The optimism that drove gains in a benchmark West African stock index earlier this year has faded. Abidjan’s Bourse Regionale des Valeurs Mobiliere has tumbled almost 10% from its February high to languish at the lowest since December 2012.
Much of the blame lies in the sluggish performance of index heavyweight Sonatel SA, said Kadi Fadika-Coulibaly, chief executive officer at brokerage Hudson & Cie in Ivory Coast’s economic capital. The wireless operator, which accounts for 40% of the benchmark, “is not growing as much as we expected it to,” she said in an interview.
The market, which covers seven Francophone countries plus Guinea-Bissau, has also been dragged lower by the region’s banks. Lenders account for almost a third of the gauge and have dropped about 20% this year, Fadika-Coulibaly said, in the face of stricter central bank regulations.
CENTER FOR AFRICAN STUDIES
Center for Africa Studies (AFRAM) which located in Ankara, is an organization facilitating under the administration of African Affairs Council (AFAC). It makes various researches about Africa to enhance economic and cultural bounds between Africa and Turkey. AFRAM’s publishings has been shared with different institutions as they require to obtain.
Africa Observatory is one the publishing of AFRAM and it has been published each two weeks. It has been delivered to different institutions via e-mail.