Oragroup shares rise by 12% to lead positive BRVM close
The 49th week of market trading on the BRVM concluded on a positive note with a +0.31% increase, driven by a general uptrend (23 increases versus 15 decreases). However, the largest capitalizations experienced a decline, specifically a 0.18% decrease in the BRVM Prestige.
Despite the decline in the BRVM Prestige, the overall market performance has been notable, boasting a gain of 3.62% since the beginning of the year. The stock market's total capitalization increased by 23.99 billion FCFA (around $40 billion) during the week, reaching 7.8 trillion FCFA.
Oragroup emerged as a significant contributor to the market's positive momentum. The Oragroup shares secured the top position for the second consecutive time, experiencing a remarkable jump of 12.09%. This contributed to the biggest valuation of the week, amounting to 20.48 billion FCFA. Oragroup shares are currently trading at 2,735 FCFA, approaching one of their resistance points in recent months.
Key Takeaways
It’s vital to note that despite the recent increases, the Oragroup stock, facing a decline in financial performance since the year's start, appears susceptible to speculation due to high volatility in recent weeks. The stock still recorded the poorest year-to-date performance in the BRVM banking sector, with a loss of 30.32%. Safca shares, after a period of consolidation following a prolonged growth phase, resumed an upward trajectory with a rebound of 10.17%, settling at 1,300 FCFA—one of its highest levels this year. BOA Senegal achieved the third-best performance of the week, rebounding by 10.00% with a price of 3,300 FCFA, following a 6.10% drop recorded in the previous week. The top 5 performers also included BOA Mali and NEI CEDA. The anticipation for the BRVM's traditional bullish rally is expected to materialize in December, barring any disruptions in the monetary situation in WAEMU that could impact seasonality. Growth is anticipated to continue throughout the rest of the month.
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