Piazza Affari bends due to the coupon detachment effect: what is happening

Black Monday for Piazza Affari under the weight of detachment of coupons. Today there will be around seventy companies on the Milan List that will pay dividends, around twenty in the main FTSE MIB basket alone. The impact is not small, because only the coupons of the basket of leading securities discount a negative effect equal to -1.3%. But let's see who is paying the coupon and how it is going on the stock market today.

Milan's underperformance

The main index of the Milan Stock Exchange is significantly underperforming the other European indices with an impact of the same size as the coupon detachment. SixThe FTSE MIB loses 1.25%the index Dax-30 of Frankfurt earn 0.24%. Same performance for Paris, where the Cac-40 advances by 0.25% and for London, where the index Footsie 100 records an increase of 0.26%. Furthermore, the Bel-20 of Brussels rises by 0.19% and the PSI 20 of Lisbon gains even 0.90%. only Madrid remains on the sidelines with -0.08%. Piazza Affari is therefore the worst in the Old Continent today.

Which companies pay the coupon

Here are the 21 FTSE MIB companies that are paying the dividend coupon today, Monday 20 May (payment date 22 May), the amount of the dividend paid to shareholders and, in brackets, the Dividend Yield, i.e. the ratio between the price of the stock and the amount of the dividend paid:

  • A2A 0.0958 euros (Yield 5%);
  • Amplifon 0.2900 euros (Yield 0.9%);
  • Azimuth 1 euro in cash (Yield 5.4%);
  • MPS Bank 0.2500 euros (Yield 5.4%);
  • Bca Pop Sondrio 0.5600 euros (Yield 7.1%);
  • BPER Bank 0.3000 euros (Yield 6.3%);
  • Brunello Cucinelli 0.9100 euros (Yield 1%);
  • Diasorin 1.1500 euros (Yield 1.2%);
  • Eni 0.2300 euro fourth tranche (overall dividend 0.4 euro, Yield 6.3%);
  • ERG 1 euro (Yield 3.8%);
  • FinecoBank 0.6900 euros (Yield 4.7%);
  • Generali Insurance 1.2800 euros (Yield 5.3%);
  • Interpump Group 0.3200 euros (Yield 0.8%);
  • Intesa Sanpaolo 0.1520 balance (overall dividend 0.2960 euros, Yield 8.3%);
  • Inwit 0.4800 euros (Yield 4.7%);
  • Italgas 0.3520 euros (Yield 6.7%);
  • Mediobanca 0.5100 euros in advance (potential balance 0.46 euros, estimated yield 6.1%);
  • Moncler 1.1500 euros (Yield 1.8%);
  • Record yourself 0.63 euros in balance (total dividend 1.2000 euros, Yield 2.4%);
  • Tenaris 0.4 dollars in balance (total dividend 0.6000 dollars, Yield 3.8%);
  • Unipol Group 0.3800 euros (Yield 4.4%).

“cum” price and “ex” coupon price

Normally, when the coupon of the dividend, the previous price is adjusted exactly by the size of the dividend: assuming that stock A closed last Friday 17 May 2024 at 10 euros and that the dividend is equal to 1 euro, the previous price is adjusted exactly this amount to smooth out the step and stabilize the percentage change on the title (price with coupon). The market index, however, will take into account the “clean” price and therefore without the coupon of the dividend, which was in fact detached (price ex coupon) and for this reason it fully suffers its impact.

The performances of the stocks that stand out

Among the companies that are paying the dividend today, one of the performances “worst”also for the measurement of the detachment, is that of Banca Popolare di Sondrio (-7.79%), while the adjusted price (cum price) would give a -0.93%. Looking at the adjusted prices they are also noted Italgas (-6.1%), Unipol (-5.9%), BPER (-5.7%) and with losses exceeding 4% Montepaschi, Generali, Intesa Sanpaolo. The impact less important register on Amplifon (-0.15%) e Brunello Cucinelli (-0.58%).