Profit taking on Orange, Sonatel stocks sees BRVM close negative

AFRICAN STOCKS AND FINANCEJune 28, 2024 at 1:33 PM UTC

TLDR

BRVM market closed negatively with Orange and Sonatel stocks leading to declines.
Orange Group shares majorly impacted market decline with significant losses.
Several top stocks, including Bicici, Safca, and Servair Abidjan, saw substantial decreases in Thursday's trading session.

In Thursday's trading session, profit-taking on Orange and Sonatel stocks led to a negative close for the BRVM. The market saw a predominance of declines, with 20 stocks falling against only 9 rising, dragging it into negative territory for the second consecutive day.

The main indices of the regional stock exchange all recorded losses: the BRVM Composite fell by 0.38% to 229.19 points, the BRVM 30 dropped by 0.21% to 114.52 points, and the BRVM Prestige decreased by 0.18% to 107.62 points.

Orange Group shares significantly influenced this market decline, with Orange CI losing 7.5 billion FCFA (-0.42% to 11,950 FCFA) and Sonatel shedding 5.5 billion FCFA (-0.28% to 19,250 FCFA). Meanwhile, Bicici (-6.54% to 10,005 FCFA), Safca (-6.15% to 915 FCFA), and Servair Abidjan (-5.44% to 2,000 FCFA) recorded the biggest declines.

Key Takeaways

Orange CI increased by 2.08% last week to reach 12,000 FCFA, marking the stock's all-time high since its 2022 IPO. As a result, the second-largest market capitalization saw its overall valuation increase by 36.91 billion FCFA, reaching 1,807.86 billion FCFA. Similarly, Sonatel saw an increase in its market capitalization from 17 billion FCFA to 1.95 trillion FCFA ($3.2 billion) and a 0.88% gain in its share price to 19,500 FCFA. That represents the stock's highest level since April 1, 2019, sending Sonatel's share of the overall BRVM market capitalization to 23%.

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