BRVM stock market posts second straight weekly decline
TLDR
- BRVM stock market records second weekly decline despite positive performances from large-cap stocks like Société Générale CI and Nestlé CI.
- Benchmark BRVM Composite index falls by 0.10%, while BRVM 30 and BRVM Prestige indices show slight increases.
- Market contraction attributed to profit-taking by investors, with 24 stocks experiencing losses including ETI TG, Bicici, and Oragroup.
The regional BRVM stock market posted its second straight weekly decline Friday despite positive turnout from large-cap stocks Société Générale CI (+2.55% at 19,500 FCFA), Nestlé CI (+4.00% at 7,800 FCFA), Orange CI (+1.69% at 12,000 FCFA) and Sonatel (+0.08% at 19,395 FCFA).
Benchmark BRVM Composite index fell 0.10% to 229.48 points, while the BRVM 30 (+0.21% to 114.86 points) and the BRVM Prestige (+0.51% to 108.71 points) both rose, erasing their declines from the previous week.
The market contraction was mainly driven by investors taking profits with 24 stocks posting losses for the week, including ETI TG, Bicici, and Oragroup. Market capitalization stands at 8.53 trillion FCFA ($14.083 billion), down from 8.54 trillion FCFA from a week earlier.
Key Takeaways
Notably, Saph shares (+6.96% at 2,995 FCFA) have been consolidating their momentum, achieving their fifth consecutive week of growth and accumulating a gain of 25.05%. The gradual recovery in the Chinese industry, a leading market, after the COVID-19 crisis has stimulated demand, leading to an increase in global natural rubber prices. Similarly, Uniwax shares (+6.02% at 440 FCFA) also closed the week on a positive note, marking their fifth consecutive increase. Investors took positions in Uniwax shares, observing that the share price had been fluctuating at relatively low levels. On Thursday, the market saw the highest daily transaction volume since the beginning of the year, with trading rising by 393.35% to 2.11 billion FCFA compared to 428.6 million FCFA the previous day. The telecom giant Sonatel captured three-quarters of these trades, amounting to 1.59 billion FCFA.
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