Telecom stocks top as BRVM gains for 5th consecutive week

AFRICAN STOCKS AND FINANCEAugust 12, 2024 at 1:33 PM UTC

TLDR

BRVM stock market sees fifth consecutive week of growth driven by Sonatel and Orange CI performances.
Sonatel and Orange CI collectively add over 232 billion FCFA in market value.
BRVM stock market capitalization exceeds 9 trillion FCFA mark with significant increases in major indices.

The BRVM stock market continued its upward momentum for the fifth consecutive week, driven primarily by the performances of its two largest companies, Sonatel (SNTS) and Orange CI (ORAC).

Sonatel added 140 billion FCFA to its market value, while Orange CI gained 92.65 billion FCFA, bringing their respective capitalizations to 2,200 billion FCFA and 2,109.18 billion FCFA.

The BRVM Prestige index rebounded with a 1.73% increase while the BRVM 30 index continued its upward trajectory, rising by 3.27%. Overall, the BRVM stock market added 268.49 billion FCFA to its total capitalization, surpassing the 9 trillion FCFA threshold.

Key Takeaways

The BRVM stock market reached a market capitalization of 4 trillion CFA francs on December 13, 2012, and steadily climbed to 5 trillion CFA francs on May 27, 2013, 6 trillion CFA francs on January 29, 2014, 7 trillion CFA francs on July 9, 2015, and 8 trillion CFA francs on September 12, 2023. In less than eight months of 2024, the BRVM has added around 1.5 trillion CFA francs in capitalization, representing a 20% increase. This rapid growth underscores the strong performance and increasing investor confidence in the BRVM market.

Stocks

BRVM

Sonatel

Orange CI

Investments

Equities

Daba Finance

Investing in Africa