BRVM historic rally ends as profit-taking on bellwether stocks deepens
TLDR
- BRVM experienced a negative close last week after a bullish rally, with Société Générale CI leading the market decline.
- Major telecom operator Sonatel saw a significant loss in value, contributing to the overall market downturn.
- Despite 24 stocks gaining, the BRVM Composite index fell to 229.70 points, with the market capitalization decreasing to 8.5 trillion FCFA.
The BRVM closed last week negative on profit-taking by investors after a bullish rally that lasted nearly two months sent the market to its highest levels in the last six years.
Société Générale CI, the 3rd largest stock by capitalization, led the general market decline, which occurred despite 24 stocks gaining compared to 11 decreases. Major telecom operator Sonatel (-0.62% at 19,380 FCFA) also posted a notable loss in value of 12 billion FCFA.
The benchmark BRVM Composite index fell -0.15% to 229.70 points alongside the BRVM 30 (-0.19% at 114.62) and the BRVM Prestiges (-0.95% at 108.16) while overall market capitalization fell to 8.5 trillion FCFA (around $14 billion).
Key Takeaways
The best performance of the week was achieved by the Saph, which jumped 8.53% from 2,580 FCFA to 2,800 FCFA - its fourth consecutive weekly increase. In second place is Bernabé, whose price increased by 8.11% to reach 1,000 FCFA, driven by a renewed interest from investors as the share price approached a support level at the end of the previous week. The top five performances of the week were rounded out by Sitab (+7.07% to 7,495 FCFA), Sicable (+7.07% to 1,060 FCFA), and Oragroup (+6.52% to 1,960 FCFA). These stocks benefited from investors repositioning themselves, taking advantage of the low prices at which these shares were trading.
Think someone else should see this?
Our weekly newsletters provide news updates and insights on the African economy and markets.
Sign up now to get them in your inbox.
To invest in this opportunity and other opportunities across Africa
Download the daba finance app on your mobile through
Take action.
Download app
Start investing in Africa’s best opportunities, including stocks, bonds, startups, venture funds, and more.
Partner with us
Unlock exciting business opportunities and growth potential.
Join Daba
Become a part of our vibrant community and enjoy exclusive benefits.
Contact us
Reach out to us for inquiries, support, or collaboration.