BRVM crosses XOF 8trn ($13bn) for the first time ever
2 min Read September 13, 2023 at 6:14 PM UTC
The feat was driven by a market rally as investors reacted to impressive half-year financial results of major firms listed on the bourse.
These include Societe Generale CI and Ecobank CI.
In response, their share prices rose +5.71% and +7.32% respectively.
All major market indices, the BRVMComposite, BRVM30, and BRVMPrestige posted gains, of +1.22%, +1.28%, and +1.74% respectively.
On a year-to-date basis, the market has returned 5.85%!
In Case You Didn’t Know
The Bourse Régionale des Valeurs Mobilières SA (BRVM) is the stock market for all the eight French-speaking Member States in the West African Economic and Monetary Union (WAEMU).
Based in Abidjan, 47 companies from Benin, Burkina Faso, Côte d’Ivoire, Mali, Niger, Senegal, and Togo are currently listed on the exchange.
The only country not represented is Guinea-Bissau.
The BRVM was founded in 1998 and is one of two regional stock exchanges in Africa.
The other one is the BVMAC (Bourse des valeurs mobilières de l’Afrique centrale), shared by six member states in the Economic and Monetary Community of Central Africa (CEMAC).
These are Cameroon, Gabon, Chad, Central African Republic, Republic of the Congo, and Equatorial Guinea.
Both markets operate on the CFA Franc, the common currency for all 14 francophone African member states.
The West and Central African CFA francs are pegged to the French currency (Euro), offering foreign exchange stability to investors in the country.
The operations on the stock exchanges are entirely digital, effectively making them a technical success story on the continent!
Fun Fact: Africa is home to the only stock exchanges in the world shared by several countries.
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