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BMCE Capital Research Strategy April 2019 : A still preserved macroeconomic stability

  • Deceleration of economic growth in the first quarter of 2019 to +2.3% with a level to remain the same (+2.4%) in the next quarter according to the latest HCP statistics;
  • Reduction of the treasury deficit by 63.3% to MAD -3.6bn at the end of March, in particular in connection with the collection of the first part of the social solidarity contribution on profits of MAD 1.9bn;
  • Continued decline in trade deficit for the 2nd consecutive month reaching MAD 46.9bn (-2.4% compared to Q1 2018);
  • Good performance of BMCE Capital Research recommended securities portfolio (+5.28%), significantly outperforming that of MASI RB, which fell by 1.40%.
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BMCE Capital Research
BMCE Capital Research

BMCE Capital Research is a subsidiary of BMCE Capital Group dedicated to Research and Financial Analysis. It is addressed to professional investors (financial institutions, management companies, etc.) to which it provides information and independent analysis aligned with international standards. BMCE Capital Research covers equities, interest rate, Forex and commodities markets in Morocco, Tunisia and WAEMU region (Bourse Régionale des Valeurs Mobilières, BRVM). Thanks to its latest generation technology platform, to its teams and to those of its partners, the Research Office of BMCE Capital is now able to cover simultaneously several places in Africa and to produce several publications co-branded under its umbrella brand African Securities Network, ASN.

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