January 29, 2020 / 7:26 AM / 21 days ago

Spanish stocks - Factors to watch on Jan. 29

Jan 29 (Reuters) - The following Spanish stocks may be affected by newspaper reports and other factors on Wednesday. Reuters has not verified the newspaper reports, and cannot vouch for their accuracy:

SANTANDER

Banco Santander posted on Wednesday a 35% increase in fourth-quarter net profit from a year earlier boosted by a solid performance in its main market Brazil and extraordinary capital gains.

Also, Spanish financial newspaper Cinco Dias reported on Wednesday Santander plans to move its asset management business from UK to Spain with Brexit looming.

REPSOL

RBC double upgraded its recommendation to “outperform” from “underperform”, as the broker considers the Spanish oil company now shows better risk-reward than most peers.

IAG

British Airways has suspended all direct flights to and from mainland China after Britain warned against all but essential travel to the country due to the coronavirus outbreak.

RED ELECTRICA

The Spanish utility said on Tuesday that its independent coordinator director Carmen Gomez de Barreda would temporarily chair board meetings and take over the board’s management after Chairman Jordi Sevilla resigned.

MELIA HOTELS

The company said on Tuesday it only sees a very limited impact on results from slowdown of activity in China due to the coronavirus outbreak.

BANCO SABADELL

Sabadell will create a subsidiary to complete the sale of Sdin to Oaktree, Spanish economic newspaper Expansion reported on Wednesday.

PHARMA MAR

Pharma Mar is developing a diagnostic kit to help identify new cases of Wuhan coronavirus, Spanish online newspaper Vozpopuli said on Wednesday.

RENTA 4 BANCO

Renta 4 said on Tuesday its full year net profit stood at 17.8 million euros, an increase from 16.1 million euros a year ago.

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