The Caracas Stock Exchange (BVC) ended 2023 with a market capitalization of $2.147 billion, a 49% increase compared to the previous year, according to calculations derived from data provided by that financial institution and converted to dollars* by Economy Today.
To put the size of the BVC into context, it is important to consider that the total value of all traded stocks (market capitalization) is almost the same as, for example, of Callon Petroleum, an American energy company ($2.140 billion), which is listed on the NYSE and according to Companies Marketcap is ranked 3980th in the world by market cap.
With high inflation, trading only in bolivars, and restricted bank credit, the Caracas Stock Exchange survives, and in its small world, some companies stand out, especially banks.
Thus, the state-owned Banco de Venezuela closed 2023 as the company with the highest market capitalization at $809.35 million, followed distantly by three other banks, Provincial ($200 million), Mercantil ($156 million), and Bancaribe ($146.5 million). In sixth place is where a non-banking company appears, Ron Santa Teresa ($140.46 million). The top 10 companies account for 84% of the BVC’s market capitalization.
Changes in market capitalization rankings
The ranking underwent modifications compared to 2022, as BNC, whose capitalization fell by 12%, was displaced by Provincial (33%) in the second position. Ron Santa Teresa dropped to sixth place, despite a 52% increase in its capitalization, while Invaca (-26%) fell to ninth place. Meanwhile, Bancaribe (143%) climbed from seventh to fourth place.
Another significant fact is that the difference between the first and second positions widened. In 2022, the market capitalization of Banco de Venezuela was 3.17 times higher than the next (BNC), and a year later, it became 4.04 times higher, with the second place changing names and now occupied by Provincial.
- At the exchange rate on the last business day of December 2023