Ecobank leads BRVM narrative as composite slips 0.1%, energy rises 1.8%
The BRVM Composite fell 0.1% to 435.61 points on June 10, while the Total Return index slipped 0.1% to 172.05 and the BRVM-30 lost 0.37% to 203.25. The decline was led by utilities, down 1.55% to 221.01, financials, off 0.49% to 198.65, and telecommunications, down 0.45% to 104.4, while energy rose 1.8% to 155.04, according to market data. In company news, Ecobank dominated headlines with a 22.5 billion CFA franc dividend approval, $40 million in dividends paid by Ecobank TI and $3 billion in intra-African trade financing, according to APS, Financial Afrik and Agence Ecofin. The group also confirmed a turnaround plan for its undercapitalized Nigerian unit, saw the UMOA banking commission approve Bosquet's entry into its capital, and said it increased the number of profitable African subsidiaries from 15 to 25 in 4 years, Agence Ecofin reported.
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BRVM edges lower as energy rises 1.22% amid Ecobank-driven headlines
The BRVM Composite fell 0.14% to 436.06 points and the BRVM-30 lost 0.38% to 204.01 points on June 9, while the energy index rose 1.22% to 152.3 points, according to market data. Financials slipped 0.41% to 199.62 points as Ecobank dominated headlines, approving CFA22.5 billion in dividends, according to APS, while Ecobank TI paid $40 million in dividends, Financial Afrik reported. The group also confirmed a turnaround plan for its undercapitalized Nigerian unit, according to Agence Ecofin, while increasing the number of profitable African subsidiaries from 15 to 25 in 4 years, the same source said. Agence Ecofin also said the UMOA banking commission approved Bosquet’s entry into Ecobank’s capital, while the group said it had financed $3 billion in intra-African trade.