco Popular (acquired by Banco Santander)
• Banesto (acquired by Banco Santander)
• Bankia (acquired by CaixaBank)
• Bolsas y Mercados Españoles
• Carrefour
• Cintra (acquired by Ferrovial)
• Continente (merged with Pryca to form Carrefour)
• Corporación Financiera Alba
• Cortefiel
• Cristalería Española (not listed anymore)
• Distribuidora Internacional de Alimentación
• Dragados (acquired by ACS)
• Ebro Industrias Agrícolas (merged with Puleva to form Ebro Puleva, which later was renamed Ebro Foods)
• Energía e Industrias Aragonesas (not listed anymore)
• Ence
• Ercros
• Fadesa (not listed anymore)
• Fomento de Construcciones y Contratas
• FECSA (merged with Endesa)
• GESA (acquired by Endesa)
• Hidrocantábrico (acquired by EDP Group and renamed EDP España)
• Huarte (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)
• Masmovil Ibercom
• Mediaset
• Moeve
• Movistar Móviles (acquired by Telefónica)
• NH Hoteles
• Obrascón Huarte Lain
• Picking Pack
• Portland Valderrivas
• Prisa
• Pryca (merged with Continente to form Carrefour)
• Puleva (merged with Ebro Industrias Agricolas to form Ebro Puleva, which later was renamed Ebro Foods)
• Radiotrónica (renamed as Avanzit)
• Red Eléctrica (renamed as Redeia Corporación)
• Sacyr
• Sarrió (not listed anymore)
• Sevillana de Electricidad (acquired by Endesa)
• Sol Meliá
• Técnicas Reunidas
• Telefónica Móviles (acquired by Telefónica)
• Telefónica Publicidad e Información (acquired by Yell)
• Telepizza
• Terra Networks (acquired by Telefónica)
• Tubacex
• Uralita
• Urbis
• Unión Fenosa (acquired by Gas Natural, later renamed as Naturgy)
• Vocento
• Yell Publicidad
• Zardoya Otis
• Zeltia

References

References

1. (March 2021). "IBEX 35 Factsheet". BME Market Data.
2. [[Wikinvest:IBEX 35. IBEX 35 facts via Wikinvest]]
3. (January 21, 2008). "El Ibex 35 pierde un 7,5% y registra la mayor caída de toda su historia". [[El Mundo (Spain).
4. (January 24, 2008). "El Ibex gana un 6,95%, la mayor subida de su historia". [[El País]].
5. "10 key questions about IBEX 35". Sociedad de Bolsas.
6. "Bolsa de Madrid".
7. (April 17, 2008). "Notice from the Technical Advisory Committee of the IBEX indices regarding changes to the Technical Regulations for the Composition and Calculation of the Indices". [[Bolsas y Mercados Españoles]].
8. David Fernández. (January 8, 2017). "Los fondos extranjeros se adueñan del IBEX 35". El País.
9. "Historical Ibex Mini Intraday Data (BIBX)".
10. (18 September 2024). "Composition of IBEX 35® Index as from September 23rd, 2024". Bolsas y Mercados Españoles.
11. "IBEX 35. (^IBEX) Historical Data - Yahoo Finance".
12. "Bolsa de Madrid - Historical Constituents".