Bank of Africa stocks rally to levels not seen in years

AFRICAN STOCKS AND FINANCEAugust 5, 2024 at 10:47 AM UTC

TLDR

Bank of Africa stocks rally on BRVM, driven by investor interest post share capital raise announcement.
Bank of Africa Mali (BOAM) surges by 21.10%, reaching 2,095 FCFA, highest in five years.
Bank of Africa Senegal (BOAS) sees 17.76% increase, hitting 4,840 FCFA—the highest since IPO.

Bank of Africa stocks are rallying on the BRVM, with at least two driven by increasing investor interest following the group's announcement of a share capital raise through the incorporation of reserves and premiums.

The share price of BRVM-listed Bank of Africa Mali (BOAM) surged by 21.10% in a single week to reach 2,095 FCFA, its highest price in five years last week while the Bank of Africa Senegal (BOAS) saw its share price increase by 17.76% to 4,840 FCFA—its highest level since its IPO.

BOAS has accrued 26% over the past four-week period alone—second best on BRVM. These rallies are in line with a similar trend seen in their Ivorian counterpart, BOA Côte d'Ivoire (BOAC), which rose by 6.33% last Thursday to reach a six-year high of 8,400 FCFA.

Key Takeaways

Bank of Africa (BOA) is a Moroccan banking conglomerate headquartered in Casablanca, with operations in Morocco and eighteen other African countries. In francophone West Africa, it has six subsidiaries—Benin, Burkina Faso, and Niger among them—all of which are listed on the BRVM. The group's main predecessor entities were established in 1959 in Morocco and in 1982 in Mali. Until 2020, the parent entity was known as the Banque Marocaine du Commerce Extérieur (BMCE), a name that still appears as "BMCE Group" in the BOA brand identity as of 2022. BOA has offices in Europe, Asia, and various countries including France, Spain, the United Kingdom, China, Italy, Germany, the UAE, Belgium, Canada, and the Netherlands.

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