Sonatel stock hits 5-year high as BRVM posts another weekly gain
TLDR
- BRVM stock market sees seventh consecutive weekly gain led by telecom giant Sonatel with a market cap increase to 1.95 trillion FCFA.
- Sonatel's share price rises by 0.88%, reaching its highest level since April 1, 2019, contributing to a 23% market cap share in the overall BRVM market.
- BRVM Composite index surpasses the 230-point mark, highest since 2018, with BRVM 30 and BRVM Prestige indexes also showing positive gains.
The BRVM stock market continued its upward momentum last week, posting its seventh consecutive weekly gain, driven by Sonatel. This follows an increase in the market capitalization of the telecom giant 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%. The main BRVM Composite (230.05 points) index increased by 0.51% to cross the 230-point mark, a level that the Composite had not reached since 2018.
The BRVM 30 and the BRVM Prestige indexes also increased by 0.52% (to 114.84 points) and 1.37% (to 109.20 points), respectively. In total, the BRVM share market garnered 43.22 billion FCFA, increasing its overall capitalization to 8,558.28 billion FCFA.
Key Takeaways
The telecom industry in francophone West Africa is rapidly evolving, presenting numerous opportunities for investors. Sonatel Group’s Q1 2024 (January to March) financial report highlights several compelling reasons this sector is worth considering, which we analyze in this blog. Meanwhile, Oragroup shares led the week's gains, rising by 5.14% to 1,840 FCFA. This rebound is attributed to the share price trading at extremely low levels, offering a buying opportunity for investors. Vivo Energy (+4.52% to 810 FCFA) maintained its positive momentum for the second consecutive time, driven by strong company performance. Rounding out the top five for the week were BOA Bénin (+4.37% to 6,575 FCFA), Tractafric Motors CI (+4.32% to 2,295 FCFA), and SOGB (+4.05% to 3,725 FCFA).
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