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→ Market Summary → International Markets → Market and Sector
Week from 07/31/2014 to 08/01/2014 Market Summary International Markets Market and Sector News 2 2 3 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 4 7 5 5 6 1 3 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% 8 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 6 1 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. 2 3 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. 3 3 Fundamental Data 4 3 Technical Data 5 3 Khadija Saimane [email protected] Mehdi Bensouda [email protected] Alae Yahya [email protected] 6 3 6 3