Bellwether Sonatel Drop Drags BRVM Stock Market Down
TLDR
- BRVM experienced a decline at the start of the week, with Sonatel (SNTS) shares dropping by 3.31%.
- Solibra (SLBC) shares saw a significant increase of 7.44%, along with Filtisac and Bernabe gaining as well.
- Tractafric Motors (PRSC) recorded the largest decline, followed by ETI TG and Sicor, with a total transaction volume of 447.53 million FCFA.
The BRVM started the week in decline, despite a positive balance of 15 stock increases versus 14 decreases on Monday. The main driver of the dip was a 3.31% drop in Sonatel (SNTS) shares, which fell to 23,200 FCFA, resulting in a market capitalization loss of 79.5 billion FCFA.
The benchmark BRVM Composite, BRVM 30, and BRVM Prestige indices all dropped by 0.60%, 0.89%, and 1.04%, respectively. Solibra (SLBC) shares surged by 7.44% to 10,215 FCFA. Filtisac (+7.06%) and Bernabe (+6.97%) also saw significant gains.
Meanwhile, Tractafric Motors (PRSC) led the declines, falling 7.13% to 2,150 FCFA, followed by ETI TG (-5.88%) and Sicor (-5.83%). The total transaction volume for the session amounted to 447.53 million FCFA.
Key Takeaways
Sonatel’s decline significantly impacted market capitalization, overshadowing gains in other stocks like Solibra, which benefited from a stock split that sparked investor interest. While Solibra, Filtisac, and Bernabe posted strong performances, speculative trading led to sharp drops in Tractafric Motors, ETI TG, and Sicor. The session saw a total transaction volume of 447.53 million FCFA, with BOA CI and Nestlé CI being the most traded stocks. Despite some positive movements, the market indices reflected cautious sentiment, likely influenced by Sonatel's weight and broader market uncertainties. Investors will be closely monitoring further developments, particularly in key stocks, as the week progresses.
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