14 “zombie stocks” still on Spanish stock market

14 companies are still listed on the Spanish stock market, despite being insolvent. These “zombie” stocks haven’t been delisted, but continue to clog up the system despite trading in their stocks being suspended.

When trading in Vértice 360 was suspended by the Spanish market regulator CNMV after the company declared insolvency in April, this brought the number of Spanish stocks with trading suspended theoretically to 14.


Although 14 are officially on the Spanish stock operator BME’s list of suspended companies, there are only really 13 listed, as shares in regional savings bank CAM already have a zero value after its absorption by Banco Sabadell. (It just sits there as nobody can be bothered to get rid of it).

Out of the 13 stocks currently on the list, Martinsa Fadesa is the company that has spent the most time in suspension after entering that state almost six years ago on July 14th, 2008.

Next on the list is Dogi, which began on May 25th, 2009, followed by Indo which hasn’t moved since October 18, 2010. All of these companies entered insolvency within two days of having traded suspended.

The rest of the list is composed of (in order of suspension) Nyesa, Fergo Aisa, Cleop, Reyal Urbis, Pescanova, Renta Corporación, La Seda de Barcelona, Sniace and Service Point.

The CNMV explained that suspension of trading was a “lesser evil” since it is the only way to protect retail traders when there is a lack of information on the state of a company’s books.

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