2020, a tough year for Casablanca stock market but not the toughest
Tuesday, 17 November 2020 13:59
The Casablanca stock market has experienced a tough 2020 year.
Denominated in US dollar, the overall value of companies listed on the market was $58.9 billion at the end of October, data collected by Ecofin Agency showed. This figure was down 9.7% since the beginning of the year. In dirhams, it stood at MAD542.8 billion, the lowest level of the stock market value of the period, since 2016.
Behind this underperformance, however, data showed resilience on the second-largest stock exchange in Africa after that of South Africa. Market capitalization was down 24.3% at the end of April 2020 compared to that of January. A situation provoked by the coronavirus pandemic that imposed an almost complete closure of the Moroccan economy and caused a wave of pessimism on the stock market.
Between that period and October 2020, the valuation of companies listed on the Casablanca Stock Exchange jumped by 11.4%. This is one of the best recoveries since 2015. In 2018, market capitalization had plummeted from MAD 662.3 billion in April to MAD 557.6 billion at the end of October, when the covid-19 threat did not exist.
In detail, it is noted that the major pan-African banking groups on this exchange experienced their most significant underperformance in the last five years. At the end of October, Attijariwafa Bank had a stock market value down 24.25%, Banque Centrale Populaire (Atlantique Finance Group) was down 13.5%, and Bank of Africa 28.13%. This may be due to an anticipation of declining net margins, even though the performance of these groups outside Morocco was strong.
Idriss Linge
Live News
-
Nigeria’s CcHUB opens applications for $100,000 EdTech fellowship
10:44
-
Crypto Startup Zap Africa Reduces Staff by 44% as It Shifts to AI Tools
10:39
-
Truecaller Expands African Ad Footprint via 365 Digital Partnership
10:35
-
Cameroon Crosses 80% Cocoa Processing Mark as New 32,000-Tonne Plant Breaks Ground
09:07
-
Boubacar Roger Thiam Launches Techbridge Capital to Modernize Asset Management
06:51
-
BGFIBank Cameroon Increases Capital to CFA50Bln Ahead of Stricter Banking Rules
20:58
-
Cameroon Signals Possible Return to Bvmac with Up to CFA150 Billion Bond
18:15
-
Public Enterprises Hold CFA1.5 Trillion in Assets, CFA493.9 Billion in External Debt at End-2024
18:08
Amazon begins talks with Kenya on low-Earth orbit satellite broadband Kenya’s digital market ...
Dangote to list $20-25 billion refinery within five months NNPC holds 7.25% stake; dividends...
DRC seeks ITC support for local battery value chains Musompo SEZ targets $2 billion private ...
Algeria’s NESDA and the Algerian‑Saudi Investment Company sign cooperation deal focused on researc...
Senegal launches 200 billion CFA bond in UEMOA Proceeds to fund 2026 budget, transformation agend...
Nigeria’s available power generation has fallen to about 4,300 MW due to insufficient gas supply. Thermal plants are receiving less than 43% of the gas...
Mauritius has formally and immediately severed diplomatic relations with the Maldives. The move follows the Maldives’ decision not to recognize...
Military escalation between Iran, Israel, and the United States has raised the risk of disruptions in the Strait of Hormuz and the Suez...
The World Bank is launching a $972 million program to train 18 million young people in East and Southern Africa. Nearly 8 million youth enter the...
More than 500 media leaders gathered in Nairobi on Feb. 25–26 for the fourth African Media Festival under the theme “Resilient Stories: Reinventing...
Located about 500 kilometers southwest of Cairo, between the oases of Bahariya and Farafra, the White Desert stands out as one of Egypt’s most distinctive...