→ Market Summary → International Markets → Market and Sector

Week from 07/31/2014 to 08/01/2014
 Market Summary
 International Markets
 Market and Sector News

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At the international level
Argentina : again in default

At the national level
CMC: expects growth of 4.9% in 2015
IMF: approves second LPL 5 billion in favor of Morocco
Bank: Bank loans within one point of the lens 2014
Insurance: Good growth prospects
Industry: increase in the index of producer prices
BMCE: MAD 1 billion for September
RISMA: emission of BRS that amount 636.7 MMAD
 Fundamental Data
 Technical Data
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Market Summary
INDEXES
MARKET PERFORMANCE
Performance
Value
Weekly
2014
Weekly evolution for Moroccan indexes vs. volume
MASI
MADEX
9 325,05
7 615,63
0,27%
0,25%
2,31%
2,66%
FTSE C SE 15
FTSE C SE All
C api. (B illio ns o f M A D)
8 968,28
8 009,72
459,41
0,10%
0,21%
-0,09%
1,65%
3,20%
1,84%
MARKET VOLUME OF THE WEEK
VOLUME
%
C entral Market
108,31
34,61%
OTC Market
204,65
65,39%
Global Market
312,95
100,0%
In M illio ns o f M A D
250
100
200
100
100
150
100
100
100
50
ADV*
54,15
102,32
156,48
100
0
100
7/28
7/29
CM vol ume
7/30
7/31
O TC vol ume
M ASI
8/1
M AD EX
* A verage Daily Vo lume
A week in an upward trend for the Moroccan market. Indeed, both indicators showed a weekly change of +0.27% for MASI and +0.10% for the FTSE
15, bringing their annual performances respectively to +2.31 % and +1.65%. For its part, the market capitalization set at MAD 459.41 billion. The
global trading volume of this week totalled MAD 312.95 millions traded on the Global Market. The Average Daily Volume (ADV), since the beginning
of 2014, set at MAD 103.3 millions.
miilions.
millions.
MAIN VOLUMES OF THE WEEK
MAIN VARIATIONS OF THE WEEK
VOLUME
Shares
Price
% Chg
ADV (TMAD)
WAP
Quantity
%
(MMAD)
EQD OM
1 610,00
5,92%
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ATLANTA
64,18
5,65%
191
LABEL VIE
MED PAPER
1 360,00
42,50
5,10%
4,96%
419
1 209
CIMAR
HO LCIM MAROC
PRO MOPHARM
MAGHREBAIL
861,00
1 645,00
710,00
655,00
- 4,33%
- 4,64%
- 5,59%
-11,49%
156
992,2
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Central Market
BCP
MAROC TELECOM
ATTIJARIWAFA
ADDOHA
OTC Market
ATLANTA
ATLANTA
193,47
102,92
308,98
57,11
168 992
248 158
47 974
223 762
32,70
25,54
14,82
12,78
30,2%
23,6%
13,7%
11,8%
68,00
68,00
3 009
522
3 009
522,00
204,65
204,65
100,0%
100,0%
The upward trend of the market was supported by the increase of several values: EQDOM (+5.92%), ATLANTA (+5.65%), LABEL VIE (+5.10%)
and MED PAPER (+4.96%).The transaction flow on the central market has been achieved primarily by the shares BCP, MAROC TELECOM,
ATTIJARIWAFA BANK and ADDOHA which represented 79.25% of transactions of the week. The OTC market totalled a volume of 204.65 MMAD
on ATLANTA.
International markets
index
CAC 40*
DAX 30*
DOW JONES 30*
NASDAQ*
HANG SENG
NIKKEI
INTERNA TIONAL INDEXES
Daily
Weekly
Last
% Change
% Change
4 204,19
-0,99%
-2,92%
9 231,46
-1,87%
-4,28%
16 537,23
-0,16%
-2,50%
4 359,89
-0,23%
-2,02%
24 532,43
-0,91%
1,31%
15 523,11
-0,63%
0,42%
Annual
% Change
-2,14%
-3,36%
-0,24%
4,39%
5,26%
-4,72%
The U.S. stock market struggles to find direction as investors digest a number of economic reports including data on job gains, manufacturing
and consumer sentiment as well as earnings results. The Dow Jones fell by 0.16% while the Nasdsaq dropped by 0.23%.
Germany‘s benchmark stock index is on track for its third straight loss and its worst week in a year. The DAX30 is 1.87% lower.
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Market and sector news
At the international level:
Argentina : again in default
13 years after its resounding failure, Argentina will face a new default. Indeed, the Argentine Minister of
Economy, Axel Kicillof, and two hedge funds, NML and Aurelius, claiming $ 1.33 billion in Buenos Aires, failed to
find common ground, and Republic of Argentina will end imminently in default.
At the national level:
CMC: expects growth of 4.9% in 2015
Moroccan Centre for Economic outlook foresees a growth rate of 4.9% for next year. The prediction is based CMC
sour favorable prospects for both internal and external conditions for the year 2015. However, the Centre
maintains its growth estimate for 2014 should not exceed 2.6%.
IMF: approves second LPL 5 billion in favor of Morocco
The Board of Directors of the International Monetary Fund (IMF) approved on July 28, a second line Precaution
and Liquidity (LPL) in favor of Morocco about $ 5 billion for the next 24 months, 4 5 billion mobilized from the 1st
year. This new arrangement will allow the Moroccan authorities to continue the reform agenda aimed at achieving
rapid and inclusive economic growth, while providing them with protection against external shocks. Noayuki
Shinohara, IMF Deputy Managing Director and Acting Chair of the Board, welcomed this occasion, the
implementation by Morocco of a policy that has contributed to real macroeconomic performance in recent years.
Bank: Bank loans within one point of the lens 2014
The bank lending grew at the end of June by 3.7%, about 755.25 billion MAD, over one year, while the Central
Bank expects an increase of 4.5% for the year 2014. Credits granted to the "Electricity Sector , Gas, Water
"increased 19.2% in the second quarter, against 3.8% in the previous quarter. However, there has been a
deceleration during the month of June. Indeed, consumer loans declined 1.2%, after rising 1.7% in the month of
May. The equipment loans rose 2.4% against 4.1% the previous month, which shows the investment effort on the
part of businesses.
Insurance: Good growth prospects
The Standard & Poor's (S & P) expects strong growth in the insurance sector in the long term, since, according to
them, it has not yet reached its full potential. This is the case for Morocco, but also to Algeria and Tunisia. The
level of penetration is expected to increase, thanks to the growing demand of the middle class, encouraged by the
Moroccan government, which aims to generalize coverage insurance. According to S & P, the growth of insurance
premiums will be higher than the overall GDP in the three markets of 2017-2018.
BMCE Bank : 1 Md MAD pour la rentrée
Le Conseil Déontologique des Valeurs Mobilières (CDVM) a annoncé le 28 juilet, avoir visé une note d’information
relative à l'émission par BMCE Bank d’un emprunt obligataire subordonné de 1 Md MAD. La souscription est
réservée aux investisseurs qualifiés de droit marocain. A noter que c’est BMCE Capital qui a été chargée par sa
maison-mère d’arranger cette opération, alors que le réseau BMCE Bank se chargera du placement. Quant à la
période de souscription, elle s’étale du 15 septembre au 17 septembre inclus.
RISMA : émission de 636,7 MMAD d’ORA
Le Conseil Déontologique des Valeurs Mobilières (CDVM) a annoncé avoir visé le 31 juillet 2014 une note
d’information relative à une émission d’obligations remboursables en actions (ORA) par RISMA d’un montant de
636,7 MMAD à un taux de 5,87%. La souscription est réservée aux actionnaires actuels et aux détenteurs de
droits préférentiels de souscription de la société RISMA. Les droits préférentiels de souscription relatifs à la
présente opération seront librement négociables à la Bourse de Casablanca pendant la période de souscription,
soit du 13 août 2014 au 12 septembre 2014 inclus.
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Fundamental Data
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Technical Data
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Khadija Saimane
[email protected]
Mehdi Bensouda
[email protected]
Alae Yahya
[email protected]
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