April 29, 2020 / 6:25 AM / a month ago

Spanish stocks - Factors to watch on April 29

April 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:

BANKIA

Bankia said its first quarter net profit fell 54% to 94 million euros from the same period a year ago on higher provisions to offset a potential impact on its business from the coronavirus crisis.

RED ELECTRICA

Spanish electricity grid operator does not expect the coronavirus pandemic to have a “very significant” effect on its 2020 results, it said on Wednesday.

BME The company reported first quarter net profit at 34.0 million euros versus 31.6 million euros year ago.

AENA State-owned Spanish airport operator said on Tuesday that traffic in its domestic network plummeted more than 95% in April, following a 59.3% fall in March, adding it was difficult to foresee when traffic would recover.

INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA

IAG reported a first-quarter operating loss before exceptional items of 535 million euros ($580 million), swinging from a profit of 135 million euros a year ago. British Airways plans to cut more than a quarter of its jobs due to the coronavirus crisis, parent company IAG said, forecasting that passenger numbers will take years to recover.

ENCE

The company reported first quarter net loss of 11.8 million euros versus profit 17.3 million euros year ago. Ence said pulp production increased by 9% year-on-year in Q1, in line with volume of capacity added in 2019.

BANCO SANTANDER

JP Morgan cut its target price to 2.80 euros from 3 euros. and Credit Suisse cut its target price to 3.4 euros from 3.5 euros.

ACERINOX

Credit Suisse cut target price to 8.30 euros from 9.20 euros. The Swiss bank says it expects 2020 global stainless steel demand to be down 9% and European demand to be down 11%.

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