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OperatorBolsas y Mercados Españoles
ExchangesBolsa de Madrid
TypeLarge cap
Market cap€962.1 billion (December 2015)[1]
Weighting methodCapitalization-weighted
Related indicesMadrid Stock Exchange General Index

The IBEX 35 (/ˈbɛks ˈθɜːrti fv/; Spanish: [ˈiβe(ɣ)s ˈtɾeintaiˈθiŋko]; contraction of Índice Bursátil Español, literally Spanish Exchange Index) is the benchmark stock market index of the Bolsa de Madrid, 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 (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 and is reviewed twice annually.[2] Trading on options and futures contracts on the IBEX 35 is provided by MEFF (Mercado Español de Futuros Financieros), another subsidiary of BME.[3]

Record values[edit]

Highest close November 8, 2007 15,945.70
Highest intraday November 9, 2007 16,040.40


The IBEX 35 was inaugurated on 14 January 1992,[4] although there are calculated values for the index back to 29 December 1989, where the base value of 3,000 points lies.[5]

Between 2000 and 2007, the index outperformed many of its Western peers,[6] driven by relatively strong domestic economic growth which particularly helped construction and real estate stocks.[7] Consequently, while the record highs to date of the FTSE 100, CAC 40 and AEX, for example, were set during the dot-com bubble in 1999 and 2000, the IBEX 35's all-time maximum of 15,945.70 was reached on 8 November 2007.[8][9]

The week of the January 2008 stock market downturn was characterised by 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 21 January 2008, the second biggest fall in the Spanish equity market since 1987,[10] and rose a record 6.95% three days later.[11]



The composition of the IBEX 35 is reviewed twice per year (in June and December)[12] 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".[12] If any changes are made, they come into effect the following trading day after the third Friday of the rebalance month [13][12] 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 cap of the stock is at least 0.3% of the total market cap of the index.[5] Any candidate stock must also have either been traded on at least a third of all trading days in the previous six months,[12] or rank in the top twenty overall in market cap[14] (thus allowing large recently IPO'ed companies to be included).


The IBEX 35 is a capitalization-weighted index.[12] 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.[5] Any company with 50% or more of its shares considered free float is given a free float factor of 1.[5] 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.[15] Such rate of foreign investment was about 5% above the EU average.[15]


The index value (given here as I) of the IBEX 35 index is calculated using the following formula:[5]

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.


Passenger ferry operated by Acciona Trasmediterránea in Tenerife
A branch of Inditex's Zara chain in Hong Kong
Repsol refinery in A Coruña

As of 18 June 2017, the following 35 companies make up the index:[1]

Company Ticker symbol IGBM sector Headquarters
Abertis ABE.MC car parks and motorways Madrid
Acciona ANA.MC construction Alcobendas, Madrid
Acerinox ACX.MC minerals, metals and transformation Madrid
ACS ACS.MC construction Madrid
AENA AENA.MC airports
Amadeus IT Holding AMS.MC electronics and software Madrid
ArcelorMittal MTS.MC minerals, metals and transformation Luxembourg
Inmobiliaria Colonial COL.MC real estate Madrid
Banco Sabadell SAB.MC banks Alicante
Banco Santander SAN.MC banks Santander, Cantabria
Bankia BKIA.MC banks Valencia
Bankinter BKT.MC banks Madrid
BBVA BBVA.MC banks Bilbao
Caixabank CABK.MC banks Valencia
Cellnex CLNX.MC telecommunications and others
Dia DIA.MC food retailers and wholesalers Las Rozas de Madrid
Enagás ENG.MC electricity and gas Madrid
Endesa ELE.MC electricity and gas Madrid
Ferrovial FER.MC construction Madrid
Siemens Gamesa Renewable Energy SGRE.MC manufacture and assembly of capital goods Zamudio in the Basque Country
Naturgy NTGY.MC electricity and gas Madrid
Grifols GRF.MC pharmacy products and biotechnology Barcelona
Iberdrola IBE.MC electricity and gas Bilbao
Inditex ITX.MC textiles, clothing and shoes Arteixo, Galicia
Indra Sistemas IDR.MC electronics and software Alcobendas, Madrid
International Airlines Group
(Iberia/British Airways/Aer Lingus)
IAG.MC transport and distribution Madrid
Mapfre MAP.MC insurance Majadahonda, Madrid
Mediaset España Comunicación TL5.MC communication and publicity Fuencarral, Madrid
Meliá Hoteles MEL.MC hotels Palma de Mallorca, Balearic Islands
Merlin Properties MRL.MC real estate investment trust
Red Eléctrica de España REE.MC electricity and gas Alcobendas, Madrid
Repsol REP.MC petrol Madrid
Técnicas Reunidas TRE.MC engineering and others Madrid
Telefónica TEF.MC telecommunications and others Madrid
Viscofán VIS.MC materials

See also[edit]


  1. ^ a b "IBEX 35 Factsheet" (PDF). Bolsas y Mercados Españoles. December 2015. Retrieved 5 April 2016.
  2. ^ IBEX 35 facts via Wikinvest
  3. ^ "About us". Mercado Español de Futuros Financieros. Retrieved 1 October 2010.
  4. ^ "El Ibex 35 celebra su 15º cumpleaños con una revalorización superior al 400%". El Mundo. 15 January 2007. Retrieved 2008-01-21.
  5. ^ a b c d e "Technical Regulations for the Composition and Calculation of the Sociedad De Bolsas, S.A. Indexes" (PDF) (in Spanish). Sociedad de Bolsas. Archived from the original (PDF) on 2006-05-22. Retrieved 2008-01-27.
  6. ^ "5-year comparison chart of Xetra DAX, IBEX 35, CAC 40, FTSE 100 and DJIA". Yahoo! Finance. Retrieved 2007-12-28.
  7. ^ Smyth, Sharon (9 January 2007). "Around the Markets: Spanish stock market could become victim of its own success". Bloomberg. International Herald Tribune. Retrieved 2008-01-27.
  8. ^ "Récord para el Ibex: Santander hizo saltar la sesión por los aires". eleconomista.es. 8 November 2007. Retrieved 2008-01-27.
  9. ^ "Historical prices of IBEX 35" (in Spanish). Yahoo! Finance. Retrieved 2007-12-28.
  10. ^ "El Ibex 35 pierde un 7,5% y registra la mayor caída de toda su historia". El Mundo. 21 January 2008. Retrieved 2008-01-21.
  11. ^ "El Ibex gana un 6,95%, la mayor subida de su historia" (in Spanish). El País. 24 January 2008. Retrieved 2008-01-24.
  12. ^ a b c d e "TEN KEY QUESTIONS ABOUT IBEX 35". Sociedad de Bolsas. Archived from the original on 2009-03-29. Retrieved 2008-01-27.
  13. ^ [1]
  14. ^ "Notice from the Technical Advisory Committee of the IBEX indices regarding changes to the Technical Regulations for the Composition and Calculation of the Indices" (PDF). Sociedad de Bolsas. 17 April 2008. Archived from the original (PDF) on 16 July 2011. Retrieved 2008-04-18.
  15. ^ a b David Fernández (8 January 2017). "Los fondos extranjeros se adueñan del IBEX 35". El País (in Spanish).

External links[edit]