BRVM posts best weekly gain since 2021 on telecom stocks rally

Daba Finance/BRVM hits highest level in six years on telecoms stocks rally

BREAKING NEWSJuly 22, 2024 at 12:46 PM UTC

TLDR

BRVM Benchmark Composite index saw best weekly performance since July 2021, rising 3.25% to close at 239.18 points.
Bellwether stocks Orange CI (+8.33%) and Sonatel (+4.09%) drove the rally, reaching market capitalizations of 1.95 trillion FCFA and 2.05 trillion FCFA.
BRVM 30 and BRVM Prestige indices recorded third consecutive increases, reaching record levels.

The BRVM benchmark Composite index posted its best weekly performance since July 2021 last week, rising 3.25% to close at 239.18 points, also its highest level in six years.

That came from a rally in bellwether stocks Orange CI (+8.33% to 13,000 FCFA) and Sonatel (+4.09% to 20,505 FCFA), the two most valued companies on the regional exchange. Both saw their market capitalization surge to 1.95 trillion FCFA and 2.05 trillion FCFA respectively.

Meanwhile, the BRVM 30 (+3.59% to 119.87 points) and BRVM Prestige (+2.29% to 112.15 points) indices achieved their third consecutive increases, hitting record levels.

Key Takeaways

On Thursday, Sonatel reclaimed its position as the most valuable stock on the BRVM with a market capitalization exceeding 2 trillion FCFA, accounting for approximately 22.8% of the entire exchange equity market. Its share price reached 20,200 FCFA, its highest level in six years. The day before, Sonatel had briefly lost its top spot to Orange CI (ORAC) after the Ivorian telecom company added 141 billion FCFA to its market cap, reaching 2.02 trillion FCFA (around $3.4 billion) as of Wednesday's market close. In total, the stock market saw an additional capitalization of 279.74 billion FCFA, driven by the rise in 19 stocks, which collectively added 309.03 billion FCFA, against 18 declining stocks, which lost 29.29 billion FCFA.

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