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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