ABIDJAN Feb 9 Turnover on West Africa's BRVM
bourse rose 21 percent to 409 billion CFA francs ($663.96
million) in 2016 on the back of solid economic growth in the
region, the stock market's general manager said on Thursday.
West African economies were the powerhouse of sub-Saharan
Africa in 2016. The West African regional bank said they grew by
an estimated 6.9 percent while the World Bank said the estimated
2016 average for sub-Saharan Africa stood at 1.5 percent.
Speaking to reporters in Ivory Coast's commercial capital of
Abidjan, where the 43-company BRVM is headquartered, Edo Kossi
Amenounve said he expects 16 new companies to list on the BRVM
"The year 2016 was an excellent year for us. We have crossed
the threshold of 40 listed companies and the liquidity of the
market has improved," Amenounve said.
"Many investors buy now and resell later, which makes the
market dynamic. Before, many investors were buying to hold on,"
The West Africa bourse lists companies from countries
including Senegal, Mali, Burkina Faso, Niger, Benin, Togo, and
Amenounve declined to say which companies might join the
bourse but Ivory Coast's NSIA Bank is expected to list by the
end of the first quarter of this year.
He also said the stock exchange hoped to launch "diaspora
bonds" this year, securities marketed to countries' overseas
citizens that were successfully pioneered by India and Israel.
($1 = 616.0000 CFA francs)
(Reporting by Loucoumane Coulibaly; Writing by Aaron Ross;
Editing by Matthew Mpoke Bigg and David Evans)