BRVM slips 0.39% as discretionary stocks tumble 4.34%
The BRVM Composite fell 0.39% to 442.11 points on June 24, while the BRVM-30 lost 0.37% to 207.05 and discretionary consumer stocks slumped 4.34% to 194.04. Utilities capped the decline with a 1.51% rise to 226.72 points, ahead of financials at 202.76 points, up 0.42%, as banking headlines dominated the tape. According to Agence Ecofin, Ecobank approved CFA22.5 billion in dividends, increased the number of profitable African subsidiaries from 15 to 25 in 4 years and confirmed a turnaround plan for its undercapitalized Nigerian unit, while Afrimag reported that Alain Nkontchou became the group's top shareholder. Analyst notes dated June 24 also showed capital increases at Bank of Africa BF, BN, ML and SN, adding to momentum in financial names on a day when the sector index rose 0.42%.
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