BRVM main index falls for second day on Orange, Ecobank declines
The benchmark BRVM Composite Index (BRVM-CI) declined for the second day on Wednesday, dropping 1.90 (-0.9%) points to close at 209.05. That represented a 1-week gain of 0.22%, a 4-week loss of 1.62%, but an overall year-to-date gain of 2.87%.
The declines in large-cap stocks Orange CI (-1.81% to 10,605 FCFA or $17) and Ecobank CI (-2.22% to 6,600 FCFA) largely contributed to the general market dip. Similarly, the BRVM 30 and BRVM Prestige indexes fell by 0.91% to 105.05 points and 0.13% to 101.98 points respectively.
In the aggregate, 43 BRVM listed equities participated in trading, ending with nine gainers and 23 losers. Safca Côte d’Ivoire led the gainers with 6.92% share price appreciation closing at XOF 695 per share, followed by Air Liquide Côte d’Ivoire (+5.71%), SMB Côte d’Ivoire (+3.88%) and Crown Siem Côte d’Ivoire (+3.25%).
Key Takeaways
The West African regional stock exchange, Bourse Régionale des Valeurs Mobilières SA (BRVM), recently achieved a historic milestone by reaching XOF 8 trillion (~$13 billion) in equity market cap. BRVM serves all eight French-speaking states in the WAEMU, boasting listings from seven countries, including Benin, Burkina Faso, Côte d’Ivoire, Mali, Niger, Senegal, and Togo, with only Guinea-Bissau absent from representation. Established in 1997 and based in Abidjan, BRVM is one of two regional stock exchanges in Africa, the other being BVMAC, serving six member states in the CEMAC: Cameroon, Gabon, Chad, Central African Republic, Republic of the Congo, and Equatorial Guinea. Both markets operate with the CFA Franc, the common currency for all 14 francophone African member states, which is pegged to the Euro, providing foreign exchange stability for investors. These exchanges are entirely digital, showcasing their success as technological pioneers on the continent.
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