Decline in Orange CI stock forces BRVM pullback after bullish run
TLDR
- BRVM Composite index dropped by 0.51% to 218.03 points with 18 stocks declining and 7 increasing.
- Key contributors to the downturn were Orange Cl (-1.36% to 10,850 FCFA) and Sitab (-7.50% to 6,290 FCFA).
- Worst-performing stocks included Sitab, SAPH, and Sucrivoire, while Nei-ceda, Vivo Energy, and BOA Bénin were among the top performers.
Following a 0.37% increase to 219.15 points the previous day, the BRVM Composite index experienced a downturn, falling by 0.51% to 218.03 points on Tuesday. This decline was primarily driven by a prevalence of 18 stocks in decline compared to 7 increases.
Orange Cl (-1.36% to 10,850 FCFA) and Sitab (-7.50% to 6,290 FCFA) were key contributors to this retreat. Similarly, the BRVM 30 (110.04 points) and BRVM Prestige (102.33 points) indices also saw declines, dropping by 0.37% and 0.34% respectively.
Among the worst-performing stocks at the end of the trading session were Sitab, SAPH (-7.34% at 2,020 FCFA), and Sucrivoire (-4.35% at 440 FCFA). Conversely, the top performers included Nei-ceda (+2.33% to 660 FCFA), Vivo Energy (+1.96% to 780 FCFA), and BOA Bénin.
Key Takeaways
On Monday, the BRVM Composite index surged by 0.37% to reach 219.15 points, a level not seen in nearly two years. Similarly, the BRVM 30 index improved by 0.49% to 110.45 points, while the BRVM Prestige experienced a slight depreciation of 0.19% to 102.68 points. As trading continued on Tuesday, the volume of transactions totaled 294.21 million FCFA, involving the exchange of 114,885 securities. The majority of trading activity was observed on BOA Niger, accounting for 61.53 million FCFA, which represented 20.92% of the total volume transacted. This was followed by BOA BF with 34.20 million FCFA and Onatel with 25.13 million FCFA.
$1 = 616.06XOF as of 2:26 WAT Wednesday, April 17, 2024
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