Orange CI overtakes Sonatel as most valuable company on BRVM

BREAKING NEWSJuly 17, 2024 at 8:29 PM UTC

TLDR

Orange Cote d'Ivoire surpasses Sonatel as largest listed company on BRVM stock exchange after its share price rise and market cap increase
Ivorian telco ORAC's market cap hits 2.02 trillion FCFA, reflecting a $3.4 billion valuation, exceeding Sonatel's market cap
BRVM Composite index increases by 1.46%, with BRVM 30 and BRVM Prestige indices also experiencing positive growth

Telecom giant Orange Cote d'Ivoire on Wednesday overtook Senegalese counterpart Sonatel as the largest company listed on the BRVM stock exchange, a few weeks after the stock hit its highest level since its Initial Public Offering (IPO).

The Ivorian telco (ORAC), which was listed in December 2022, saw its share price rise 7.48% at 13,435 FCFA on the day. That added 141 billion FCFA to its market cap, which hit 2.02 trillion FCFA (around $3.4 billion) as of market close, ahead of Sonatel's (2 trillion FCFA).

The benchmark BRVM Composite index gained 1.46% to reach 238.38 points on the day while the BRVM 30 and BRVM Prestige indices rose by 1.71% (to 119.47 points) and 0.11% (to 110.83 points).

Key Takeaways

With its new market cap, Orange now accounts for about 22.8% of the entire BRVM equity market. Orange began the year with a share price of 10,900 XOF and has since gained 23.3% on that price valuation, ranking it eighth on the BRVM in terms of year-to-date performance. The stock has accrued 16% over the past four-week period, placing it at second-best on BRVM within that period. In addition to Orange CI, the best performances were achieved by SMB (+2.42% at 12,700 FCFA), Servair Abidjan (+2.33% at 2,200 FCFA), and Air Liquide (+2.04% at 500 FCFA).

Orange CI

Sonatel

Telecommunication

ORAC

SNTS

IPO

Initial Public Offering

Servair

Servair Abidjan

Air Liquide

SMB