The IBEX 35 (IBerian IndEX) is the benchmark stock market index of the Bolsa de Madrid, Spain's principal stock exchange. Initiated in 1992, the index is administered and calculated by Sociedad de Bolsas, a subsidiary of Bolsas y Mercados Españoles (BME), the company which runs Spain's securities markets (including the Bolsa de Madrid). It is a market capitalization-weighted index comprising the 35 most liquid Spanish stocks traded in the Madrid Stock Exchange General Index and is reviewed twice annually. Trading on options and futures contracts on the IBEX 35 is provided by MEFF (Mercado Español de Futuros Financieros), another subsidiary of BME.
History
thumb|270px|Performance of the IBEX 35 between 1992 and 2009
The IBEX 35 was inaugurated on January 14, 1992, although there are calculated values for the index back to December 29, 1989, where the base value of 3,000 points lies.
Between 2000 and 2007, the index outperformed many of its Western peers, driven by relatively strong domestic economic growth which particularly helped construction and real estate stocks. Consequently, while the record highs to date of the FTSE 100, CAC 40 and AEX, for example, were set during the dot-com bubble in 1999 and 2000, the IBEX 35's all-time maximum of 15,945.70 was reached on November 8, 2007.
The 2008 financial crisis included extreme volatility in the markets, and saw both the biggest one day percentage fall and rise in the IBEX 35's history. The index closed 7.5% down on January 21, 2008, the second biggest fall in the Spanish equity market since 1987, and rose a record 6.95% three days later.
Rules
Selection
The composition of the IBEX 35 is reviewed twice per year (in June and December) by the so-called Technical Advisory Committee, which consists of "representatives of the stock exchanges and derivatives markets, as well as... renowned experts from the academic and financial fields". (thus allowing large recently IPOed companies to be included).
thumb|270px|right|The [[Bolsa de Madrid]]
Weighting
The IBEX 35 is a capitalization-weighted index. Such rate of foreign investment was about 5% above the EU average.
!IBEX Mini (BIBX)
!
|-
|Exchange:
|MEFF-RV
|-
|Sector:
|Index
|-
|Tick Size:
|0.1
|-
|Tick Value:
|0.5 EUR
|-
|Big Point Value (BPV):
|5
|-
|Denomination:
|EUR
|-
|Decimal Place:
|1
|}
Components
, the following 35 companies make up the index:
{| class="wikitable sortable" id="components" style="text-align: center;" cellpadding=2 cellspacing=2
!Ticker
!Company
!Sector
|-
|ACS.MC
|ACS
|Construction
|-
|ACX.MC
|Acerinox
|Steel
|-
|AMS.MC
|Amadeus IT Group
|Tourism
|-
|ANA.MC
|Acciona
|Construction
|-
|ANE.MC
|Acciona Energía
|Energy
|-
|BBVA.MC
|BBVA
|Financial Services
|-
|BKT.MC
|Bankinter
|Financial Services
|-
|CABK.MC
|CaixaBank
|Financial Services
|-
|CLNX.MC
|Cellnex Telecom
|Telecommunications
|-
|COL.MC
|Inmobiliaria Colonial
|Real Estate
|-
|AENA.MC
|AENA
|Aviation
|-
|ELE.MC
|Endesa
|Energy
|-
|ENG.MC
|Enagás
|Energy
|-
|FDR.MC
|Fluidra
|Manufacturing
|-
|FER.MC
|Ferrovial
|Infrastructure
|-
|GRF.MC
|Grifols
|Pharmaceuticals
|-
|IAG.MC
|International Airlines Group
|Aviation
|-
|IBE.MC
|Iberdrola
|Energy
|-
|IDR.MC
|Indra
|Information Technology
|-
|ITX.MC
|Inditex
|Textile
|-
|LOG.MC
|Logista
|Logistics
|-
|MAP.MC
|Mapfre
|Insurance
|-
|MRL.MC
|Merlin Properties
|Real Estate
|-
|MTS.MC
|ArcelorMittal
|Steel
|-
|NTGY.MC
|Naturgy
|Energy
|-
|PUIG.MC
|Puig
|Clothes and Cosmetics
|-
|RED.MC
|Redeia Corporación
|Energy
|-
|REP.MC
|Repsol
|Oil and Gas
|-
|ROVI.MC
|
|Pharmaceuticals
|-
|SAB.MC
|Banco Sabadell
|Financial Services
|-
|SAN.MC
|Santander
|Financial Services
|-
|SCYR.MC
|Sacyr
|Construction
|-
|SLR.MC
|Solaria
|Solar Energy
|-
|TEF.MC
|Telefónica
|Telecommunications
|-
|UNI.MC
|Unicaja
|Financial Services
|}
Record values
The index reached the following record values:
{| class="wikitable"
|-
!|Category
! colspan="2"|All-time highs || colspan="2"|All-time lows
|-
| Closing || 16.208,40 || 29 October 2025 (12:15 CET) || 1,873.58 || 5 October 1992
|-
| Intraday || 16,150.10 || 29 October 2025
|1.861,90
|5 October 1992
|}
Annual returns
The following table shows the annual development of the IBEX 35 since 1992.
{| class="wikitable sortable" style="text-align:right;"
! Year
! Closing level
! Change in Index<br />in Points
! Change in Index<br />in %
|-
| 1992 || 2,344.57 || ||
|-
| 1993 || 3,615.22 || 1,270.65 || 54.20
|-
| 1994 || 3,087.68 || −527.54 ||style="color:red"| −14.59
|-
| 1995 || 3,630.76 || 543.08 || 17.59
|-
| 1996 || 5,154.77 || 1,524.01 || 41.97
|-
| 1997 || 7,255.40 || 2,100.63 || 40.75
|-
| 1998 || 9,836.60 || 2,581.20 || 35.58
|-
| 1999 || 11,641.40 || 1,804.80 || 18.35
|-
| 2000 || 9,109.80 || −2,531.60 ||style="color:red"| −21.75
|-
| 2001 || 8,397.60 || −712.20 ||style="color:red"| −7.82
|-
| 2002 || 6,036.90 || −2,360.70 ||style="color:red"| −28.11
|-
| 2003 || 7,737.20 || 1,700.30 || 28.17
|-
| 2004 || 9,080.80 || 1,343.60 || 17.37
|-
| 2005 || 10,733.90 || 1,653,10 || 18.20
|-
| 2006 || 14,146.50 || 3,412.60 || 31.79
|-
| 2007 || 15,182.30 || 1,035.80 || 7.32
|-
| 2008 || 9,195.80 || −5,986.50 ||style="color:red"| −39.43
|-
| 2009 || 11,940.00 || 2,744.20 || 29.84
|-
| 2010 || 9,859.10 || 2,080.90 ||style="color:red"| −17.43
|-
| 2011 || 8,566.30 || −1,292.80 ||style="color:red"| −13.11
|-
| 2012 || 8,167.50 || −398.80 ||style="color:red"| −4.66
|-
| 2013 || 9,916.70 || 1,749.50 || 21.42
|-
| 2014 || 10,279.20 || 362.80 || 3.66
|-
| 2015 || 9,544.50 || −734.70 ||style="color:red"| −7.15
|-
|2016
|9,352.10
|−192.10||style="color:red"|−2.01
|-
| 2017 || 10,043.90 || 691.80 || 7.40
|-
|2018
|8,539.90
|−1,504.00||style="color:red"|−14.97
|-
|2019
|9,549.20
|1,009.30
|11.82
|-
|2020
|8,073.70
|−1,475.50||style="color:red"|−15.45
|-
|2021
|8,713.80
|640.10
|7.93
|-
| 2022 || 8,229.10 || −484.70 ||style="color:red"| −5.56
|-
|2023
|10,102.10
|1,873.02
|22.76
|-
|2024
|11,595.00
|1,492.90
|14.78
|-
|2025
|17,307.80
|5,712.80
|49.27
|-
|}
Related indices
- IBEX Medium Cap: It is composed by the 20 listed Spanish companies with the largest capitalization after those included in the IBEX 35.
- IBEX Small Cap: It is composed by the 30 listed Spanish companies with the largest capitalization after those included in the IBEX Medium Cap.
- IBEX Top Dividendo.
- BME Growth: a sub-market of Bolsas y Mercados Españoles (BME) for smaller companies to float shares with a more flexible regulatory system than is applicable to the main market.
Past components
All changes are due to market capitalisation unless stated otherwise.
See also
- Economy of Spain
References
External links
- Reuters page for .IBEX