The Largest Companies on the BRVM: Inside West Africa Stock Market Leaders

West Africa’s BRVM showcases diverse market leaders, with telecom and banking giants dominating the top 10 by market cap across multiple countries.

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The Bourse Régionale des Valeurs Mobilières (BRVM) is West Africa’s regional stock exchange, serving eight countries in the French-speaking WAEMU zone.

As of July 11, 2024, the exchange hosts a diverse range of companies across various sectors. This article explores the top 10 companies by market capitalization, offering insights into the diverse sectors driving economic growth in West Africa.

Before we dive into the list, it’s worth noting that investors from anywhere can now easily access these BRVM stocks through Daba’s platform, opening up exciting opportunities in this dynamic market.

In addition, let’s set the stage with some brief key insights:

Market Dominance: The top two companies significantly outpace the rest in terms of market capitalization.

Sector Diversity: The list includes telecommunications, banking, and consumer goods companies.

Geographic Spread: While Côte d’Ivoire dominates, companies from Senegal, Burkina Faso, and Togo are also represented.

Also Read: Best Performing Stocks on BRVM: H1 2024 Market Recap

Now, let’s explore these market leaders in detail:

1. Sonatel SN (SNTS) – 1.98T FCFA

Sonatel SA (Sonatel) is a provider of telecommunications solutions. The company provides mobile, Internet, television, mobile money, broadband, orange money, and data sectors for individual and business use. It also provides mobile services, which consist of voice, data, access and VPN.

Sonatel Senegal is currently the most valuable stock with a market capitalization of 1.98 trillion FCFA, about 22.9% of the BRVM Stock Exchange equity market. The stock began the year at a share price of 17,980 FCFA and has since gained 10.1%, ranking 20th by year-to-date share price growth.

2. Orange CI (ORAC) – 1.82T FCFA

Orange Côte d’Ivoire is currently the second most valuable company with a market capitalization of 1.82 trillion FCFA, about 21% of the equity market.

The Orange Côte d’Ivoire Group (OCI Group) is an integrated telecommunications company that offers solutions in the areas of fixed and mobile internet, mobile payment services, and data to individuals and businesses.

The OCI Group is under the umbrella of Orange, the French multinational telecommunications company present in 28 countries, which holds the majority of shares, 74%, through its two subsidiaries.

Its January share price of 10,900 FCFA has since gained 11% so far this year, ranking it 19th on the BRVM by price appreciation. More so, the stock has accrued 8% over the past four-week period—seventh best on BRVM.

3. Societe Generale CI (SGBC) – 614B FCFA

SGB Côte d’Ivoire ranks third on the BRVM with a market cap of 614 billion FCFA, representing 7.1% of the exchange. Its share price rose 23% this year from 16,050 FCFA, placing it seventh in year-to-date performance.

Societe Generale offers banking and financial products and services to individuals and corporate institutions. The Bank’s portfolio includes current and saving accounts, insurance policies, consumer loans, credit facilities, credit cards, as well as electronic banking solutions.

4. Ecobank CI (ECOC) – 380B FCFA

Ecobank Côte d’Ivoire holds the fourth spot, valued at 380 billion FCFA or 4.39% of the BRVM. Starting at 6,800 FCFA, its shares gained 1.47%, ranking 25th in year-to-date growth.

Ecobank provides commercial, private, and wholesale banking services. The bank was founded in 1989 and is based in Abidjan, Ivory Coast. Ecobank Côte d’Ivoire operates as a subsidiary of Ecobank Transnational Incorporated.

5. Coris Bank International BF (CBIBF) – 333B FCFA

Coris Bank International is fifth, worth 333 billion FCFA or 3.85% of the market. Its shares climbed 11.8% from 9,300 FCFA, putting it 18th in yearly performance.

Coris Bank International SA provides banking products and services to individual, business, and NGO/association customers in Burkina Faso. It was founded in 2008 and is headquartered in Ouagadougou.

The company offers checking, savings, and money accounts; bonds; bank cards; SMS banking services; cash loans; real estate, operating, and investment credits; and foreign exchange transactions, transfers, and e-statement services, as well as operates E-CORIS.

6. Societe Ivoirienne De Banque CI (SIBC) – 328B FCFA

Societe Ivoirienne de Banque sits sixth at 328 billion FCFA, about 3.79% of the BRVM. From 5,350 FCFA, its stock rose 22.6%, ranking eighth in year-to-date gains.

Societe Ivoirienne De Banque Cote d’Ivoire is a banking service provider. Its principal business activities include providing banking and financial services to individuals, professionals, SMEs, and enterprises.

7. Ecobank Transnational Incorporated TG (ETIT) – 307B FCFA

Ecobank Transnational Incorporated, together with its subsidiaries, provides retail, corporate, and investment banking services in Africa and internationally. The company operates through Corporate & Investment Bank, Commercial Banking, and Consumer segments.

Ecobank Transnational Inc holds the seventh position on the BRVM, with a market value of 307 billion FCFA. This represents about 3.55% of the total BRVM market.

The company’s stock began the year at 19 FCFA per share but has since declined by 10.5%. This performance places it 38th on the BRVM in terms of year-to-date stock movement.

8. Onatel BF (ONTBF) – 196B FCFA

Onatel Burkina Faso is eighth, valued at 196 billion FCFA or 2.26% of the exchange. Its shares surged 26.3% from 2,280 FCFA, placing fifth in yearly growth.

Onatel offers voice, dealer network, services adapted, and data communications services such as website hosting, email, maintenance, and equipment networks.

9. Bici CI (BICC) – 165B FCFA

Banque Internationale pour le Commerce et l Industrie de Cote d Ivoire SA, formerly known as Banque Internationale Pour le Commerce et l’Industrie De la Cote d’Ivoire (BICICI) is an Ivory Coast-based bank. It offers banking and financial products and services to individuals and corporate institutions.

BICI Côte d’Ivoire ranks ninth with a 165 billion FCFA market cap, 1.9% of the BRVM. Starting at 7,490 FCFA, its stock jumped 32%, second-best in year-to-date performance.

Also Read: BICICI in Q1 2024: Positives for Banking Sector Investors

10. Nestle CI (NTLC) – 163B FCFA

Nestlé SA is a nutrition, health, and wellness company, which engages in the manufacture, supply, and production of prepared dishes and cooking aids, milk-based products, pharmaceuticals and ophthalmic goods, baby foods, and cereals.

Nestle Côte d’Ivoire rounds out the top 10 at 163 billion FCFA, comprising 1.89% of the BRVM’s total value.

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For investors looking to capitalize on the growth potential of these West African market leaders, Daba enables investors from anywhere to buy and trade BRVM stocks, providing access to this dynamic market.

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Sector Analysis of BRVM’s Largest Companies

Banking Dominance

A closer look at the top 10 list reveals the strong presence of banking institutions. This sector’s dominance reflects the crucial role of financial services in driving economic growth across the region.

Investors interested in gaining exposure to West Africa’s banking sector can leverage Daba’s platform to build a diversified portfolio of these leading institutions.

Telecommunications: A Key Growth Driver

The presence of major telecom players like Sonatel, Orange CI, and Onatel BF in the top 10 underscores the importance of this sector in the region’s economy. As digital transformation continues to accelerate across West Africa, these companies are well-positioned for future growth.

Consumer Goods: Nestle’s Strong Presence

Nestle CI’s inclusion in the top 10 highlights the potential of the consumer goods sector in West Africa. With a growing middle class and increasing urbanization, companies catering to consumer needs are likely to see continued growth.

Geographical Insights

While Côte d’Ivoire-based companies dominate the list, the presence of firms from Senegal, Burkina Faso, and Togo demonstrates the truly regional nature of the BRVM. This diversity offers investors the opportunity to gain exposure to multiple West African economies through a single exchange.

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For investors seeking deeper insights and analysis to inform their BRVM investment decisions, Daba Pro offers a premium service. This includes weekly stock recommendations, empowering users to invest with greater confidence in this emerging market.

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Market Capitalization Spread

The market capitalization figures reveal a significant gap between the top two companies and the rest of the list.

This concentration of market value in telecommunications giants Sonatel and Orange CI suggests these companies play an outsized role in the BRVM’s overall performance.

Currency Considerations

All market capitalization figures are provided in FCFA (CFA Franc), the common currency used by BRVM-listed companies which is also pegged to the French Euro.

This currency stability across multiple countries is a unique feature of investing in the BRVM, potentially reducing currency risk for international investors.

Looking Ahead: Growth Potential

The companies featured in this list represent some of the most established and successful businesses in West Africa. However, the region’s economic potential suggests there may be significant growth opportunities ahead.

As West African economies continue to develop and modernize, these market leaders are well-positioned to benefit from increased consumer spending, infrastructure development, and financial inclusion initiatives.

The BRVM offers a unique window into the economic landscape of francophone West Africa. From telecommunications giants to banking powerhouses and consumer goods leaders, the exchange’s top companies reflect the diverse opportunities in this dynamic region.

Also Read: BRVM: The Gateway to West Africa’s Potential

For investors looking to tap into this potential, Daba breaks down barriers, allowing seamless access to BRVM stocks. Whether you’re a seasoned investor or just starting to explore West African markets, our user-friendly interface and Daba Pro’s advanced insights can help you navigate this exciting investment landscape with confidence.

As always, potential investors should conduct thorough research and consider seeking professional advice before making investment decisions. The West African market, while full of potential, comes with its own unique set of risks and challenges that should be carefully evaluated.