Orange CI share price jumps to highest level since 2022 IPO
TLDR
- BRVM stock market rebounds driven by strong performance of Orange CI, hitting all-time high at 12,000 FCFA.
- Second-largest market capitalization sees overall valuation increase by 36.91 billion FCFA.
- Main market indices all post gains: BRVM Composite, BRVM 30, and BRVM Prestige rise by 0.32%, 0.50%, and 0.16% respectively.
The BRVM stock market rebounded on Tuesday after its Monday slump, driven by the strong performance of Orange CI, which increased by 2.08% to reach 12,000 FCFA, marking the stock's all-time high.
As a result, the second-largest market capitalization saw its overall valuation increase by 36.91 billion FCFA, reaching 1,807.86 billion FCFA, despite a slight decline in Sonatel (-0.05% to 19,420 FCFA). Orange CI shares were first listed at the end of 2022, at a unit price of 9,500 FCFA.
Meanwhile, the main market indices all posted gains: the BRVM Composite rose by 0.32% to 230.21 points, the BRVM 30 increased by 0.50% to 114.95 points, and the BRVM Prestige went up by 0.16% to 108.76 points.
Key Takeaways
Orange Côte d’Ivoire is currently the second most valuable stock on the BRVM with a market capitalization of XOF 1.81 trillion ($2.9 billion), which is about 21.1% of the entire BRVM equity market. It began the year with a share price of 10,900 XOF and has since gained 10.1% on that price valuation, ranking it 18th on the BRVM in terms of year-to-date performance. During Tuesday's session, investors accumulated transactions amounting to 463.26 million FCFA, indicating an increase in activity compared to the previous day (222.4 million FCFA). The majority of these exchanges were recorded on Sonatel and Palmci securities, with 81.01 million FCFA and 66.63 million FCFA, respectively.
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