In Catalonia, the process aimed at creating a new state could cause a multitude of changes in the economic and financial sector. One of them would no doubt be a new stock market, beyond the control of Bolsas y Mercados Españoles. But which companies would it be made up of? Beyond the comings and goings of any stock exchange, there are some 30 Catalan companies that would be candidates for opening a new Catalan stock market. These are companies that already trade on the Spanish exchange and while there are not a great many of them, they could be a good starting point.
Banking chemistry
What would a stock market be without the country’s main banks? CaixaBank and Banc Sabadell already trade on the Ibex 35 and so are the most obvious candidates for a Catalan stock exchange. Next to them, the chemical and pharmaceutical companies commonly trade stock, which makes Grifols, also on the Ibex 35, another must.
We find other candidates on the continuous trading market. It would not be strange to see companies already trading today doing the same in a future stock market based in Barcelona. Almirall, Reig Jofré or Oryzon Genomics are the main candidates here.
Good infrastructure
Among the companies to be typically found on the stock market, are those related to infrastructure, construction and housing. Here we could include Abertis, Cellnex Telecom and Colonial, all of which are to be found on the Ibex 35.
Among those on the continuous trading market are Fomento de Construcciones y Contratas (FCC), Mobiliaria Monesa, Renta Corporación Real Estate, Cevasa and Unión Catalana de Valores.
A dose of energy
Another of the large companies you would expect on any Catalan-style Ibex would be Gas Natural. Energy is one of the sectors commonly represented on stock markets and in Catalonia there are other companies in this sector, such as Fersa Energías Renovables.
A diverse market
This hypothetical Catalan stock market would also have companies from a range of different sectors. From experts in water and swimming pools, such as Fluidra, to automotive firm Applus or insurance company Catalana Occidente.
Also likely to be there would be food giant Borges or companies devoted to paper and document management, such as Miquel i Costas or Service Point Solutions. Next to them could be the likes of Grupo Desa, Dogi International Fabrics, Ecolumber or Ercros.
This initial list could be concluded with the unique case of Ciments Molins, a company that has traded on the stock market since 1942. “It is something very unusual in a family firm,” pointed out family executive Joan Molins Amat in an Aijec lunch.
It is not a country of stocks
Whatever might happen, the truth is that Catalan companies have not traditionally traded much on the stock market. “Catalonia has always had a special relationship with the State. Madrid and the base of power have always been seen as distant, not that Catalan companies have been against it, but it seems far away,” says economic historian Francesc Cabana in an interview with VIA Empresa. “That has produced companies that are not so transparent, which look inwards instead of outward, which gives them a certain distaste to trading on the stock market,” he adds.
In fact, only seven companies based in the country trade on the Ibex 35. “There are the companies that come from La Caixa (Gas Natural or Abertis) and Grífols,” insists Cabana. “There are few companies that put 40 to 50% of their capital on the market. They are not interested in it. Once I asked a businessman why he didn’t go on to the market and he told me: "They would find out what I earn!" he says.
Beyond those from La Caixa (CaixaBank, Gas Natural, Abertis and from the latter, Cellnex Telecom), on Spain’s main trading index is to be found only Banc Sabadell, Grifols and Immobiliària Colonial (which has joined only recently in substitution of Popular).