Rally in banking stocks helps BRVM all share index to 5th weekly gain

BREAKING NEWSJune 10, 2024 at 1:22 PM UTC

TLDR

BRVM stock market achieves fifth consecutive positive week, main indices increase by 0.07% to 2.58%.
Key shares driving positive sentiment include Société Générale CI, Bici CI, and SIB.
SIB and BOA Mali report positive net results for the first quarter of the 2024 financial year.

The BRVM stock market closed positively for the fifth consecutive week with the main composite index reaching a new peak at 226.12 points, a 0.37% increase. The BRVM 30 and BRVM Prestige indices rose by 0.07% and 2.58% respectively, reaching 112.90 points and 108.48 points.

Positive sentiments in the market were driven by shares such as Société Générale CI (+4.61% at 20,295 FCFA), Bici CI (+16.21% at 10,000 FCFA), and SIB (+5.08% at 6,305 FCFA), amidst 17 rising values versus 17 falling.

SIB and BOA Mali have disclosed their activity reports for the first quarter of the 2024 financial year, reporting net results up 6% (12.3 billion FCFA) and 0.14% (1.58 billion FCFA) respectively. Market capitalization increased by 0.37%, reaching 8.4 trillion FCFA ($13.8 billion).

Key Takeaways

Bicici stock has demonstrated the strongest performance in the banking sector since the year began. It marked the seventh consecutive weekly increase and secured the top spot in performance. This increase follows the company's results for the fiscal year ending in December 2023 and the first quarter of 2024, propelling its stock to a 42.86% gain over seven weeks, reaching 10,000 FCFA, one of its highest levels in seven years. Oragroup follows closely with a performance of 10.56%, settling at 1,990 FCFA. Total transaction volume decreased by 39% to 2.19 billion FCFA compared to the previous week's 3.59 billion FCFA.

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Société Générale CI

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