Orange CI, Coris Bank shares lift BRVM to six-year high

AFRICAN STOCKS AND FINANCEJune 16, 2024 at 10:00 PM UTC

TLDR

BRVM Composite index increased by 0.57% to reach 228.88 points, showing positive investor sentiment.
Key contributors to the rise were Sonatel, Orange CI, and Coris Bank Int., driving market capitalization growth.
BRVM 30 index also improved by 0.60% to reach 114.25 points, reaching its highest level since expanding to 30 components.

The BRVM Composite index continued its upward trend, increasing by 0.57% to reach 228.88 points on Friday, a level last seen in mid-May 2018. This reflects positive investor sentiment and reduced perceived risk, with the average market Price-to-Earnings Ratio (PER) at 8.65%, up 4% from the previous month.

The rise was driven by gains in Sonatel (+0.42% to 19,330 FCFA), Orange CI (+2.13% to 11,745 FCFA), and Coris Bank Int. (+4.00% to 10,400 FCFA), which contributed significantly to market capitalization growth.

In addition, the BRVM 30 index also saw an improvement, climbing by 0.60% to reach 114.25 points, marking its highest level since its expansion to 30 components. However, the BRVM Prestige index experienced a slight decline, dropping by 0.13% to 107.72 points.

Key Takeaways

Top gainers on the day included CBI (+3.38% to 765 FCFA), Oragroup (+2.94% to 1,750 FCFA), and Orange CI. On the other hand, the biggest declines were observed in Sicable (-5.71% at 990 FCFA), Sicor (-5.42% at 3,400 FCFA), and CFAO Motors CI (-5.41% at 700 FCFA). In terms of trading activity, investors exchanged shares worth 280.48 million FCFA, slightly lower compared to the previous day. CFAO Motors CI (-4.35% to 2,200 FCFA) and Sonatel were the most actively traded stocks, with transaction values of 45.82 million FCFA and 32.47 million FCFA, respectively.

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