→ Market Summary → International Markets → Market and Sector

Week from 28/04/2014 to 02/05/2014
 Market Summary
 International Markets
 Market and Sector News
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At the international level
Germany: rising inflation in April
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At the national level
Fitch: sovereign rating of Morocco confirmed with a stable outlook
Palmeraie group: a subsidiary in Stock Market in 2014
Bank loans: down 1% in the first quarter
Industry: the production cost increase for the first quarter of 2014
Bank liquidity: the deficit is rising again
Mobile: 33% annual drop in prices for communications in Morocco
BMCE: open its capital to new employees
CIH: facelift
Ciments du Maroc: invests in many projects
DLM: 500 000 MAD for attendance
JLEC: Unit 5 is operational
... 200 MMAD investment
Maroc Telecom : consolidated results for the 1st quarter of 2014
... Etisalat raises funds from banks for the redemption of Vivendi
 Fundamental Data
 Technical Data
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Market Summary
Weekly evolution for Moroccan indexes vs. volume
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CM vol ume
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O TC vol ume
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M ASI
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M AD EX
A week in a negative trend for the Moroccan market. Indeed, both indicators showed a weekly change of -0,33% for MASI and -0,26% for the FTSE
15, bringing their annual performances respectively to +4.06% and +4.44%. For its part, the market capitalization set at MAD 468.50 billion. The
global trading volume of this week totalled MAD 222.41 millions traded on the Global Market. The Average Daily Volume (ADV), since the beginning
of 2014, set at MAD 125.2 millions.
miilions.
millions.
The downward trend of the market was supported by the increase of several values: TASLIF (-11.36%), INVOLYS (-7.39%), WAFA ASSURANCE
(-3.85%) and SNEP (-2.72%).The transaction flow on the central market has been achieved primarily by the shares BCP, ADDOHA, JLEC, and
ATTIJARIWAFA BANK which represented 78.61% of transactions of the week.
International markets
U.S. stocks rose on Friday following an upbeat jobs report, sending the S&P 500 and the Dow Jones Industrial Average to record levels. The
Dow Jones rose by 0.08% while the Nasdaq increased by 2.34%.
European stocks hold to slight losses after the widely watched monthly U.S. jobs report outstripped expectations, and as investors monitor a
ramp-up in tensions in Ukraine. The CAC40 was 0.61% lower.
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Market and sector news
At the international level:
Germany: rising inflation in April
Inflation in Europe's biggest economy grew at 1.1% annual rate in April, against 0.9% in March. The figure is well
below the inflation target slightly below the 2% target in the medium term by the European Central Bank.
German inflation rate is not less good news for the ECB as it will pull up all of the eurozone, currently 0.5%.
At the national level:
Fitch: sovereign rating of Morocco confirmed with a stable outlook
The international rating agency Fitch Ratings has affirmed in April 2014, notes "BBB-" and "BBB" from Morocco,
respectively for borrowings in foreign currency and in local currency with "stable outlook". Note sovereign ceiling
"BBB" rating and "F3" of short-term debt in foreign currency were also confirmed by the global rating agency.
Sustained notes for Morocco is due mainly to the political stability enjoyed by the Kingdom in the context of the
Arab Spring and the performance of the country's economy has shown resilience in a difficult regional and
international situation. This rating reflects Fitch also a marked improvement in the current account, the deficit fell
to 5.4% in 2013 and 7.5% of GDP, thanks to subsidy reform and rising industrial exports (cars 23%, 20%
aviation industry and electronics industry 12%), combined with the decline in oil prices.
Palmeraie group: a subsidiary in Stock Market in 2014
According to the Economist, the Palmeraie group is preparing to IPO its subsidiaries Residences Dar Saada. It is
specialized in economic and intermediate housing. The operation should be carried out through a capital increase.
Recently, the Palmeraie Group announced an investment program 5 billion MAD. Funds raised on the stock
market should therefore partly finance its development.
Bank loans: down 1% in the first quarter
Despite a good March (+1.8%) outstanding bank loans ended the first quarter down 1% to 736.7 billion MAD. It
declined for all products except mortgages. In addition, nonperforming loans rose 4.9% on the month of March
and 24.1% year on year.
Industry: the production cost increase for the first quarter of 2014
The cost of manufacturing production rose for the first quarter 2014. According to the index of producer prices of
HCP, this increase was estimated at 0.1% in March 2014 compared to the month of February of the same year. In
detail, it is due to the rising prices of food industries 0.6%, manufacture of computer, electronic and optical
products 1.7% and the manufacture of electrical equipment by 0.2%. However, decreases were recorded in the
oil refining 0.2% of the apparel industry 0.5%, fabricated metal products, except machinery and equipment, and
0.4% of the textile manufacturing 0.3%.
Bank liquidity: the deficit is rising again
The liquidity deficit reflected an upward trend. The need for banks and stood at 73.8 billion MAD averaged over
the week, up from the previous week. In response, Bank Al-Maghrib MAD 6 billion increased its weekly injections
to carry 46 billion MAD. In total, all the interventions of the central bank stood at 77.2 billion MAD.
Mobile: 33% annual drop in prices for communications in Morocco
The price of mobile communications, as measured by the average revenue per minute (ARPM) showed a
significant annual decline of 33%, announced on April 30 the National Agency of Telecommunications Regulation
(ANRT). Thus, at the end of March 2014, the ARPM stood at 0.34 MADHT / min, against 0.51 MADHT / min during
the same period a year earlier. In contrast, the fixed segment recorded, according to the Agency, an increase of
14% year on year from 0.66 MADHT / min to 31 March 2013, 0.75 MADHT end of March 2014. And what is the
internet segment, it declined by 24% over the average monthly bill for Internet customer, at 29 MADHT / month /
customer first quarter of 2014 against 38 MADHT a year earlier.
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Market and sector news
BMCE: open its capital to new employees
BMCE Bank will activate within 36 months of the second tranche of 500 MMAD of the capital increase reserved
for employees. The first part of a $ 500 MMAD also was conducted in 2010. The new operation will be subject
to approval by shareholders at the Annual General Meeting scheduled for May 27.
CIH: facelift
CIH goes into high gear. After a phase of restructuring, Crédit Immobilier et Hotelier wants to give a new
image. The bank is about to change its visual identity. CIH will give way to CIH Bank with the added bonus of
a new logo.
Ciments du Maroc: invests in many projects
Large investment projects for Ciments du Maroc. Subsidiary of Italcementi will install this year a new grinding
center Jorf Lasfar 170 MMAD. It also plans to launch a solar-thermal project in partnership with Airlight Energy
and Ener Italgen Morocco for not less than 30 MMAD. In the process, the group intends to double this year the
capacity of its plant in Laayoune and initiate several projects on the African market.
DLM: 500 000 MAD for attendance
DLM assess the amount of fees to be distributed to members of its Board of Directors 500 000 MAD. This
decision is particularly subject to the General Meeting to be held on May 28
JLEC: Unit 5 is operational
JLEC put into commercial operation the 5th unit since April 15. For its part, JLEC 6 is being tested since
February 5. Commercial operation is scheduled for the second quarter of 2014. Both units have an installed
capacity of 350 MW, and will cover 50% of national consumption. Thus, JLEC secures an annual turnover of
9.5 billion MAD, alleging chargeback coal prices at onee.
... 200 MMAD investment
Thermal power JLEC 5 & 6 were equipped with several specific facilities to comply with the requirements of the
World Bank in terms of environmental friendliness. For this purpose, an investment of $ 200 million was
mobilized.
Maroc Telecom : consolidated results for the 1st quarter of 2014
Under the first quarter of 2014, Maroc Telecom displays performance in compliance with annual targets.
Indeed, the revenue was up slightly by 0.4% compared to the first quarter of 2013 à 7206 MMAD, including (i)
the proper dynamics of international business with sales revenues increased 12.3% and (ii) a decrease
contained activities in Morocco (-3.4%). Park group is 39 million customers strong growth of 16.5%. In
addition, the consolidated operating income reached 2,665 MMAD down 12.4% compared to the first quarter of
2013. Thus the operating margin fell by 5.4 pts to 37%. In the end, the net operating cash flow at end-March
2014 hoist 9.6% over the same period from 2013 to 2544 MMAD.
... Etisalat raises funds from banks for the redemption of Vivendi
Etissalat should constantly take control of the first capitalization of MASI. The operator of the Golf has already
mobilized funds for the settlement of the transaction (EUR 4.2bn equivalent of 47 billion MAD). The quarter
comes from a fundbased in Abu Dhabi and the remainder will be raised from banks. Vivendi, the proceeds of
the sale will be used in part to pay shareholders in 2014 and 2015. It plans to distribute a total of 5 MD MAD.
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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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