Sonatel reclaims top spot on BRVM after Orange share drop

BREAKING NEWSJuly 18, 2024 at 7:12 PM UTC

TLDR

Sonatel Senegal (SNTS) reclaims top position on BRVM with a market cap of over 2 trillion FCFA.
Orange CI (ORAC) briefly overtakes SNTS but struggles to maintain market cap, dropping 3.2%.
BRVM Composite Index (BRVM-CI) closes with a 1-week gain of 2.27% and a year-to-date gain of 11.09%.

Sonatel Senegal (SNTS) on Thursday reclaimed its long-held position as the most valuable stock on the BRVM with a market capitalization of more than 2 trillion FCFA, which makes up about 22.8% of the entire exchange equity market. Its share price reached 20,200 FCFA, its highest level in six years.

SNTS had lost its spot to Orange CI (ORAC) the day before after the Ivorian telco added 141 billion FCFA to its market cap, which hit 2.02 trillion FCFA (around $3.4 billion) as of market close Wednesday. But it struggled to maintain that level today, with its share price dropping 3.2% to 13,000 FCFA on the day.

Regarding the performance of the broad BRVM market, the benchmark Composite Index (BRVM-CI) pared 0.49 (-0.21%) points to close at 237.89, a 1-week gain of 2.27% and an overall year-to-date gain of 11.09%.

Key Takeaways

In other market activity, the BRVM 30 indices lost 0.28% while shares of ETI, Orange CI, and Uniwax all saw significant declines. Some stocks showed positive performance, including Bicici, BOA CI, and Setao. In the aggregate, 41 BRVM-listed equities participated in trading, ending with 17 gainers and 13 losers. Trading volume increased significantly compared to the previous day, with Sonatel accounting for a large portion of the exchanges.

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