TLDR
- BRVM stock market continues upward trend, led by Sonatel, Ecobank CI, and Orange CI.
- Key indices rise with BRVM Composite up 2.21%, BRVM 30 up 2.18%, and BRVM Prestige slightly up.
- Companies like Unilever CI, Tractafric Motors CI, and Société Générale CI report notable profit changes.
The BRVM stock market continued its upward trend for the third consecutive week, driven by the strong performances of Sonatel (SNTS), Ecobank CI (ECOC), and Orange CI (ORAC), adding 45 billion FCFA, 41.01 billion FCFA, and 30.13 billion FCFA in market capitalization, respectively.
This positive momentum saw key indices rise, with the benchmark BRVM Composite up 2.21% to 259.27 points, BRVM 30 increasing 2.18% to 130.01 points, and BRVM Prestige up slightly by 0.52% to 114.63 points.
Unilever CI (UNLC) reported a 2023 profit of 640.34 million FCFA, a sharp reversal from its 2022 loss of 6.38 billion FCFA. Tractafric Motors CI (PRSC), saw a significant drop in its first-quarter 2024 profit, down 90.40% to 81.03 million FCFA. Société Générale CI (SGBC) posted an 8.5% profit increase, reaching 48.23 billion FCFA for the first half of 2024.
Key Takeaways
The BRVM stock market continues to exhibit resilience, buoyed by the performance of key stocks. Despite the gains, the market reflected mixed performances among individual companies. Unilever CI's return to profitability after a challenging 2022 and Société Générale CI's steady growth are positive signs for the market. However, Tractafric Motors CI's sharp profit decline highlights challenges in certain sectors. The continued listing of shares from companies like BOA Benin and BOA Niger suggests that market activity remains vibrant, reinforcing investor interest in the region. The BRVM remains a focal point for African market growth, with key sectors and companies continuing to shape its trajectory.
