A presidential comeback

BRVM crosses $16B mark after LNB IPO, Seedstars raises $42M, and South Africa inflation slows.

Author

Anthony Miclet
December 15, 2024

Hi there. A rally in BRVM-listed stocks saw the regional exchange’s market capitalization surpass a historic $16B mark Friday. In 2024 alone, the bourse has added over $3.2B, fueled by increased activity and key listings, including the National Lottery of Benin.

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Before we proceed, an announcement:

Daba recently launched the first-ever values-based Collections of stocks listed on the regional BRVM stock exchange.

Our collections allow users to invest in pre-selected groups of stocks that offer exposure to various countries, key sectors, or themes with just a few taps.

Check out our blog to learn more or get the Daba app HERE to start investing.

Now, let’s dive in.

Markets Wrap

Markets

  • Benin’s Lottery Firm Gains 4% on BRVM After $69M IPO

  • Ivorian Cable Maker Sicable Sees Credit Rating Boost

  • Togo’s Oragroup Rating Downgraded on Financial Woes

Earnings & Dividends

  • NEI-CEDA Reports Decline in Revenue for Third-Quarter

This Week’s Top Stories

Mahama returns: Ghana’s economy grew 7.2% in Q3 2024, driven by industrial gains as John Mahama secured a presidential victory. While services surged, agriculture slowed, highlighting mixed recovery amid IMF-backed austerity measures.

Historic milestone: The BRVM surpassed 10,000 billion CFA francs ($16 billion) in market capitalization, a 1,100% surge since 1998. Robust economic growth in WAEMU countries and significant listings, including Benin’s National Lottery IPO, fueled this 2024 milestone.

Easing prices: South Africa’s inflation rose to 2.9% in November, staying below the SARB's 3%-6% target. Slowing food inflation and recent rate cuts signal potential further easing in January amid global economic uncertainties.

Startup boost: Seedstars Africa Ventures I raised $42 million to invest in early-stage African startups. Backed by EIB Global and AfDB, the fund targets sectors like climate, energy, and financial inclusion, addressing Africa’s financing gap.

Headline Roundup

A summary of the major business, tech, and finance headlines of the past week.

Economy and Macro

  • Zambia, France Sign Landmark Debt Restructuring Deal

  • Kenya’s Shilling Faces Pressure Amid Slowing Economic Growth

  • Libya’s Oil Output Hits 11-Year High as Industry Recovers

M&A and Corporate

  • Barrick Gold Seeks Buyers for Ivory Coast’s Tongon Mine

  • CEC Issues $97M Green Bond for Solar Expansion in Zambia

  • Saudi Group Offers $1.3B to Acquire South Africa’s Barloworld

Startups and Tech

  • Fintech Billboxx Raises $1.6M to Provide CashFlow to SMEs

  • Nigeria-Founded Moove Partners with Waymo on US Expansion

Fundraising and Accelerators

  • African Accelerators Rise as YC Scales Back Focus on Continent

Must-Reads on Daba

Boost your investing IQ with educational blogs and thematic articles on Africa.

Learn

  • How Venture Funds Work: A Guide for Investors

  • How to Make Money From Investing in IPOs

Insights

  • Money Flows Into Africa’s Climate Tech Startups

  • African Women Who Have Served as Heads of State

Perspectives

  • How Can Africans Build Wealth? Entrepreneurship & Stock Markets

  • Lowering Infrastructure Costs Key To Financial Inclusion In Africa

Opportunities Corner

Discover funding, awards, and accelerator opportunities to boost your startup's growth. Deadline in brackets.

We're Hiring! Join the Daba Team

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Chart of the week

Get more context into themes shaping Africa’s investing landscape.

GSMA expects mobile internet penetration in Africa will reach 37% by 2030, up from about 27% in 2023, suggesting significant headroom for telco service expansion. That, alongside established market presence and strong demographic tailwinds, makes top African telcos necessary for investors seeking growth and stability in emerging markets. Click here or tap the button below to read our latest Pulse54 newsletter on why you should invest in African telecom stocks.

That’s it for this week.

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Catch you next week!