BRVM Stock Market Hits 7-Year High as Telecom Rivalry Spurs Rally
TLDR
- Telecom giants Sonatel and Orange Côte d'Ivoire drive BRVM index up by 1.93%, hitting levels not seen since 2017.
- Sonatel's stock (SNTS) rises by 2.25% to 22,495 FCFA, while Orange CI (ORAC) surges by 6.21% to 14,875 FCFA.
- BRVM 30 and BRVM Prestige indices also hit new all-time highs, climbing by 2.19% and 1.49% respectively.
A rivalry for market leadership on the BRVM stock market between telecom giants Sonatel and Orange Côte d'Ivoire helped the benchmark Composite index to a 1.93% gain last week.
The market closed at 252.92 points, a recovery from the previous week's slight dip of 0.16%. The index has now reached a level not seen since 2017, reflecting the heightened investor interest spurred by the telecom sector's performance.
Sonatel's stock (SNTS) rose by 2.25% to 22,495 FCFA, while Orange CI (ORAC) surged by an impressive 6.21% to 14,875 FCFA. These gains were mirrored in the BRVM 30 and BRVM Prestige indices, which climbed by 2.19% and 1.49% to 127.18 points and 113.10 points, respectively, both reaching new all-time highs since their introduction.
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Key Takeaways
In addition to the telecom sector's strong performance, the financial sector also made headlines with Coris Bank International BF and NSIA Banque CI reporting their first-half 2024 results. Coris Bank BF demonstrated resilience with a slight profit increase of 1.1%, reaching 33.5 billion FCFA, up from 33.2 billion FCFA in the same period last year. NSIA Banque CI, however, outshone with a robust 27.5% profit growth, totaling 14.5 billion FCFA. Overall, total market capitalization rose to 9,409.29 billion FCFA, up from 9,231.23 billion FCFA last Friday, underscoring the market's bullish momentum fueled by the telecom sector's ongoing duel and strong financial performances.
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