BRVM main index hits six-year high on Sonatel, Coris Bank rally
TLDR
- BRVM equity market sees significant uptrend, benchmark Composite index rises by 1.96% to 224.44 points in 6 years, driven by gains in Sonatel and Coris Bank International.
- BRVM 30 index climbs by 2.16% to 112.50 points, reaching the highest level since 2023, while BRVM Prestige index increases by 2.30% to 104.34 points.
- Market capitalization hits a historic high of 8.4 trillion FCFA ($14 billion), marking a 1.96% growth in the BRVM.
The BRVM equity market continued its upward trend with the benchmark Composite index rising 1.96% to 224.44 points last week, a level not seen in six years.
The surge was driven by gains in Sonatel (+3.37% to 19,000 FCFA) and Coris Bank International (+7.07% to 10,600 FCFA), along with a positive balance of 27 increases against 11 decreases.
The BRVM 30 index also increased by 2.16% to 112.50 points - the highest level since 2023 - and the BRVM Prestige index rose by 2.30% to 104.34 points. Market capitalization grew by 1.96% to 8.4 trillion FCFA (c.$14 billion), a historic high for the BRVM.
Key Takeaways
The BRVM has been on an upward trajectory for two weeks, with the market's positive performance reflecting increased investor confidence and strong financial results from key companies. Across the rest of Africa, the Tanzania Stock Exchange led the best performances with a 15.37% increase, boosting its DSE ASI index to 2,050.99 points as of Friday's close. It was followed by the Zimbabwe Stock Exchange, which rose by 5.09% to 99.47 points, and the Egyptian Stock Exchange, which gained 4.06% to reach 27,205.14 points. Conversely, the Mauritania Stock Exchange experienced the largest decline, dropping 1.23% to 1,982.04 points. The Nigerian Stock Exchange fell by 0.52% to 97,612.51 points, and the Johannesburg Stock Exchange decreased by 0.48% to 79,150.84 points, marking the biggest drops of the past week.
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