The weight of the State in the Spanish Stock Exchange is at its highest since 1997

The weight of the State in the Spanish Stock Exchange is at its highest since 1997


Bankia, Aena, Abengoa, Indra, Enagas, Ebro Foods … What shareholder do all these companies have in common? Indeed, the State. The participation of public bodies and agencies dependent on the Government stood at the end of last year at 3.1% of the total of the Spanish stock market, according to the recent BME report on the ownership of listed companies in the squares of Madrid, Barcelona , Valencia and Bilbao.

It is the highest percentage of public presence in two decades, similar to that of 2016 and is valued at about 23,300 million of euros at the end of last year. The increase in the state's stock market weight -through public entities such as SEPI, EnAire or the FROB- increased in 2012 and 2013 after the nationalization and privatization operations, respectively, of Bankia and Aena.

At report on the ownership of the shares listed on the stock exchange highlights the presence of foreign investors, who raised their exposure three points, from 43% to 46%, the highest level in BME records dating from 1992. In other words, almost half of the stock market It belongs to non-resident investors. In the last ten years, the shares of the Spanish Stock Exchange in the hands of outsiders has grown close to 10 points.

Another remarkable fact is the fall of shares directly owned by Spanish families. Their participation stood at 19.7%, according to the 2017 report, returning to historical minimum levels of 2007 and 2008. "It is the lowest percentage of the series since 1992 and 6.5 points lower than the one registered just three years ago," BME points out in its report. Despite this fall, the financial wealth of the Spaniards reached a maximum of 1.37 trillion euros in 2017, according to the Bank of Spain.

One of the reasons behind the fall of shares in the hands of families is the increase in investment through investment funds, plans and Sicavs. These collective investment vehicles grouped 8% of the property of the Spanish Stock Exchange in 2017, 0.6 points more interannual, but far from the 10% that came to assume at the end of the 90s. The boom of independent managers and the bet for this type of products by banking entities has led them to be the shareholder group that has grown the most.

This increase has continued extending so far in 2018. The managers of the main funds registered with the CNMV raised their investment in the Ibex 35 companies by 11% during the second quarter of the year (April-June), to 8,271 million of euros, according to the data collected in this ABC and Finect calculator which is updated every quarter and allows consulting the main funds present in a Spanish share.

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