Despite the uncertainties of the last sessions, after a third of the year Business Square is still the leading price list in Europe with a performance of 21% ahead of the German Dax and the Parisian Cac 40, both +17%.
A mix of factors favored the inflow of liquidity on our list: the euro appreciated by about 6% from the lows of the year, oil has rebounded 45% from its January lows, medium/long-term yields are up moderately.
In this context, almost an absolute novelty, all the securities of the Ftse Mib basket recorded positive performances. Twenty-four companies (out of 40) outperformed the index.
The real surprise comes from the dividend policy which turned out to be richer than expected, with an average return of around 2,5%, against the 1,5% guaranteed by the 10-year BTP.
The palm of the best stock remains in the hands of Banca Popolare di Milano +70% ahead of Yoox +57%. In the top 10 are four stocks benefiting from the strong dollar: Finmeccanica (+ 47%) Moncler (+ 46%), FCA (+ 42%) and Campari (+ 38%).
The record season of asset management is confirmed by the presence in the top ten of securities Azimuth (+ 46%) and Mediolanum (+44%). Further down but all the most important insurance companies, namely the Generali (+ 3%) and UnipolSai (+11%) penalized by zero interest rates. The patrol of energy companies is large: Snam (+ 14%), Terna (+ 12%), Enel (+ 14%) and Enel Green Power (+ 1%).
Tenaris (+10%) suffers from the slowdown in demand for pipes for the oil industry after the numerous production stops in the USA.
