The IBEX 35 (IBerian IndEX) is the benchmark stock market index of the

Bolsa de Madrid Bolsa de Madrid (; Madrid Stock Exchange) is the largest and most international of Spain's four regional stock exchanges (the others are located in Barcelona, Valencia, and Bilbao) that trade shares and convertible bonds and fixed income securiti ...

, Spain's principal stock exchange. Initiated in 1992, the index is administered and calculated by Sociedad de Bolsas, a subsidiary of

Bolsas y Mercados Españoles Bolsas y Mercados Españoles (; BME) is 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, Bilbao and Valencia. In additio ...

(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 The Madrid Stock Exchange General Index (IGBM) is a capitalization-weighted stock market index that measures the performance of a selected number of continuous market stocks. It is the principal index for the Bolsa de Madrid (Madrid Stock Exchange) ...

and is reviewed twice annually. Trading on options and

futures contract In finance, a futures contract (sometimes called a futures) is a standardized legal contract to buy or sell something at a predetermined price for delivery at a specified time in the future, between parties not yet known to each other. The asset ...

s 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 The Financial Times Stock Exchange 100 Index, also called the FTSE 100 Index, FTSE 100, FTSE, or, informally, the "Footsie" , is a share index of the 100 companies listed on the London Stock Exchange with (in principle) the highest market ...

, CAC 40 and AEX, for example, were set during the

dot-com bubble The dot-com bubble (dot-com boom, tech bubble, or the Internet bubble) was a stock market bubble in the late 1990s, a period of massive growth in the use and adoption of the Internet. Between 1995 and its peak in March 2000, the Nasdaq Compo ...

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 Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of fi ...

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 An academy (Attic Greek: Ἀκαδήμεια; Koine Greek Ἀκαδημία) is an institution of secondary or tertiary higher learning (and generally also research or honorary membership). The name traces back to Plato's school of philosophy, ...

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

Euro The euro ( symbol: €; code: EUR) is the official currency of 19 out of the member states of the European Union (EU). This group of states is known as the eurozone or, officially, the euro area, and includes about 340 million citizens . ...

s over the previous six months are chosen for inclusion in the index, provided that the average

free float In the context of stock markets, the public float or free float represents the portion of shares of a corporation that are in the hands of public investors as opposed to locked-in shares held by promoters, company officers, controlling-interest inv ...

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 IPO'ed companies to be included).

Weighting

The IBEX 35 is a

capitalization-weighted index A capitalization-weighted (or cap-weighted) index, also called a market-value-weighted index is a stock market index whose components are weighted according to the total market value of their outstanding shares. Every day an individual stock's p ...

. The market cap used to calculate the weighting of each constituent is multiplied by a free float

factor Factor, a Latin word meaning "who/which acts", may refer to: Commerce * Factor (agent), a person who acts for, notably a mercantile and colonial agent * Factor (Scotland), a person or firm managing a Scottish estate * Factors of production, suc ...

(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 action A corporate action is an event initiated by a public company that brings or could bring an actual change to the securities—equity or debt—issued by the company. Corporate actions are typically agreed upon by a company's board of directors ...

s 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 An ibex (plural ibex, ibexes or ibices) is any of several species of wild Capra (genus), goat (genus ''Capra''), distinguished by the male's large recurved Horn (anatomy), horns, which are transversely ridged in front. Ibex are found in Eurasia, ...

: 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 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, Bil ...

: 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 Abengoa, S.A. was a Spanish multinational company in the green infrastructure, energy and water sectors. The company was founded in 1941 by Javier Benjumea Puigcerver and José Manuel Abaurre Fernández-Pasalagua, and was based in Seville, Sp ...

* Abertis Infraestructuras *

Aceralia Aceralia was a large Spanish steel producer formed in 1997 by restructuring of a group formed from earlier mergers of the steel producers ENSIDESA and ''Altos Hornos de Vizcaya''. The company merged into Arcelor in 2001, and became part of Arcelo ...

(merged with Arbed and Usinor to from Arcelor) * Agromán *

Aguas de Barcelona The Agbar Group is a benchmark in the complete water cycle and environmental management sector. It started out as Aigües de Barcelona and as of 2022 is part of the Veolia Group With more than 150 years' experience, Agbar currently has over 15, ...

Altadis Altadis is a Spanish-French multinational purveyor and manufacturer of cigarettes, tobacco and cigars. It was formed via a 1999 merger between Tabacalera, the former Spanish tobacco monopoly and , the former French tobacco monopoly. Through i ...

* Amper * Antena 3 TV *

Arcelor Arcelor S.A. was the world's largest steel producer in terms of turnover and the second largest in terms of steel output, with a turnover of €30.2 billion and shipments of 45 million metric tons of steel in 2004. The company was created in 2002 ...

* 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 Abertis Infraestructuras, S.A. () is a Spanish worldwide corporation engaged in toll road management. Even though most of the toll roads it operates in Spain are in Catalonia, the company is headquartered in Madrid. The company runs over 8,600 k ...

) * Banco Central (merged with

Banco Hispano Americano Banco Hispano Americano (BHA) was a private Spanish bank that operated during most of the 20th century, becoming one of the most important financial institutions in the country. The activities of the ''Hispano Americano'' were not limited to the ...

to form Banco Central Hispano, which later 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 Santander in Spain. Additionally, Santander maintains a presence in all global financial centr ...

to form

Banco Santander Central Hispano Banco Santander, S.A., doing business as Santander Group (, , Spanish: ), is a Spanish multinational financial services company based in Madrid and Santander in Spain. Additionally, Santander maintains a presence in all global financial centre ...

, renamed later as

) *

(merged with Banco Central to form Banco Central Hispano, which later merged with

to form

, renamed later as

) * Banco Popular (acquired by

) * Banesto (acquired by

) *

Bankia Bankia () was a Spanish financial services company that was formed in December 2010, consolidating the operations of seven regional savings banks, and was partially nationalized by the government of Spain in May 2012 due to the near collapse of ...

(acquired by

CaixaBank CaixaBank, S.A. (), formerly Criteria CaixaCorp, is a Spanish multinational financial services company. CaixaBank is based in Valencia, with operative offices in Madrid and Barcelona, Spain. It is Spain's third-largest lender by market value, ...

) *

Carrefour 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, whic ...

CEPSA Compañía Española de Petróleos, S.A.U. (''Spanish Petroleum Company''), commonly known as Cepsa, is a Spanish multinational oil and gas company. It operates in several European countries as well as in Algeria, Canada, Colombia, Morocco, Braz ...

Cintra Cintra, S.A. (Concesiones de Infraestructuras de Transporte, translated as Toll Transport Infrastructures) is one of the largest private developers of transport infrastructure in the world. Its assets are fundamentally toll roads and car parks, ...

(acquired by

Ferrovial Ferrovial, S.A. (), previously Grupo Ferrovial, is a Spanish multinational company involved in the design, construction, financing, operation (DBFO) and maintenance of transport infrastructure and urban services. It is a publicly traded company ...

) *

Continente Continente is a retail chain that belongs to Sonae Distribuição, the largest retailer in Portugal. The hypermarket Continente chain is in spread all over continental Portugal as well on Madeira and in the Azores. The supermarket chain Continen ...

(merged with Pryca to form

) * Corporación Financiera Alba *

Cortefiel Tendam (formerly The Cortefiel Group) is a Spanish fashion retailer. Tendam is present in 79 countries with 1,462 directly operated stores and 594 franchises, a total of 2,056 points of sale. History Tendam started out in 1880 as a family-r ...

* Cristalería Española (not listed anymore) * Distribuidora Internacional de Alimentación *

Dragados ACS, Actividades de Construcción y Servicios, S.A. () is a Spanish company dedicated to civil and engineering construction, all types services and telecommunications. It is one of the leading construction companies in the world, with projects i ...

(acquired by ACS) * Ebro Industrias Agrícolas (merged with Puleva to form Ebro Puleva, which later was renamed

Ebro Foods 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 ...

) * Energía e Industrias Aragonesas (not listed anymore) *

Ence Ence may refer to: * Ence (company), a Spanish multinational company * Ence (esports), a Finnish esports organization {{Disambiguation ...

* Ercros * Fadesa (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 Endesa, S.A. (, originally an initialism for ''Empresa Nacional de Electricidad, S.A''.) is a Spanish multinational electric utility company, the largest in the country. The firm, a majority-owned subsidiary of the Italian utility company Enel, ...

) *

GESA Gesa is a given name. Notable people with the name include: *Gesa Ederberg (born 1968), German rabbi *Gesa Felicitas Krause (born 1992), German athlete *Gesa Hansen (born 1981), German-Danish designer *Gesa Weyhenmeyer (born 1969), Swedish limnolog ...

(acquired by

) * 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 (merged with Obrascón to form Obrascón Huarte, which later merged with Construcciones Lain to form

Obrascón Huarte Lain Obrascón Huarte Lain, S.A. (); branded as OHLA Progress Enablers since July 2021, is a Spanish multinational construction and civil engineering company. The company is involved in infrastructure and commercial property construction, homebuilding ...

) *

Iberia The Iberian Peninsula (), ** * Aragonese and Occitan: ''Peninsula Iberica'' ** ** * french: Péninsule Ibérique * mwl, Península Eibérica * eu, Iberiar penintsula also known as Iberia, is a peninsula in southwestern Europe, defi ...

(merged with

British Airways British Airways (BA) is the flag carrier airline of the United Kingdom. It is headquartered in London, England, near its main hub at Heathrow Airport. The airline is the second largest UK-based carrier, based on fleet size and passengers ...

to form IAG) *

Jazztel Jazztel is a Spanish telecommunications company which offers triple play services (telephone, Internet and television). In 2018, Jazztel was made to pay fines for their telemarketing tactics. About Jazztel was founded in 1998 by Martin Varsavsky ...

(acquired by Orange España) * Masmovil Ibercom * Mediaset * Movistar Móviles (acquired by

Telefónica 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 ...

) *

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 ...

* Picking Pack * Portland Valderrivas * Prisa * Pryca (merged with

to form

) * Puleva (merged with Ebro Industrias Agricolas to form Ebro Puleva, which later was renamed

) * Radiotrónica (renamed as Avanzit) *

Sacyr SACYR S.A. () is a Spanish infrastructure operator and developer company based in Madrid. History The company was founded in 1986 as Sociedad Anónima Caminos y Regadíos and was renamed Sacyr in 1991. The company received their first concession ...

* Sarrió (not listed anymore) * Sevillana de Electricidad (acquired by

) * Sol Meliá *

Técnicas Reunidas Técnicas Reunidas, S.A. (, meaning "Gathered Techniques"), or TRSA, is a Spanish-based general contractor which provides engineering, procurement and construction of industrial and power generation plants, particularly in the oil and gas sector ...

* Telefónica Móviles (acquired by

) * Telefónica Publicidad e Información (acquired by Yell) *

Telepizza Telepizza () is a Spanish multinational pizza restaurant chain. As of 2017 it is the largest pizza chain not originating in North America by number of stores. Telepizza was founded as "Pizza Phone" in 1987 by Leopoldo Fernández Pujals, a Cub ...

Terra Networks Terra is a Spanish Internet multinational company owned by Telefónica, with headquarters in Spain and offices in Brazil, Chile, Colombia, Mexico, the United States and Peru. Part of Telefónica Group (the former Spanish public telephone mon ...

(acquired by

) * Tubacex * Uralita *

Urbis Urbis was an exhibition and museum in Manchester, England, designed by Ian Simpson (architect), Ian Simpson. The building opened in June 2002 as part of the redevelopment of Exchange Square (Manchester), Exchange Square known as the Millennium Qu ...

Unión Fenosa ''Unión Fenosa, S.A.'' was, until its acquisition by ''Gas Natural'' in 2009, a large Spanish company dedicated to the production and distribution of gas and electricity. It installed capacity of 11,120 megawatts of power and 8.9 million custome ...

(acquired by

Gas Natural 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 ...

, later renamed as Naturgy) *

Vocento Vocento, S.A., also known as Grupo Vocento, is a Spanish mass media group. Its flagship daily newspaper is the conservative and monarchist ''ABC'', also publishing ''El Correo''. Vocento was created in 2001 upon the merger of Grupo Correo with , ...

* Yell Publicidad * Zardoya Otis *

Zeltia Zeltia is a former Spanish pharmaceutical company which operated through a variety of subsidiaries in the pharmaceutical and chemical industries. As of 2007, Zeltia's research activities in the pharmaceutical area had not resulted in a marketed ...

References

External links

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

History

Rules

Selection

Weighting

Calculation

Specification

Components

Record values

Annual returns

Related indices

Past components

See also

References

External links