Hard punishment to the Santander in another downward meeting

www.minus19.com

18-11-2008 | Javier Gomez

There happened the weekend of the awaited meeting of the G20 and as it was of waiting, the decisions that took they were not unexpected at all. Simple intentions of hardening the measurements and of reforming others that will help to improve the monetary system in the future. Perhaps most harmed of that meeting be the proper banks that will turn out to be more controlled in his surgery. Be as it is, the international markets have done dull ears to the meeting and have gone down from the first moment, to be falling down strongly from half a morning.

The big protagonist, once again, was the Santander. As we said, the increase in capital was not coming in good moment because it caught to counterfoot most of the investors and in a financial moment in which any movement that serves to receive funds turns out to be suspicious. Emilio Botín gave his explanations, but the true thing is that between teeth, in the stock-exchange rings the operation has not pleased anything. And the result is that, since the enlargement began it does not even 3 meetings, the actions have already fallen down 22 % if we add the strong fall that the subscription rights are suffering. Last night, the actions fell down 6,89 % up to 6,08 euros, while the subscription rights closed to 0,40 euros, when we remember that his first price was 0,77 €.

Be as it is, and the same that a few days ago we speak that the Thursday increase in only one meeting had neither feet nor head, the punishment that one is giving him the Santander also is unjustified. The feelings rather than the logic intervene again in our captures of decisions, and perhaps also the hard speculation that is existing with the rights. It is not necessary to forget that not too many months ago, in the same year, the actions were quoting to 14 €. What there are no doubts the fact is that to acquire new actions to 4,5 more € the price of 4 rights of subscription is the only price facing a long term.

But or dragged by the proper Santander, or for the bad news that do not stop coming, other banks, in plenary meeting, they turned out to be miserable: BBVA 5,1 % up to 7,95 € and Popular 6,2 % up to 6,02 €. In the end the Ibex went away below 3,77 % up to breaking the barrier psychologically of the 8.500 and closing to 8.498 points.

In the rest of Europe the indexes also fell down: the CAC of France and the DAX of Germany 3,3 % both, while the FTSE of London did it in 2,4 %, Dow Jones 2,63 % and the Nasdaq 2,35 %.

Only I would dare to say a thing: attentive to the days previous to 27, last day of the enlargement of the Santander, because it can be a good moment to think about this value, but I repeat, in the long term.

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