2025 in one look
The BRVM Composite index gained ~14% in 2025, supported by WAEMU macro resilience, falling BCEAO policy rates, and regional investors returning to telcos and banks. The BRVM-30 followed at +12%.
Gains aren't homogeneous: behind leaders at +30-50%, a long tail of illiquid names stagnates. Here are the top 10 rolling-year performances.
Top 10 (total return 2025 incl. dividends)
- SONATEL (Senegal, telecoms) — +47%
Continued mobile data monetisation, stable margins, attractive dividend. Largest BRVM cap. Watch: Free Senegal competition.
- BOA Côte d'Ivoire (banking) — +42%
Sharp profit growth, NBI boosted by SME lending. Dividend yield > 6%.
- ETI (Ecobank) — +38%
Pan-African group listed on BRVM / LSE / NSE. Post-restructuring rebound.
- SAPH (natural rubber) — +36%
Rubber prices up YoY, exports strong. Agri becomes investable again.
- Coris Bank International — +33%
Geographic expansion Burkina Faso → WAEMU, lean cost base.
- PALMCI (palm oil) — +30%
CPO prices up, robust global demand.
- NSIA Banque Côte d'Ivoire — +28%
NBI growth, controlled asset quality, regular dividend.
- SOLIBRA (brewing) — +26%
Leading Ivorian brewer, volume growth returning.
- Total Energies Marketing Côte d'Ivoire — +24%
Refining/distribution margins resilient, high dividend.
- SGB CI (Société Générale CI) — +22%
Solid retail banking franchise, low cost of risk.
Sector trends
Telecoms
SONATEL leads, ONATEL at ~+15%. Thesis: data monetisation, mobile-money-driven financial inclusion, stable operating margins. Main risk: alternative operators entering certain markets.
Banks
5 banks in the top 10. BCEAO rate cut (5.5% → 4.75% over 2025) reignited lending without severely compressing NIM. Digitalisation (mobile banking, instant payments) lowers admin cost. Trend likely to continue in 2026.
Agri-industry
SAPH and PALMCI benefit from favourable commodity cycles. SAFACAM and SUCRIVOIRE follow. Defensive theme during global inflation.
Energy
Total Energies Marketing CI (+24%), Vivo Energy (+18%). Distribution margins hold despite oil volatility.
2026 outlook
Catalysts to watch:
- Further BCEAO rate cuts if inflation stabilises → banks and property
- Commodity cycles (cocoa, palm oil, rubber) → agri-industry
- Telco competitive dynamics in Senegal → SONATEL
- Sovereign bond issuance: attractive supply for fixed-income allocation
Caveat: 2025 performance does not predict 2026. Concentrating on 2-3 names remains risky, even if successful in hindsight.