Bellwether stock Orange CI helps BRVM close out July on a high

BREAKING NEWSAugust 5, 2024 at 10:22 AM UTC

TLDR

BRVM stock market maintains upward momentum with Orange CI seeing sustained rally (+2.96% at 13,385 FCFA)
Benchmark Composite index surpasses 240-point mark, marking a new six-year high at 241.32 points
Positive balance of variations with 20 stocks up and 18 down, including BOA Mali and Ecobank CI increasing market capitalizations

The BRVM stock market maintained its upward momentum last week, mainly thanks to a sustained rally in Orange CI (+2.96% at 13,385 FCFA), the second most valuable company on the exchange which saw its fifth week of increase.

Benchmark Composite index crossed the 240-point mark at 241.32 points, a new high for the market over six years. The BRVM 30 index recorded a 0.86% gain to 120.79 points after its slight contraction (-0.09%) last week, while the BRVM Prestige ended 4 consecutive increases with a 1.77% decline to 110.87 points.

Overall, there was a positive balance of variations (20 values up against 18 down) during the week with stocks like BOA Mali and Ecobank CI adding substantially to their respective market capitalizations.

Key Takeaways

In other noteworthy developments, ETI (Ecobank Transnational Incorporated) and Vivo Energy CI released their financial reports for the period ending June 2024. Ecobank group reported an increase in net profit of 5.39%, reaching $227.28 million compared to $215.65 million a year earlier. Vivo Energy CI saw its results rise by 118%, ending with a profit of 2.55 billion FCFA compared to 1.17 billion FCFA achieved last year. Overall, the capitalization of the stock market increased by 75.21 billion FCFA, reaching 8.97 trillion FCFA, up from 8.90 trillion FCFA the previous week. Year to date, the market has returned about 13%.

Stocks

BRVM

Stock Market

Stock Market Index

BOA Mali

Ecobank CI

Orange CI

Finance

Investments