BRVM Falls as Orange CI, Sonatel Weigh on Stock Market
TLDR
- The BRVM Composite Index dropped 0.85% to 290.27 points, as selling pressure hit the market
- Telecom heavyweights Orange CI and Sonatel SN led the declines, with Orange CI falling 2.83% to 17,000 FCFA ($26.90) and Sonatel SN losing 0.79%
- On the upside, BOA Niger and BOA BF rose 7.39%, closing at 3,050 FCFA ($4.83) and 3,780 FCFA ($5.98), respectively
The BRVM Composite Index dropped 0.85% to 290.27 points on Tuesday, as selling pressure hit the market. The BRVM-30 declined 0.94% to 146.13 points, while the BRVM Prestige index lost 1.07% to 123.43 points.
Telecom heavyweights Orange and Sonatel SN led the declines, with Orange CI falling 2.83% to 17,000 FCFA ($26.90) and Sonatel losing 0.79% to 25,595 FCFA ($40.49). Their combined market valuation dropped by 74.6 billion FCFA ($118 million) and 20.5 billion FCFA ($32.4 million), respectively.
Among the biggest losers, BOA Benin fell 3.81% to 4,040 FCFA ($6.39), while Tractafric Motors dropped 3.72% to 1,810 FCFA ($2.86). Coris Bank declined 2.91% to 10,000 FCFA ($15.82). On the upside, BOA Niger and BOA Burkina Faso rose 7.39%, closing at 3,050 FCFA ($4.83) and 3,780 FCFA ($5.98), respectively. ETIT gained 6.67% to 16 FCFA ($0.03).
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Key Takeaways
The BRVM's decline highlights the impact of telecom stocks on the market. With Sonatel and Orange CI losing significant market value, investor sentiment appears cautious. The telecom sector, a key driver of the BRVM, faces pressure from economic conditions and regulatory challenges, affecting stock performance. However, financial stocks like BOA Niger and BOA BF showed resilience, suggesting selective investor interest in banking equities. The rise in trading volume indicates heightened market activity, but the overall negative trend raises concerns about short-term volatility. Investors may closely watch earnings reports and sector developments for direction in the coming sessions.
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