Around the World's Markets: Madrid

THE TELECOMS giant Telefonica, which rose 3.24 per cent, pushed the Spanish blue-chip stock index to an all-time record close. The Ibex- 35 index added 1.15 per cent to 11,084.3 points, a 19 per cent gain since 21 October. Since a low on 24 October, Telefonica has gained more than 50 per cent.

One dealer said: "There is still room for more gains before the end of the year. The story will be the same for Telefonica and its little realm of hi-tech stocks blazing the trail."