The financial market of the Economic and Monetary Community of Central Africa (CEMAC) experienced a significant drop in transactions in the last quarter of 2024. According to the Quarterly Bulletin of the Stock Exchange of Central Africa (Bvmac), transactions fell by 21% compared to the previous quarter, reaching 2.7 billion FCFA. This decline is explained in particular by a contraction in the number of transactions and a lower participation of brokerage firms. However, EDC Investment and ESS Bourse stood out with notable performances.
Between October and December 2024, brokerage firms operating on the Bvmac recorded a total transaction volume of 2.7 billion FCFA, a decrease of 21% quarter-on-quarter. This figure is significantly lower than the 3.4 billion FCFA in the 3rd quarter. According to the explanations provided by the Bvmac, this slowdown is linked to a decrease in the number of transactions and a lower participation of brokerage firms. Indeed, out of the 24 approved companies, only 12 were active on the market in the 4th quarter, a participation rate of 50%, compared to 62.5% in the previous quarter. This drop in activity reflects a less sustained dynamic of the unified financial market of the six CEMAC countries (Cameroon, Congo, Gabon, Equatorial Guinea, Chad and CAR).
Despite this downward trend, some stockbroking companies have managed to hold their own. This is particularly the case of Emrald Securities Services Bourse (ESS Bourse), which rose to the top of the market in the 4th quarter. After a total absence of activity in the 3rd quarter, this subsidiary of the Emrald Securities Services group carried out transactions worth 1.6 billion FCFA, with only two transactions involving 200,000 shares. Another notable performance was that of EDC Investment, the stock market subsidiary of the pan-African banking group Ecobank. Thanks to 14 transactions totaling 246.4 million FCFA, this company has gained seven places to now occupy third position among the market leaders. A spectacular leap when you consider that its transaction volume only reached 19.6 million FCFA in the previous quarter.
Between these two leaders was SG Capital Cemac, the brokerage firm of the Société Générale group. It recorded a volume of 386 million FCFA, with 30,900 shares traded, thus consolidating its place among the key players in the market.
The analysis of market performance in the 4th quarter of 2024 highlights the securities that contributed the most to the liveliness of trading. On the equity side, transactions were dominated by companies operating in the agro-industrial, banking and insurance sectors. Among them, Socapalm (palm oil and rubber), Safacam (palm oil), La Régionale (banking services), Semc (mineral water) and SCG-Ré (insurance) particularly stood out. With regard to debt securities, sovereign bonds played a key role in the market dynamics. Securities issued by CEMAC states, notably those of Cameroon (ECMR8, ECMR10), Gabon (EGA07), Chad (ETD01) and the Development Bank of Central African States (Bdeac) with EBD03, were the most traded on the regional stock exchange.
Despite the remarkable performance of some players, the overall decline in transactions on the Bvmac raises questions about the evolution of the regional financial market in 2025. The decrease in the participation of brokerage firms and the 12.5% decline in the broker engagement rate are worrying signals for the future. However, the good results of ESS Bourse and EDC Investment suggest a capacity for rebound, particularly if investor confidence strengthens and if new financial products come to boost trading. The first quarter of 2025 will therefore be decisive in observing the evolution of this trend and assessing the measures to be taken to revive market dynamics.
