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BRVM stock market rally halts on Nestle, SIB dip

Daba Finance/BRVM stock market rally halts on Nestle, SIB dip
AFRICAN STOCKS AND FINANCEAugust 19, 2024 at 12:57 PM UTC

TLDR

  • BRVM Composite index saw a slight 0.16% decline, closing at 248.13 points following a recent impressive rally in July.
  • Market capitalizations of SIB and Nestlé CI dropped significantly, affecting the overall stock market performance.
  • Stock market capitalization reduced to 9,231.23 billion FCFA from the previous 9,246.25 billion FCFA, marking a decline in value.

The benchmark BRVM Composite index experienced a slight decline of 0.16% to close at 248.13 points last week, following a robust rally in July that saw the index gain 3.90% and surpass the 9 trillion FCFA mark earlier in August.

This modest correction was driven by significant losses in the market capitalizations of SIB (-6.69% to 6,000 FCFA) and Nestlé CI (-6.84% to 7,150 FCFA), which saw their values drop by 21.50 billion FCFA and 11.59 billion FCFA, respectively.

The BRVM 30 index also fell by 0.23% to 124.45 points, ending a two-week winning streak, while the Prestige index decreased by 1.20% to 111.44 points, wiping out the gains made in the previous week.

Key Takeaways

In just four trading sessions, the total transaction volume on the BRVM significantly surpassed that of the previous week. The trading volume reached 3.26 billion FCFA, marking a substantial increase of 62.19% compared to the 2.01 billion FCFA traded the previous week. Sonatel continued to be the most actively traded stock, accounting for 42.4% of the total volume, equivalent to 1.38 billion FCFA. Other stocks that attracted considerable attention included SIB with 186.99 million FCFA, Palm CI with 182.38 million FCFA, and BOA BF with 183.99 million FCFA in trades. Overall stock market capitalization contracted by 15.01 billion FCFA, settling at 9,231.23 billion FCFA, down from 9,246.25 billion FCFA recorded last Friday.

Stocks
BRVM
Investing
Investments
Finance
Stock Market
Stock Index
BRVM Composite
Nestle
SIB

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