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BMCE Capital Research Strategy September 2018

  • Announcement of a slowdown in economic growth at 2.4% in Q2 2018 (vs. 3.2% in Q1 2018) due to the decline in agricultural activity (+3%, against +18.1% a year earlier) and the moderate increase in non-agricultural value added of 2.4%...
  • ... In the context of an expected slowdown in GDP in 2018 with an estimated growth at 3.5%, including a 5.1% increase in the agricultural value added and a 3.3% improvement in its non-agricultural component;
  • A benchmark interest rate maintained at 2.25% following BANK AL-MAGHRIB's last quarterly meeting;
  • A public external debt relief by 1.75% to MAD 352.3bn in Q2 2018 compared to the previous quarter;
  • An increase in the trade deficit by 10.1% to MAD -137.9bn, including a 10.2% increase in imports to MAD 317.4bn and a 10.2% increase in exports to MAD 179.5bn;
  • A degradation for the 5th consecutive month of the main indices of the Casablanca Stock Exchange by -8.50% for MASI and -8.77% for MADEX in y-t-d;
  • And, the underperformance (-6.68%) of our selection of stocks that are offset with its Benchmark (-5.05%) but remains better than that of the MASI (-8.50%).
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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