Stocks · 14 November 2026 · 5 min
Spain's IBEX 35 back above 20,000: up 3.36% on the week
Spain's IBEX 35 closed at 20,020 on Friday 13 November 2026, up 3.36% on the week as Repsol and utilities led. What drove it and what to watch next.
In short: Spain's IBEX 35 closed on Friday 13 November 2026 at 20,020.1 points (+0.27%), back above the 20,000 mark after a weekly gain of 3.36%. Repsol and the utilities led the index higher, while Acciona slumped almost 8%. The Spanish benchmark is up 15.67% so far this year.
The IBEX 35 ended Friday 13 November 2026 at 20,020.1 points, 54.6 points above Thursday's close, according to the EFE market report carried by Infobae. That close leaves the Spanish stock market up 3.36% on the week and 15.67% year to date.
The striking part is the backdrop: the gain came in a week of doubts over US tech stocks because of the Nvidia crisis, and with bond yields rising. The IBEX held up because it carries little weight in technology and a lot in energy, banks and utilities.
How did the IBEX 35 close today?
The IBEX 35 closed on Friday 13 November at 20,020.1 points, up 0.27%. It was a cautious session, with tech stocks in the red on Wall Street, but the rebound in oil lifted Repsol and the utilities and allowed the index to close above 20,000 points.
The day's main movers, according to Merca2 and Infobae:
| Stock | Change 13 Nov | Main driver |
|---|---|---|
| Repsol | +3.31% | Higher crude prices |
| Redeia | +2.90% | Rotation into defensive stocks |
| Enagás | +1.27% | Rotation into regulated stocks |
| Iberdrola | +1.54% | Utilities higher |
| Colonial | -2.21% | Rate pressure on indebted companies |
| Acciona Energía | -6.89% | Dragged down by its parent |
| Acciona | -7.98% | Divestment guidance failed to convince |
What moved the IBEX this week
1. Oil and Repsol
Brent ended the week near $96 after falling to around $90 early in the week, according to Merca2. Thursday's rebound, when Donald Trump said, according to CNBC, that the US doesn't need a deal with Iran, gave Repsol its final push. We explain it in detail in Oil prices: Trump says no Iran deal needed, Hormuz in focus.
2. Rotation into utilities and grid operators
Redeia (+2.90%), Iberdrola (+1.54%), Enagás (+1.27%) and Naturgy (+1.17%) all rose on Friday. These are regulated businesses with stable cash flows, the kind of stock investors look for when tech wobbles.
3. Nvidia and tech
Nvidia fell 4.3% on Friday after its chief executive resigned, according to Merca2. The IBEX has almost no direct exposure to semiconductors, which explains why the blow weighed on the session's mood but not on the index. More context in Jensen Huang resigns: what happens to Nvidia.
4. Bonds and rates
Spain's 10-year bond yield was around 3.95% and Germany's around 3.40%, while the US 10-year was above 5.10%, according to Merca2. On those figures, our calculation puts Spain's risk premium (the spread over German Bunds) at around 55 basis points (3.95% minus 3.40%). The market is pricing in another Fed rate hike in December, which hurts the most indebted companies, as seen in Acciona and Colonial (-2.21%).
The IBEX 35 day by day this week
The index had already closed above 20,000 on Wednesday, lost the level on Thursday and regained it on Friday. Closing levels from Investing.com's historical data:
| Session | Close | Change |
|---|---|---|
| Friday 6 Nov (reference) | 19,369.5 | -0.60% |
| Monday 9 Nov | 19,742.5 | +1.93% |
| Tuesday 10 Nov | 19,936.4 | +0.98% |
| Wednesday 11 Nov | 20,027.9 | +0.46% |
| Thursday 12 Nov | 19,965.5 | -0.31% |
| Friday 13 Nov | 20,020.1 | +0.27% |
Almost all of the weekly gain (about 567 of the 651 points) came on Monday and Tuesday, when oil and hopes of de-escalation with Iran dominated the market. The second half of the week was a tussle around the round number.
Why did Acciona shares fall?
Acciona lost 7.98% and its subsidiary Acciona Energía 6.89% after reporting nine-month results: its divestment guidance failed to convince investors, according to EFE. For a company that needs to sell assets to cut debt, any doubt over those sales weighs twice as heavily when rates are rising.
Why the 20,000 level matters
The IBEX first broke above 20,000 points intraday on 4 August 2026, reaching 20,036.9 shortly after the open, according to El Debate, and the following day it set intraday highs above 20,150, according to Bolsamanía. Since then the round number has acted as a psychological reference: many investors place orders and alerts around it.
Our take: getting back above 20,000 with a 3.36% weekly gain, and in a higher-rate environment, shows that leadership within the index has changed. In August it was driven by the banks; this week it was held up by energy and utilities, with the banks almost flat on Friday (BBVA +0.17%, Santander +0.07%).
Scenarios for the coming weeks
- Consolidation above 20,000: if crude holds and utilities keep attracting money, the index could settle in the area and make another run at its August highs.
- Back below: a sharp fall in oil or a further rise in bond yields would take away support from Repsol and penalise indebted companies.
- Tech contagion: if the Nvidia crisis spreads across Wall Street, the IBEX would not be immune, even with little direct exposure.
These scenarios are not forecasts or recommendations to buy or sell. If you trade the IBEX through futures or CFDs, remember that leverage magnifies both losses and gains; read our risk warning.
What to watch next week
- Oil: any headline on Iran and Hormuz moves Repsol, the biggest contributor this week.
- Bond yields: the US 10-year above 5.10% is the main risk for indebted listed companies.
- Fed expectations: US inflation and jobs data are feeding bets on a December hike. Check the dates in the economic calendar.
- Sectors: follow which sectors lead each session on the market heatmap.
Frequently asked questions
Where did the IBEX 35 close today?
On Friday 13 November 2026 it closed at 20,020.1 points, up 0.27% on the day and 3.36% on the week.
How much is the IBEX 35 up in 2026?
As of the 13 November close, the IBEX 35 is up 15.67% for the year, according to EFE.
Which IBEX stock rose the most today?
Repsol, up 3.31% on the back of higher oil prices. It was followed by Redeia (+2.90%) and Iberdrola (+1.54%).
When did the IBEX 35 first break 20,000 points?
On 4 August 2026, intraday, reaching 20,036.9 points shortly after the open. The following day it set intraday highs above 20,150 points.
Does Nvidia's fall affect the IBEX 35?
Indirectly. The IBEX has almost no semiconductor stocks, so Nvidia's fall weighed on investor sentiment more than on the index.