Moroccan Stock Exchange Quarterly Report 2023: Banking Sector Driving Market Revenues

2023-11-30 18:45:36

The quarterly season is coming to an end. For investors, it’s time to take stock before turning to the real meeting of the year: The annual results in spring 2024.

But for now, the results are encouraging. According to the stockbroking company MSIN, the cumulative turnover of companies on the Casablanca Stock Exchange for the first nine months of 2023 increased by 5.3%, reaching 218.3 billion dirhams compared to 207.3 billion for the year. former. This growth of 11.0 billion dirhams is largely attributable to the positive dynamics of the banking sector.

Analysts also note an 11.8% increase in market turnover in the third quarter of 2023 alone, reaching 85.8 billion, compared to the same period in 2022.

“This progression comes in a context of growing inflation in 2023, due in particular to supply shocks on certain food products in Morocco. This led to a tightening of the monetary policy of Bank Al-Maghrib, leading to an increase in rates of interest. Other factors include a difficult agricultural campaign in 2022/2023, an appreciation of the dollar against the euro impacting the dirham exchange rate, and the repercussions of an earthquake on certain sectors,” reveals the report of the broker.

Banks are driving market revenues upwards

At the sectoral level, banks contributed the most to the increase in overall turnover (M9 2023 Vs. M9 2022), representing 76% of this increase with an increase of 8.4 billion dirhams. The distribution sector follows, with an increase of 1.8 billion dirhams (+17.3%), mainly thanks to LABEL VIE (+1.6 billion dirhams or +15.8%), benefiting from a favorable inflationary context and rapid expansion of its supermarket network.

Related Articles:   Real Estate Sector: Opportunities and Challenges for 2023 and Beyond

The construction and construction materials sector, third in terms of contribution, recorded an increase of 1.7 billion dirhams, driven by the resumption of construction activities in 2023.

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