BRVM slips 0.58% as Ecobank CI sets aside CFA49 bln for shareholder pay
The BRVM Composite fell 0.58% to 404.04 points on April 13, while the BRVM-30 lost 0.74% to 190.27 and the Composite Total Return dropped 0.58% to 155.59. The decline was led by utilities, down 1.40%, financials, off 1.10%, and energy, lower by 1.09%, while consumer staples rose 0.84% and industrials gained 0.58%. Against that backdrop, Ecobank Côte d'Ivoire set aside CFA49 billion for shareholder remuneration, according to Sika Finance. Separately, Dangote Petroleum could pursue a pan-African IPO that may reshape regional markets or repeat the Ecobank mistake, Financial Afrik reported.
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BRVM rises 1.42% as telecoms and financials offset industrial slump
The BRVM Composite rose 1.42% to 470.48 points and the BRVM-30 gained 2.05% to 222.2 points, lifted by telecommunications at 110.94 points (+3.01%) and financial services at 222.86 points (+2.36%). The advance masked sharp declines in industrials at 203.72 points (-4.95%), energy at 166.45 points (-3.55%) and utilities at 232.53 points (-2.58%). On the corporate front, Ecobank confirmed a 50 FCFA revaluation, according to Sika Finance, while GCR upgraded Sonatel’s long-term rating, reports Leral.net. In banking, Coris Bank International created a Cameroon unit with 26 billion FCFA and is still awaiting regulatory approval, according to Africtelegraph and Financial Afrik, after inaugurating a new headquarters in Burkina Faso worth more than 19 billion FCFA, Sika Finance reported.