The shares of the large Spanish banks have dawned with falls on their first trading day after learning about the decision of the European Central Bank (ECB) to limit their dividends to the minimum expression for next year. The titles of the sector are practically the only ones that give ground in these first minutes of the session in which the Ibex-35 leaves 0.2%. In this way, it stands at around 8,160 points, touching 8,200 but without fully reaching them.
Among bank shares, BBVA led the falls with a decrease of 1%, while Santander fell 0.9%. For its part, Bankia lost 0.4% of its market value, Sabadell 0.3% and CaixaBank 0.2%. Only Bankinter manages to stay flat. The banks had advanced moderately in yesterday’s session, awaiting the final decision of the ECB, which was announced at 7:00 p.m., once the European trading floors were closed.
The central bank chose to limit the possible distribution of dividends among its shareholders next year. Its supervisory board has authorized entities to remunerate shareholders, although with important limitations: those who decide to do so may not allocate more than 15% of their profits (the so-called ‘payout’ ratio) to pay dividends. The decision supposes cutting these income of the shareholders of the banks, since they were used to ‘payout’ that in many cases came to touch up to 50%. The restriction is added to another by which the dividend cannot exceed the ratio of the highest quality capital over risk-weighted assets by 20 basis points (CET1).
The rest of the market is moving positive. The titles linked to the tourism sector, the most affected in the coronavirus crisis, are rebounding strongly, pending the arrival of the vaccine to the countries of the European Union to appease the spread of the disease in the coming weeks. Thus, IAG increased 3% and AENA did so 2.5%. For its part, Telefónica increased 1.2%.
In the energy field, Repsol advanced 1.1% after the Government’s decision to set up a special fund for energy companies to assume the cost of renewables from the bubble stage of more than a decade ago. Endesa rises 0.3% and Iberdrola remains practically flat.
The rest of the European stock exchanges were also listed in green with increases of 0.9% for Frankfurt and 0.7% for Paris and London.
In this scenario, a barrel of West Texas Intermediate (WTI) oil, the benchmark for the United States, was trading at $ 47 at 9:01 am, after falling 0.13%, while Brent crude, the benchmark for Europe, marked a price of 50 dollars, with a decrease of 0.16%.
For its part, the Spanish risk premium lost positions up to 61 basis points, with the yield of the ten-year bond at -0.018%, while the price of the euro against the dollar stood at 1.2165 ‘greenbacks’.