BRVM crosses historic level after market rally
One of Africa’s two regional stock exchanges, the Bourse Régionale des Valeurs Mobilières SA, or BRVM, crossed the threshold of 8,000 billion FCFA for the first time ever on Tuesday.
The positive rally was driven by impressive financial results posted by major firms listed on the bourse including Societe Generale CI and Ecobank CI, both of whose share prices rose +5.71% and +7.32% respectively after the announcements.
In a similar fashion, major market indices, the BRVMComposite, BRVM30, and BRVMPrestige all posted gains, of +1.22%, +1.28%, and +1.74% respectively.
Africa is home to the only stock markets in the world shared by several countries: the BRVM and the BVMAC (Bourse des valeurs mobilières de l'Afrique centrale). They serve the 14 French-speaking African countries in the WAEMU and CEMAC unions respectively. The regional stock exchanges—which are integrated into the MSCI and S&P Dow Jones Indices, and run totally in digital format—operate on the CFA Franc, the common currency for all the member states. The currency is pegged to the current French currency (Euro), offering foreign exchange stability to investors in the country.