BRVM posts third consecutive weekly gain as Sucrivoire rebounds

AFRICAN STOCKS AND FINANCEJuly 29, 2024 at 3:16 PM UTC

TLDR

BRVM stock market sees third consecutive week of gains, led by large-cap stocks like Nestlé CI and Bicici.
Sucrivoire standout performer with 13.54% increase following investor positions after recent declines.
Composite index nears 240-point mark not crossed since 2018, while BRVM Prestige continues to improve.

The BRVM stock market continued its upward momentum with a third consecutive week of gains last Friday, as the benchmark composite index rose 0.05% to close at 239.30 points.

This performance was primarily driven by the advancements of large-cap stocks such as Nestlé CI, which increased by 3.73% to 7,780 FCFA, Bicici, which rose by 3.16% to 9,800 FCFA, and Oragroup, which went up by 2.37% to 1,945 FCFA.

Sucrivoire stood out with the best performance, climbing 13.54% to 545 FCFA. This rebound was due to investor positions after Sucrivoire had experienced relatively low levels, ending a streak of three consecutive declines.

Key Takeaways

Regarding the performance of BRVM market indices, the benchmark Composite index climbed posted a 4-week gain of 4.18% and an overall year-to-date gain of 11.74%. At this level, the Composite index is now approaching the 240-point mark, a threshold that has not been crossed since 2018. Meanwhile, BRVM Prestige continued its improvement with a 0.64% increase to 112.87 points, marking its fourth consecutive gain. In contrast, the BRVM 30 fell by 0.09% to 119.76 points after three weeks of perfect performance.

Stocks

BRVM

Nestle

Bicici

Oragroup

Sucrivoire

Finance

Investments