Telecoms, Banks Drive BRVM to Record Market Capitalization in 2024
TLDR
- The Abidjan Regional Stock Exchange (BRVM) recorded robust growth in 2024, with market capitalization reaching a record 10,200 billion CFA francs
- This marks the strongest performance of the composite index in the past five years, fueled by investor interest and strong corporate financial results
- The performance was driven by the three largest market capitalizations: Sonatel, Orange Côte d’Ivoire, and Société Générale Côte d’Ivoire
Abidjan-based regional stock exchange (BRVM) recorded robust growth in 2024, with market capitalization reaching a record 10,200 billion CFA francs, a 29% increase year-on-year. This marks the strongest performance of the composite index in the past five years, fueled by investor interest and strong corporate financial results, according to BRVM CEO Félix Edoh Kossi Amenounvé.
The daily transaction volume target of $10 million remains in sight, supported by companies offering solid dividends. The performance was driven by the three largest market capitalizations: Sonatel, Orange Côte d’Ivoire, and Société Générale Côte d’Ivoire.
Sonatel achieved a 27% growth in financial results, pushing its share price to over 18,000 CFA francs and market capitalization to 2,400 billion CFA francs. Orange Côte d’Ivoire’s share price surged by 60%, boosting its capitalization to 2,636 billion CFA francs.
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Key Takeaways
The BRVM’s performance highlights the dynamism of listed companies and regulatory pressures. Regulatory requirements, such as doubling minimum bank capital to 20 billion CFA francs, spurred capital increases by entities like BOA in multiple countries. While market leaders flourished, some companies faced challenges. BOA Burkina Faso and Air Liquide recorded sharp share price declines of over 50%, while SIB’s shares dropped 33%. Additionally, non-compliance led to temporary trading suspensions for firms like Castel Solibra and Eviosys Packaging. Since its inception in 1998, the BRVM has mobilized over 21,886 billion CFA francs. The bond market saw 29 new listings in 2024, raising 1,639 billion CFA francs, reflecting the market’s evolving role in West Africa’s economic development.
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