BRVM: Composite down 0.72% despite BOA capital increases
The BRVM Composite closed at 408.62 points, down 0.72% on March 20. The industrial sector dropped 2.08%, while public services gained 1.92%. A wave of capital increases by BANK OF AFRICA is underway across multiple subsidiaries, per analyst reports. Coris Bank International is preparing to enter Cameroon to strengthen banking offerings, reports Investir au Cameroun.
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The BRVM Composite rose 0.96% to 442.87 points on June 19, while the BRVM-30 gained 1.29% to 207.59 and the Principal index slipped 0.14% to 315.03. The move was led by telecommunications, up 2.44% to 106.19, and energy, up 1.60% to 157.15, while consumer staples fell 1.0% to 277.95. Financials added 0.45% to 201.72 amid June 19 capital increase notices for Bank of Africa BF, BN, ML and SN, alongside Coris Bank International’s net dividend of 900 CFA francs detached on June 18. On the corporate front, Coris Bank International Chad is negotiating a $10 million guarantee line with IFC, according to Sika Finance, while Ecobank Centrafrique raised its capital to $28 million and aims for the Cobac threshold, according to Agence Ecofin, and Coris Bank co-arranged $288 million in Afreximbank financing in Niger, Agence Ecofin reported.
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