The BRVM Composite closed down 0.70% at 413.71 points on Monday, March 16, 2026, erasing part of the year-to-date gains (+1.70% YTD) as markets digested a wave of capital increases from regional banking giant Bank of Africa alongside volatility in global commodity markets. The BRVM-30 index of leading stocks fell 0.80% to 193.05 points, against a backdrop of Middle East geopolitical tensions that propelled Brent crude to $100.26 per barrel (+9.0% weekly despite a 2.8% daily decline), according to international energy data.
The session was marked by dispersed sectoral performances and widespread caution, reflected in weak participation: out of 47 listed stocks, only 13 gained while 16 declined and 18 remained unchanged, according to official BRVM data. Trading volume remained subdued at XOF 1.2 billion, illustrating investor wait-and-see attitudes amid uncertainties surrounding the Iranian conflict and global trade barriers disrupting commodity flows.
Bank of Africa Triggers Large-Scale Regional Operation
The major corporate event of the day was the simultaneous announcement of four capital increases by Bank of Africa (BOA), covering its subsidiaries in Benin (BOAB), Senegal (BOAS), Mali (BOAML), and Burkina Faso (BOABF). This capital reinforcement strategy comes as the group, present in 18 African countries, seeks to consolidate its positions in the WAEMU zone amid competition from pan-African banks and rising risks in Sahel states, reports Financial Afrik.
Curiously, market reaction was dichotomous: while BOABF gained 1.7% to XOF 5,290, becoming the session's top performer, BOAS fell 1.6% to XOF 6,890, among the day's heaviest losses. This divergence stems from fears of dilution for existing shareholders of the Senegalese subsidiary, historically more liquid and valued, counterbalanced by optimism over the Burkinabe subsidiary's ability to absorb economic shocks linked to regional insecurity. The affected subsidiaries hold significant assets requiring additional equity to meet the WAEMU Banking Commission's (CBUEMOA) solvency ratios, which mandate minimum regulatory capital of .