BRVM benchmark index declines under weight of bellwether Sonatel
As of the latest trading session, the BRVM Composite index continues its seasonal trend for the month of January, maintaining a downward trajectory. The index experienced a decline of 0.35%, reaching 208.83 points, which is attributed to a period of consolidation following a lively end to the previous year.
During this session, Sonatel, the stock with the largest capitalization on the regional stock market, played a significant role in driving the downward trend by falling 2.3% to 17,000 FCFA. This decline resulted in a market valuation loss of 40 billion FCFA ($66 million) in a single session for the telecom giant.
The negative influence extended to other indices, with the BRVM 30 and BRVM Prestige indices decreasing by 0.35% and 0.17%, respectively. The balance of variations indicated 12 increases against 13 decreases.
Key Takeaways
By individual performances, Setao CI experienced the most significant decline, with its price depreciating by 6.21% to reach the technical support level of 830 FCFA. This was followed by Nei Ceda (-2.99% to 650 FCFA), Sonatel, and Solibra (-1.62% to 88,050 FCFA). Overall, the market shows a mixed balance with fluctuations in individual stock performances. In an impressive year for the stock market, up to eight of the stocks posted double-digit share price gains in 2023 while the market capitalization surged past the XOF 8 trillion mark (around $13bn) for the first time in history in September. As part of our 2023 recap series, we provide an overview of the best-performing stocks on the regional bourse—and the companies behind them—ranked by share price appreciation.
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