Daily Market Pulse: Strong Gains Led by Sonatel
3 min Read September 12, 2024 at 10:08 PM UTC

BRVM Stock Market Update for September 12, 2024.
The BRVM showed a positive upward trajectory on September 12, mainly driven by gains in key sectors such as telecommunications and banking.
The BRVM Composite index rose by +0.58%, closing at 260.56 points, while the BRVM 30 index increased by +0.61%, reaching 130.71 points.
Market capitalization also saw growth, with a 0.57% increase, pushing it to 9,457.73 billion FCFA, an improvement of over 53.83 billion FCFA compared to the previous session.
Market Performance Highlights
Sonatel (SNTS) led the market, dominating the day’s transactions, accounting for 61.64% of the total trades. The stock saw a gain of +2.15%, pushing its share price to 23,500 FCFA. This resulted in a capital gain of 49.50 billion FCFA, effectively absorbing the day’s overall market losses. Sonatel’s positive performance had a significant impact, allowing the market to recover from the previous session’s downturn.
Other significant contributors to the day’s gains included Ecobank ETI (ETIT), which rose by +6.25%, reaching 17 FCFA. The increase added 18.08 billion FCFA to its market value.
Meanwhile, Solibra (SLBC) recorded a +4.01% rise to 86,590 FCFA, adding 5.49 billion FCFA in market capitalization. SAPH (SPHC) and BOA SN (BOAS) also performed well, posting gains of +5.16% and +4.32%, respectively, adding 4.21 billion FCFA and 3.84 billion FCFA to the market.
In total, these top five companies contributed a combined capital gain of 81.12 billion FCFA, representing a major portion of the market’s total capital appreciation for the day.
Stocks with Declining Performance
Despite the positive overall market trend, some stocks experienced significant losses, limiting the market’s upward potential.
Orange CI (ORAC) was among the day’s worst performers, declining by -0.86% to 14,930 FCFA, resulting in a loss of 19.58 billion FCFA in market value. Onatel (ONTBF) also saw a major drop of -7.34%, closing at 2,460 FCFA and wiping out 13.26 billion FCFA from its market capitalization.
Other notable losers included BICICI (BICC) (-3.24%), NSIA Banque (NSBC) (-2.23%), and Cfao Motors (CFAC) (-2.21%).
In total, 16 stocks recorded losses during the session, contributing a combined loss of 47.89 billion FCFA, which was effectively absorbed by the stronger-performing stocks like Sonatel and Ecobank ETI.
Trading Volume and Activity
The trading volume for the session experienced significant growth, rising by +81.53% compared to the previous day’s session.
The total value of traded shares increased from 531.38 million FCFA to 964.64 million FCFA. The telecom giant Sonatel led in terms of trading volume, contributing 594.61 million FCFA in total trades.
Orange CI followed with 151.79 million FCFA in trades, and Coris Bank recorded 38.98 million FCFA in trading volume.
Sectoral Performance
The telecommunications sector was the main driver of the day’s positive performance. Sonatel’s dominance not only led the sector but also stabilized the overall market.
Banking stocks, particularly Ecobank ETI and BOA SN, also made significant contributions to the market’s performance.
However, the consumer goods and automotive sectors faced challenges, with companies like CFAO Motors and Solibra showing mixed results. The former recorded a decline, while the latter posted significant gains, reflecting the varied performance across industries.
Market Outlook
The BRVM continues to demonstrate resilience, buoyed by strong performances in key sectors like telecommunications and banking.
As long as these sectors remain stable, the market’s upward momentum is likely to continue. Investors will keep a close eye on major stocks like Sonatel, Ecobank ETI, and SAPH, which have consistently contributed to the market’s growth.
However, the volatility in stocks like Orange CI and Onatel suggests that some caution is warranted, particularly in sectors facing ongoing challenges. Investors should also monitor macroeconomic factors that could influence market sentiment in the coming weeks.
This material has been presented for informational and educational purposes only. The views expressed in the articles above are generalized and may not be appropriate for all investors. The information contained in this article should not be construed as, and may not be used in connection with, an offer to sell, or a solicitation of an offer to buy or hold, an interest in any security or investment product. There is no guarantee that past performance will recur or result in a positive outcome. Carefully consider your financial situation, including investment objective, time horizon, risk tolerance, and fees prior to making any investment decisions. No level of diversification or asset allocation can ensure profits or guarantee against losses. Articles do not reflect the views of DABA ADVISORS LLC and do not provide investment advice to Daba’s clients. Daba is not engaged in rendering tax, legal or accounting advice. Please consult a qualified professional for this type of service.






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