(Updates with full report)
MADRID (Thomson Financial) - Share prices closed higher, though off session highs after weaker-than-expected US housing data lead to a modest opening on Wall Street, with heavyweights Telefonica and Repsol YPF lower, while ACS led gainers.
The IBEX-35 index ended up 67.90 points at 14,581.60, after trading in the 14,550 - 14,704 range.
Equities opened higher on the back of Wall Street's overnight strength and extended gains over the morning.
The IBEX-35 index lost some steam through the afternoon after mixed US data split traders between those hoping for a further rate cut by the US Federal Reserve and those fearing a recession.
ACS led gainers to rise 1.52 eur or 4.13 pct to 38.33, boosted by a UBS upgrade to 'buy' from 'neutral' and on hopes for positive newsflow from its Investors Day.
After the market close, ACS announced it is targeting 2007 full year net profit of over 1.5 bln eur and revenue of over 21 bln eur.
Other builders also saw interest, with Sacyr Vallerhermoso up 0.99 or 4.25 pct at 24.28, Grupo Ferrovial 0.75 higher at 59.50 and FCC putting on 0.60 to 56.80.
Telefonica fell 0.07 to 19.56 amid profit taking after recent outperformance, and Repsol YPF slipped 0.18 to 25.29.
Earlier, the Respol YPF chairman Antoni Brufau said the group expects to complete the listing of 15-20 pct of its Argentine arm YPF in the first half of 2008, after incorporating a local partner and added it plans to earmark 5-6 bln eur annually for organic growth.
Banks extended yesterday's rebound, Santander adding 0.16 to 13.68, with reports of abundant interest in its property asset disposals, valued at around 4 bln eur, also lending support.
BBVA rose 0.05 to 16.48, Sabadell up 0.03 at 6.69, Bankinter 0.16 higher at 10.22, Popular up 0.22 at 12.08 and Banesto rising 0.12 to 13.06.
Sogecable added 0.20 or to 25.56.
The broadcaster's AVS unit confirmed late this afternoon it had ousted its managing director Daniel Margalef amid a continuing legal battle with Catalan producer on Spanish football broadcasting rights.
Iberia gave up earlier gains, falling 0.01 to 3.40. Earlier, Iberia rose amid reports that the BA-TPG consortium is trying to speed up its offer for the flag carrier amid speculation of a rival bid from Air France.
Acerinox shed 0.28 to 21.04 amid profit taking after heavy gains yesterday fuelled by rumours that stainless steel competitor Outokumpu has bought a 6 pct stake and is considering making a bid at 24 eur per share. tfn.europemadrid@thomson.com ped/ejp COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
© 2007 AFX News
