The IBEX 35 (IBerian IndEX) is the benchmark

stock market index In finance, a stock index, or stock market index, is an index that measures a stock market, or a subset of the stock market, that helps investors compare current stock price levels with past prices to calculate market performance. Two of th ...

of the Bolsa de Madrid, Spain's principal

stock exchange A stock exchange, securities exchange, or bourse is an exchange where stockbrokers and traders can buy and sell securities, such as shares of stock, bonds and other financial instruments. Stock exchanges may also provide facilities for t ...

. 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 A liquid is a nearly incompressible fluid that conforms to the shape of its container but retains a (nearly) constant volume independent of pressure. As such, it is one of the four fundamental states of matter (the others being solid, gas, ...

Spanish stocks traded in the Madrid Stock Exchange General Index and is reviewed twice annually. Trading on

options Option or Options may refer to: Computing *Option key, a key on Apple computer keyboards *Option type, a polymorphic data type in programming languages *Command-line option, an optional parameter to a command *OPTIONS, an HTTP request method ...

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 marke ...

CAC 40 The CAC 40 (french: CAC quarante ) (''Cotation Assistée en Continu'') is a benchmark French stock market index. The index represents a capitalization-weighted measure of the 40 most significant stocks among the 100 largest market caps on the E ...

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 Comp ...

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 ...

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

s 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

market capitalization Market capitalization, sometimes referred to as market cap, is the total value of a publicly traded company's outstanding common shares owned by stockholders. Market capitalization is equal to the market price per common share multiplied by ...

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 ...

. 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 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 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: 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 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, ...

. * 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 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 *

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 its i ...

Amper The Amper, called the Ammer upstream of the Ammersee, through which it runs, is the largest tributary of the Isar in southern Bavaria, Germany. It flows generally north-eastward, reaching the Isar in Moosburg, about from its source in the Am ...

Antena 3 TV Antena 3 is a Spanish terrestrial television channel part of Atresmedia Televisión, of which it is the flagship station. Its current headquarters are located in San Sebastián de los Reyes. Some of the most popular programmes broadcast by Ante ...

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) *

Banco Central Banco Central Hispano was a Spanish bank. In 1999 it was 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 ...

(merged with Banco Hispano Americano to form

Banco Central Hispano Banco Central Hispano was a Spanish bank. In 1999 it was 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 ...

, 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 centres ...

, renamed later as

) * Banco Hispano Americano (merged with

to form

, which later merged with

to form

, renamed later as

) * Banco Popular (acquired by

) *

Banesto Banco Español de Crédito, S.A. (), “Spanish Credit Bank”) better known as Banesto, was a Spanish multinational financial services company. Prior to the Spanish Government's historical intervention in 1993, the very first in the history of ...

(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 * Cintra (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 Carrefour () is a French multinational retail and wholesaling corporation headquartered in Massy, Essonne, Massy, France. The Retail#Global top ten retailers, eighth-largest retailer in the world by revenue, it operates a chain of hypermarkets, ...

to form

) * Corporación Financiera Alba * Cortefiel * 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 ...

(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) Ence Energía y Celulosa, S.A. simply known as Ence (), is a Spanish multinational company that develops and supplies technologies, automation systems and services for the pulp, paper and energy industries. ...

* Ercros * Fadesa (not listed anymore) * Fomento de Construcciones y Contratas * FECSA (merged with Endesa) * GESA (acquired by Endesa) * Hidrocantábrico (acquired by

EDP Group EDP - Energias de Portugal (formerly Electricidade de Portugal) is a Portugal, Portuguese electric utilities company, headquartered in Lisbon. It was founded in 1976 through the merger of 14 nationalised electricity companies. History EDP was fou ...

and renamed EDP España) *

Huarte Huarte or Uharte is a town and municipality located in the province and autonomous community of Navarre, northern Spain , image_flag = Bandera de España.svg , image_coat = Escudo de España (mazonado).svg , national_m ...

(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, house, homebu ...

) *

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

(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 (acquired by

Orange España Orange Espagne S.A.U., more commonly known by its trade name of Orange España, is a mobile network operator in Spain. It was previously known as Amena, a brand of Retevisión, until 2005, when it was bought by France Télécom (now Orange S. ...

) * Masmovil Ibercom *

Mediaset Mediaset Italia S.p.A., also known as Mediaset, is an Italian-based mass media company which is the largest commercial broadcaster in the country. The company is controlled by the holding company MFE - MediaForEurope. Founded in 1987 by former ...

* 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. T ...

* Picking Pack * Portland Valderrivas * Prisa *

(merged with

to form

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

) * Radiotrónica (renamed as Avanzit) * Sacyr * Sarrió (not listed anymore) * Sevillana de Electricidad (acquired by Endesa) * 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 A yell is a loud vocalization; see screaming. Yell may also refer to: Places United Kingdom * Yell, Shetland, one of the North Isles of the Shetland archipelago, Scotland * Yell Sound, Shetland, Scotland United States * Yell, Tennessee, an un ...

) *

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 Uralita is a Spanish construction materials multinational enterprise, founded in 1907 as . Uralita produces insulation, gypsum, roofing and piping systems. It became associated in Spain to its fiber cement products, to the point that is a co ...

* Urbis *

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 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 ...

) *

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

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