Turnover on West Africa's BRVM bourse more than doubled over the past year, reaching 209.26 billion CFA francs ($362.2 million) in late May, the manager of the stock exchange said on Tuesday. "We benefited from a favorable context. We live in a region with strong growth," Edoh Kossi Amenounve told reporters. He added that on May 31, the BRVM recorded 118.98 million securities exhanged for a value of 209.26 billion CFA francs, respective growth of 191 percent and 109 percent, compared to the same period last year.
The West Africa bourse lists 40 companies from countries including Senegal, Mali, Burkina Faso, Niger, Benin, Togo, and Ivory Coast. The stock exchange has several initiatives underway to develop its market and to attract more investors, Amenounve said, including launching diaspora bonds for countries such as Mali and Senegal to finance infrastructure projects, and listing sukuk or Islamic bonds for Ivory Coast and Senegal, scheduled to start in September.
It also plans to launch an Islamic index for Sharia-compliant investments, and to open a market for mining, oil, and gas companies operating in the region, he said. The bourse will open a new division for small and medium-sized businesses and industries by the end of the year, he said.