Senegalese Telco Sonatel Trading at Highest Level Since 2017

Daba Finance/Senegalese Telco Sonatel Trading at Highest Share Price Since 2017

AFRICAN STOCKS AND FINANCESeptember 17, 2024 at 1:10 PM UTC

TLDR

Sonatel (SNTS) achieved a 2.13% increase in share price to 24,000 FCFA, reaching a level last seen in August 2017, adding 50 billion FCFA to its market capitalization.
The performance of Sonatel drove the BRVM Composite index up by 0.26% to reach 261.24 points, its highest level in seven years.
BRVM 30 index rose by 0.34% to 131.15 points, while the BRVM Prestige index experienced a 1.40% decline to 113.24 points.

Sonatel (SNTS), the largest company on the BRVM stock market, recorded a 2.13% increase on Friday, pushing its share price to 24,000 FCFA, a level not seen since August 2017.

This rise added 50 billion FCFA ($85 million) to the telecommunications giant’s market capitalization, further solidifying its dominant position in the regional stock market.

The performance of Sonatel drove the BRVM Composite index up by 0.26% to reach 261.24 points, its highest level in seven years. Similarly, the BRVM 30 index rose by 0.34% to 131.15 points, while the BRVM Prestige index saw a decline of 1.40% to 113.24 points.

Key Takeaways

Sonatel’s significant rise propelled the BRVM Composite to its highest level in seven years, reflecting the telecom giant’s continued dominance. Its stock began the year with a share price of 17,980 XOF and has since gained 33.5% on that price valuation, ranking it eighth on the BRVM in terms of year-to-date performance. Over the past four weeks alone, it has grown 9%.

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