BRVM Indexes Close Week Negative On Orange, Onatel Slump
TLDR
- Onatel SA shares dropped 6.47% to 2,600 FCFA ($4.52) on the BRVM last week, despite reporting positive annual results for 2024
- The decline came amid broader market weakness, with the BRVM Composite index falling 3.19% to 281.52 points
- Telecom stocks faced pressure across the regional exchange, with Orange Côte d'Ivoire recording the market's largest decline at 10.73%
Onatel SA shares dropped 6.47% to 2,600 FCFA ($4.52) on the BRVM last week, despite reporting positive annual results for 2024. The decline came amid broader market weakness, with the BRVM Composite index falling 3.19% to 281.52 points.
The company was among the BRVM's five biggest weekly losers, positioning it between Air Liquide (-6.06%) and BOA Burkina (-7.09%). Telecom stocks faced pressure across the regional exchange, with Orange Côte d'Ivoire recording the market's largest decline at 10.73%.
The broader BRVM 30 index, which tracks the exchange's largest companies, fell 3.69% to 141.29 points last week, with 20 stocks declining versus 25 advancing.
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Points clés à retenir
The contrast between Onatel's positive financial results and negative stock performance highlights the challenging market environment for West African telecoms. Despite expanding digital services and infrastructure investments, regional telecom stocks have struggled to attract investor confidence amid economic headwinds and security concerns.
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