Stock rally sees Unilever hit five-month high on the BRVM

Daba Finance/Unilever hits five-month high on the BRVM

BREAKING NEWSFebruary 2, 2024 at 12:19 PM UTC

TLDR

BRVM stock market had a lackluster performance with 12 declines and 11 rising values.
Coris Bank International witnessed a significant decrease of 4.33%.
Unilever, Sitab, and CFAO Motors were the top gainers, with Unilever reaching a 5-month high.

The BRVM stock market experienced a subdued performance with 12 declines outweighing 11 rising values on Thursday. The BRVM Composite index concluded on a lackluster note, dipping by 0.12% to 207.40 points, primarily influenced by the underwhelming performance of Coris Bank International, which witnessed a 4.33% decrease, settling at 8,515 FCFA.

Similarly, the BRVM 30 and BRVM Prestige indices also reported declines of 0.20% and 0.13%, closing at 104.01 points and 96.65 points, respectively. Among the notable losers were Tractafric Motors, BOA SN, and Coris Bank International, recording declines of 6.74%, 4.41%, and 4.33%, respectively.

Conversely, Unilever, Sitab, and CFAO Motors emerged as top gainers, boasting increases of 7.48%, 3.33%, and 1.30%, respectively. Noteworthy is Unilever's ascent to a level unseen in the past 5 months.

Key Takeaways

The BRVM has started the new year negatively, returning around negative 3% on a year-to-date basis as of Thursday's close. But with strong fundamentals and currency stability of the CFA Franc tied to the Euro, the market still represents one of the most viable investment opportunities for foreign investors on the continent. Last September, the equities component of the market crossed 8 trillion CFA francs in market capitalization for the first time and up to eight of the stocks on the exchange posted double-digit share price gains last year.

BRVM

Finance

Stocks

Unilever

Sonatel

CFAO Motors

Sitab