The best BRVM stocks of 2024

At the midpoint of 2024, the regional stock exchange has shown remarkable growth so far in the year. Discover the top stocks that have outperformed the broader market.

Author

Anthony Miclet
July 05, 2024

Good Morning,

Eritrean cyclist Biniam Girmay made history this week by becoming the first Black African rider to claim victory in a Tour de France stage, and by extension in a Grand Tour. This includes the Tour de France, Giro d’Italia, and the Spanish Vuelta.

In today’s newsletter:

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Markets Wrap

Markets

Earnings

  • Inside BRVM best-performer Servair Abidjan's strong start to year

  • BICICI in Q1 2024: Positives for banking sector investors

A Message From Daba

This Stock Soared By 50% in Just Three Months! 📈

Our first BRVM stock highlight focuses on BICI Cote d'Ivoire, a key player in the financial sector that has seen its share price skyrocket by an impressive 46.6% over the past three months - after releasing its impressive Q1 2024 results, which we analyze here.

Starting at 7,490 XOF (11 USD), the stock has climbed to 10,700 XOF (16 USD), delivering a year-to-date return of 42.9% as of Friday, June 21, 2024. Investors are seeing substantial returns, and the momentum shows no signs of slowing down.

Want to stay ahead of the curve and discover more high-potential investment opportunities like this?

Every week, we reveal what the region’s best research analysts believe are the 10 best stocks on the BRVM for investors to buy…

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The Week’s Top Stories

BRVM milestone

Regional exchange crosses 19trn XOF ($31bn) capitalization mark

The BRVM exchange recently reached a new symbolic milestone, with its overall capitalization surging to 19 trillion FCFA ($31bn).

This 4.22% increase since the start of 2024 highlights the remarkable performance of the market and reflects investor confidence in the future of the WAEMU (UEMOA) zone's economies.

With this achievement, the BRVM solidifies its position as the fifth-largest African stock exchange by market capitalization.

Funding winter

African startup funding down 56% in H1 2024 as downturn continues

The African startup funding winter has continued to bite even harder in 2024. Tech firms raised $530m in the first six months of 2024, a 56% decrease compared to the same period in 2023, according to Disrupt Africa data. 

Funding analytics company, Africa the Big Deal put the value at $780m but recorded a similar 57% decline compared to the first half of last year. This downturn reflects the ongoing impact of the global economic climate on investment in the sector. 

Hopes for an increase in investment in 2024 were dashed by a disappointing first quarter. The annual halving of total investment has persisted for two consecutive years, as Q1 and H1 2023 experienced similar declines of just over 50%.

Crypto clampdown

Nigerian SEC mandates local offices for cryptocurrency firms

The Nigerian government has been engaged in a contentious struggle with Binance and the broader crypto community and in its latest move, the securities regulator has new requirements for virtual asset service providers (VASPs).

These include mandating that VASP entities be incorporated and maintain an office in Nigeria to qualify for the Accelerated Regulatory Incubation Programme (ARIP), which aims to onboard VASPs in the country.

The CEO or managing director of the company must also reside in the country, as part of efforts to regulate and control cryptocurrency activities more stringently within Nigeria.

Headline Roundup

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

Economy & Macro

M&A and Corporate Deals

Startups and VC

Fundraising and Accelerators

Opportunities Corner

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

Insight for the week

Get more context into events shaping Africa’s economic landscape.

BRVM in first half 2024: The regional WAEMU exchange has so far this year shown impressive growth, solidifying its position as a key player in Africa’s financial landscape. 

From gains across sectors to outperforming stocks and surging capitalization, in one of our latest blogs, we present a review of the regional bourse in the first half of the year.

On June 26, 2024, the BRVM's overall capitalization reached 19tr FCFA ($31bn), making it the fifth-largest African exchange by market capitalization, representing about 15.81% of UEMOA's GDP.

In terms of market indices performance (YTD):

  • BRVM Composite index: +7.26%

  • BRVM Principal: +6.88%

  • BRVM Prestige: +6.59%

  • BRVM 30: +6.28%

  • BRVM Industrial Index: +6.15%

  • BRVM Agricultural Index: +5.76%

  • BRVM Distribution index: +1.3%

Spotlight on large-cap stocks:

  • Orange CI: Reached 12,000 FCFA per share, highest since 2022 IPO

  • Sonatel: Market cap surged to 1.95tr FCFA ($3.2bn), share price at 19,500 FCFA

  • BICICI: 46.6% increase in share price over three months

And the top 5 best-performing stocks by share price gains (YTD):

Want to learn more and explore high-potential investment opportunities on the BRVM? 

Tap the button below to read the full blog and download the Daba app HERE to get started.

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