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Markets calming down

Losses recorded on the stock exchange by Catalan listed companies have begun to even out over the last two session; Grifols has performed best

October has been a month to forget for Catalan companies listed on the Spanish stock market index (or at least those that maintain their operational bases in Catalonia). Despite signs of a slight recovery in the past two sessions, Monday and Tuesday of this week, the balance of the month of October has seen noticeable losses for most of the seven companies listed on the IBEX 35 (Abertis, Cellnex, CaixaBank, Colonial, Gas Natural, Fenosa, Grifols and Banc Sabadell). One exception is Abertis, in the midst of a bidding war with IPOs from Italian firm Atlantia and ACS, which has recorded a rise of 8.5% this month, and also indirectly as a spinoff, for Cellnex which will close October with gains of 9.1%.

It is a very different tale for CaixaBank, Banc Sabadell, Colonial and Gas Natural. Both the banks and the real estate giant each recorded losses of around 9% until last Friday, the day when Parliament approved the proclamation of independence.

CaixaBank and Sabadell accumulated hefty losses until this week and not even the decision to move their headquarters outside Catalonia, a decision taken they say, to reassure the markets, helped. Sabadell was the first to make the move and was followed by nearly 2,000 companies according to figures of the Association of Registrars. Both banks continue to suffer and only this week, when the market started to reverse the trend, losses dropped for CaixaBank to 5.4% and 2,8% for Sabadell, figures similar for other companies. What appears to have calmed the market a little is understanding that the Declaration of Independence is still, for the moment, only on paper.

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