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Business acts contrary to market norms do not go unpunished. The National Commission of Markets and Competition (CNMC) has estimated that several of the main Spanish construction companies did not act in good faith by altering public works tenders based on meetings between them for 25 years.

For this reason, the institution that watches over the defense of competition has decided to impose a fine of 203.6 million euros to be distributed among Acciona, Dragados, FCC, Ferrovial, OHLA and Sacyr.

However, any negative reaction that investors could have reflected in the price of these companies has been buried under the rebound that the European stock market experienced yesterday. In this way, compared to the 2.19% registered by the Ibex 35 at the end of Thursday, the construction companies as a whole rose by 2.7%, with Ferrovial (2.4%) and ACS -owner of Dragados- (which advanced one 2.5%) as those that recorded the most modest increases in the branch.

On the other hand, these construction companies (many of which are already focusing more on the concession business than on the execution of works) have a more disparate behavior if their stock price throughout 2022 is taken into account.

Only Acciona and the newly released on the Ibex 35, Sacyr, remain positive in the year while Ferrovial yields 7.8% and FCC almost 13.5%. The biggest collapse of the entire sector in Spain is pointed out by OHL , which cuts 43%. On the other hand, the market consensus estimates for OHL the greatest stock market run for the sector, despite the falls and sees a potential of 89% up to the target price of the average of Bloomberg at 1.1 euros against Acciona, that with the rise seen yesterday in its value is already trading above the price set by experts as optimal at 184.23 euros.

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