→ Market Summary → International Markets → Market and Sector

Week from 04/08/2013 to 04/12/2013
 Market Summary
 International Markets
 Market and Sector News
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At the international level
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United States: the economic situation is "far" from being satisfactory
At the national level
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Economy: IMF Doubts
Budget cut: Several departments referred
Debt: converted into investments with Italy
Loan: Morocco prepares to receive an allocation of $ 900 million
Public investment: 15 billion MAD deleted
Cement: Red Alert
BTP: Anas Sefrioui invests 12 million euros in Côte d'Ivoire
PVC: anti-dumping measures against imports
Steel sector: Agreement amicably
Attijariwafa: Partnership with AFD
... Soon in Niger
CDG: 2012 results
CGI: in Africa in early 2015
Cosumar: Outlook 2013
Maroc Telecom : Renews its share buyback program
... Etisalat gets 8 billion dollars
 Fundamental Data
 Technical Data
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Market Summary
MARKET PERFORMANCE
Performance
Value
Weekl y
2013
INDEXES
Weekly evolution for Moroccan indexes vs. volume
MASI
MADEX
9 262,38
7 549,63
2,16%
2,18%
-1,03%
-0,85%
FTSE CSE 15
FTSE CSE All
Capi. (Billions of MAD)
9 208,90
7 960,94
441,99
2,00%
2,48%
2,14%
-4,27%
1,28%
-0,74%
61,60
566,88
103
120
102
100
102
80
101
60
101
40
MARKET VOLUME OF THE WEEK
In Millions of MAD
VOLUME
%
Central Market
505,28
89,13%
OTC Market
Global Market
140
ADV*
101,06
10,87%
100,0%
20
100
0
100
12,32
113,38
4/8
4/9
4/10
CM vol ume
O TC vol ume
4/11
M ASI
4/12
M AD EX
* Average Daily Volume
A week in a positive trend for the Moroccan market. Indeed, both indicators showed a weekly change of 2,16% for MASI and 2% for the FTSE 15,
bringing their annual performances respectively to -1,03% and -4,27%. For its part, the market capitalization set at MAD 441,99 billion. The global
trading volume of this week totalled MAD 566,88 millions traded on the Global Market. The Average Daily Volume (ADV), since the beginning of
2013, set at MAD 179,3 millions.
MAIN VARIATIONS OF THE WEEK
Shares
Price
% Chg ADV (TMAD)
MEDIAC O MAROC
39,40
19,39%
2
RISMA
153,00
17,60%
1 760
MAGHREB OXYGENE
C NIA SAADA
147,15
1 050,00
12,33%
9,08%
2
93
INVOLYS
LAFARGE C IMENTS
NEXANS MAROC
ZELLIDJA
150,95
1 111,00
130,40
341,00
-6,15%
-6,24%
-10,32%
-20,75%
7
498,9
100
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MAIN VOLUMES OF THE WEEK
WAP
Quantity
VOLUME
(MMAD)
%
Central Market
ATTIJARIWAFA
LABEL VIE
MAROC TELECOM
ALLIANCES
905,88
1 414,37
107,47
480,49
370 466
77 468
670 183
116 367
125,12
109,57
72,02
55,91
24,8%
21,7%
14,3%
11,1%
OTC Market
SMI
3 850,00
16 000,00
61,60 100,0%
The upward trend of the market was supported by the increase of several values: MEDIACO MAROC (+19,39%), RISMA (+17,60%), MAGHREB
OXYGENE (+12,33%) and CNIA SAADA (+9,08%).The transaction flow has been achieved primarily by the shares ATTIJARIWAFA BANK,
LABEL VIE, MAROC TELECOM, and ALLIANCES which represented 71,77% of transactions of the week. The OTC market registered a volume
of 61,6 MMAD traded exclusively on SMI.
International markets
index
CAC 40*
DAX 30*
DOW JONES 30*
NASDAQ*
HANG SENG
NIKKEI
INTERNATIONAL INDEXES
Daily
Weekly
Last
% Change
% Change
3 745,24
-1,29%
1,73%
7 687,68
-1,76%
0,97%
13 630,46
-0,45%
1,60%
3 125,26
-0,86%
2,46%
23 658,99
-0,06%
1,67%
10 709,93
-0,47%
5,08%
Annual
% Change
2,36%
1,59%
12,92%
8,36%
-2,51%
29,72%
European stock markets drop on Friday, hammered by disappointing U.S. retail sales and confusion whether Cyprus is asking for more
assistance for its bailout program. The CAC40 fell by 1,29%.
U.S. stocks declined sharply, putting a streak of record-setting gains in jeopardy, following a drop in retail sales last month and weakening
consumer sentiment, sparking worries that the lifeblood of the economy is showing signs of strain. The Dow Jones dropped by 0,45% while
the Nasdaq was 0,86% lower.
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Market and sector news
At the international level:
United States: the economic situation is "far" from being satisfactory
The economic situation of the United States is still far from adequate, said Monday the president of the U.S.
central bank (Fed), Ben Bernanke. "Today, the economy is much stronger than four years ago, but the
situation is still far from the one we all want it to be," Bernanke said in a speech, according to the text of
this speech to the press.
At the national level :
Economy: IMF Doubts
In a report on the economic situation of Morocco, the IMF is concerned about the ability to reduce the
budget deficit to 4.8% in 2013 (vs. 7.1% in 2012) as has undertaken the government. IMF experts recall
the urgency of the implementation of structural reforms without which the restoration of finances would be
compromised.
Budget cut: Several departments referred
The decision to cut the capital budget is taken up in the selection of departments and projects. The first
targets are already set and some departments have received the amounts which they are asked to pass.
Thus, the Department of Infrastructure and Transport has scooped the largest amount with a decrease of
MAD 2 billion of its investment budget in 2013. Other departments, including the Tourism and Housing,
have received the same notification, but the amount of cuts remains unknown.
Debt: converted into investments with Italy
The Ministry of Finance and the Italian Embassy in Rabat signed an agreement Tuesday, April 9 Conversion
of debt of Morocco to Italy for an amount of 15 million euros. This envelope will fund projects related to
NHRIs.
Loan: Morocco prepares to receive an allocation of $ 900 million
Promised financial aid to Morocco by the Gulf following the royal visit made last year to begin cascading.
According to Nizar Baraka, Morocco is preparing to receive an envelope effect of $ 900 million. Decisions
were endorsed by Kuwait and Saudi Arabia for the Kingdom disburse respectively 500 and 400 million. The
amounts will be received in the coming weeks.
Public investment: 15 billion MAD deleted
The Governing Council of Thursday, April 4 decided severe cuts in the capital budget for 2012. Thus, MAD
15 billion will be deleted by decree, or 25.5% of the planned investment.
Cement: Red Alert
2013 looks bad for cement. Sales continue to plummet and this trend is also confirmed for the month of
March. Indeed, the domestic cement consumption fell 24.98%, according to the latest figures from the
Ministry of Housing, while it had decreased by 18.4% during the first 2 months of the year. The origin of
these cons-performance, lower major infrastructure and real estate projects.
BTP: Anas Sefrioui invests 12 million euros in Côte d'Ivoire
The boss of Addoha announced investment in Côte d'Ivoire 12 million euros for the construction of a
manufacturing bags for packaging cement. The new plant will produce 120 million bags 10 million for
domestic consumption. The rest will go for export.
PVC: anti-dumping measures against imports
From 9 April, imports of polyvinyl chloride (PVC) from the United States, are subject to anti-dumping duties.
A measure that will last 4 months. Provisional duties vary between 25.43% and 63.9% depending on the
company.
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Market and sector news
Steel sector: Agreement amicably
Consensus safeguards aimed wire rod and reinforcing bars is looming. This trade defense measure was
requested August 15, 2012 by the Association of steelmakers Morocco. An option has been made at a
meeting held on April 5 at the Ministry of Trade, Industry and New Technologies between steelmakers
and wire drawers. These seem to be leaving to establish a quota of 50% exempt from additional duty.
The remaining 50% of the imported product will however subject to additional duties. No final decision
has been taken by the Department of Foreign Trade.
Attijariwafa: Partnership with AFD
Attijariwafa Bank and the French Development Agency "AFD" accompanied by Moroccan and French
companies in their expansion strategy in Sub-Saharan Africa. It is stated that the agreement signed
jointly by Mahamed El Kettani CEO Attijariwafa and Dov Zerah, CEO of the French Development
Agency. In addition, the AFD is committed to guarantee up to 50% of the risk assumed by the Group's
African subsidiaries Attijariwafa for their lending to medium and long term in the limit of 2 million per
borrowing company .
... Soon in Niger
Attijariwafa bank would very advanced negotiations for the resumption of the International Bank for
Africa (BIA), based in Niger, whose capital is owned by a Belgian banking group and private investors
Nigerians. Note that, if the transaction is concluded, the Moroccan banking group has successfully
implemented in the countries of the Economic and Monetary Union of West Africa (UEMOA).
CDG: 2012 results
CDG has recorded 976 MMAD profit in 2012 increased by 22%. Total assets reached 169.7 billion MAD
up 9%. The Fund has invested $ 9 billion MAD in 2012. These investments totaled MAD 19 billion over
the last two years 30% of the amounts expected maturity of the strategic plan in 2015.
CGI: in Africa in early 2015
According to the CEO of CGI, the first projects in Africa will start in early 2015. The West Africa is the
main target including Gabon, Senegal and Côte d'Ivoire. CGI will start with social housing given the
high demand in these countries. But for now, the real estate company is in the process of further
market studies and analyzes on the environment in terms of land tenure and funding whatsoever on
the part of investors and buyers in order to sustained investment.
Cosumar: Outlook 2013
The evolution of the national sugar production follows the needs of the domestic market. For the year
2013, needs totaled 1.25 million tonnes, of which about 400 000 tonnes will be produced from local
sugar plants. The remainder is imported as raw sugar from Brazil and refined locally.
Maroc Telecom : Renews its share buyback program
Morocco Telecom extended its share buyback program to regularize its market price. Through this
program, IAM may acquire up to 1,500,000 shares, representing 0.17% of its capital. The range is
between 150 MAD or against its value in euros as maximum purchase price and 80 MAD or against its
value in euros as minimum sale price. Spread over a period of 18 months, the program will start May
7, 2013.
... Etisalat gets 8 billion dollars
While the future buyer Morocco operator Telecom (IAM) is expected to be appointed by the end of the
month, Etisalat Group, one of the leading candidates in the race has raised 8 billion dollars from
several banking institutions , according to Reuters. This amount is intended to finance its bid for
Morocco Telecom and confirms its ambitions. To recall and according to the arguments put forward by
the group's management, the amount raised is a term loan which will be complemented by another
bridge loan, which will subsequently covered by a bond issue.
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Fundamental Data
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Technical Data
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Khadija Saimane
[email protected]
Mounir Benzemouri
[email protected]
Mouhssine Bencheqroun
[email protected]
Mehdi Bensouda
[email protected]
Alae Yahya
[email protected]
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