Sonatel and industrials lift BRVM as Ecobank holds 10-year high
The BRVM Composite rose 0.77% to 479.46 points and the BRVM Composite Total Return gained 0.77% to 190.29 points, led by industrials, which jumped 3.39% to 208.27 points. Sonatel underpinned the market after topping 31,000 CFA francs, while GCR raised its credit rating to the region's highest level, according to Sika Finance and Dabafinance, and the telecommunications index climbed 1.49% to 111.1 points. Ecobank stayed in focus after its stock hit a 10-year high, more than 1.5 billion CFA francs was committed to ECOBANK CI trading, and the EBRD provided 15 million euros, or nearly 10 billion CFA francs, for trade in Senegal, according to Dabafinance, Sika Finance, APAnews and LeQuotidien.sn. Gains were capped by utilities, which fell 1.84% to 225.69 points, while energy added 0.83% to 169.42 points and consumer discretionary rose 2.51% to 194.68 points.
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Sonatel and Ecobank lift BRVM, Composite rises 0.18%
The BRVM Composite rose 0.18% to 475.78 points on July 13, while the BRVM Principal gained 1.40% to 358.77 points, with financials up 1.30% to 231.57 points and energy up 1.26% to 168.02 points. Sonatel underpinned the move after topping 31,000 CFA francs, according to Sika Finance, following the confirmation and then upgrade of its credit rating to the region's highest level, according to Capmad and Dabafinance, even as the telecoms index fell 1.41% to 109.47 points. Ecobank also drove trading, with ECOBANK CI drawing more than 1.5 billion CFA francs in orders, according to Sika Finance, while the group's stock hit a 10-year high on the BRVM on returning dividends, according to Dabafinance, and the EBRD granted nearly 10 billion CFA francs, or 15 million euros, to Ecobank Senegal, according to LeQuotidien.sn and APAnews. Newsflow also stayed active with Ecobank listing the first Nature bond by a commercial bank in London, reports Financial Afrik, Sonatel inaugurating its OneWeb Gateway in Gandoul, according to LeQuotidien.sn, and 4 Bank of Africa capital increase notices dated July 13 in analyst reports.