Banking Stocks Dominate BRVM 30 Index After Quarterly Reshuffle

BREAKING NEWSApril 2, 2025 at 9:10 AM UTC

TLDR

The Abidjan-based announcement dated April 1, 2025, confirms that BICICI is among four companies exiting the benchmark index alongside CFAO Motors (CFAC), SODE (SDCC), and SOLIBRA (SLBC)
Four new entrants replace them: Bank of Africa Nigeria (BOAN), Benin National Lottery (LNBB), TotalEnergies Marketing Senegal (TTLS), and UNIWAX (UNXC)
The revised BRVM 30 index now comprises 30 companies, with significant banking sector representation including seven Bank of Africa subsidiaries across West Africa

BICICI (BICC) has been removed from the BRVM 30 index following the regional stock exchange's quarterly review. The Abidjan-based announcement dated April 1, 2025, confirms that BICICI is among four companies exiting the benchmark index alongside CFAO Motors (CFAC), SODE (SDCC), and SOLIBRA (SLBC).

Four new entrants replace them: Bank of Africa Niger (BOAN), Benin National Lottery (LNBB), TotalEnergies Marketing Senegal (TTLS), and UNIWAX (UNXC). The revised BRVM 30 index now comprises 30 companies, with significant banking sector representation including seven Bank of Africa subsidiaries across West Africa. The updated composition aims to better reflect market liquidity according to exchange officials.

Dr. Edoh Kossi Amenounve, Director General of the Regional Securities Exchange (BRVM), signed the official notice, stating the changes ensure all component stocks meet eligibility criteria.

These changes follow BICICI's recent announcement of a 57% profit increase to 26.2 billion FCFA ($43.3 million) for 2024, despite the bank's removal from the key regional benchmark.

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Key Takeaways

The BRVM (Bourse Régionale des Valeurs Mobilières) serves eight West African countries sharing the CFA franc currency: Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo. It remains one of Africa's few unified regional exchanges. Index removals typically reflect changes in market capitalization, trading volume, or other technical factors rather than company performance. Despite BICICI's strong financial results, its trading activity may have fallen below required thresholds. The BRVM 30 adjustments highlight broader trends in West Africa's financial landscape, with Nigerian banking expansion and increasing diversification beyond traditional sectors. The inclusion of Benin's lottery company signals growing investor interest in consumer services across the region.

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