Ibex 35 leaders Inditex, Santander, and Iberdrola diverge in early 2026 performance

The Ibex 35's top three companies, Inditex, Santander, and Iberdrola, are showing divergent performance in early 2026, unlike their unified gains at the end of last year. Santander is leading with a nearly 4% rise, approaching historic highs, while Inditex has fallen over 2% from its recent peak, and Iberdrola shows modest 0.4% growth. This contrasts with the Ibex 35's overall 1% gain this year. This selective market behavior follows a strong 2025 where the Ibex rose nearly 50%, largely driven by banking and industrial stocks. Bank of America has also reduced its exposure to Spain, predicting potential underperformance for the Ibex.