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.
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BRVM rises 0.8% as financials gain 1.38% on Ecobank and Coris updates
The BRVM Composite rose 0.8% to 463.89 points on July 7, led by financials up 1.38% to 217.73 points, while energy gained 2.31% to 172.57 points. Industrials fell 1.91% to 214.33 points and consumer discretionary dropped 4.51% to 193.85 points, according to BRVM market data. Ecobank confirmed its revaluation to 50 CFA francs, Sika Finance reported, while Jeune Afrique said Vista Group is seeking a new path after the failed Oragroup takeover. Coris Bank International created a Cameroon unit with 26 billion CFA francs and is still awaiting regulatory approval, according to Financial Afrik and Africtelegraph, after inaugurating a new headquarters in Burkina Faso worth more than 19 billion CFA francs, Sika Finance reported. SONATEL also secured an upgrade to its long-term rating by GCR, Leral.net reported.