Afribiz.info
Written by: Editorial Staff on February 11, 2012.on February 10, 2012.
The market gained 1.9% this week, on the back of gains in the banking (+2.1%), and building sectors (+2.9%). Gains in the banks were driven by Attijariwafa Bank (+3.0%), BCP (+1.8%), BMCI Bank (+4.1%), and CIH (+3.6%). BMCE Bank was flat, despite announcing plans to expand its presence to all countries in Africa through its subsidiary Bank of Africa. “We aim to cover all African countries within 10 to 15 years, from the 21 countries where we are currently active, through Bank of Africa,” Othmane Benjelloun stated. He added that that earnings growth in 2011 would be excellent, as 2011 was good not just for operations in Morocco but also in Africa. Building sector gains were led by the cement makers Lafarge Morocco (+4.7%), Ciments Du Maroc (+8.8%), and Holcim (Maroc) (+5.7%), with a contribution from Douja Prom Addoha (+1.3%), which was the top trader. Maroc Telecom also traded actively, gaining 0.5% for the week. Other gainers included Oulmes (+11.1%), SMI (+10.5%), Wafa Assurance (+6.3%), Lydec (+4.5%), and Lesieur Cristal (+4.2%). The week’s 17 decliners included Maroc Leasing (-8.5%), CGI (-3.6%), Managem (-1.1%), and Cosumar (-0.4%).
The leaders of a Moroccan Islamist group, who were jailed over what campaigners say were trumped-up charges and then released last week, claimed they owed their freedom to the “Arab Spring” and called for other captives to be freed. Under pressure to reform after the upheavals last year around the Middle East, Morocco for the first time elected an Islamist-led government which has set about reversing what it said were repressive policies under the previous authorities. In the strongest signal yet of the new approach, Morocco’s King Mohammed issued pardons last week to the leaders of a group called Salafia Jihadia which officials had accused of being linked to violent Islamist militant attacks. But the freed men said there were still dozens of innocent Islamists in jail. Rights groups say over the past decade, many Islamists have been convicted on fabricated charges or on the strength of false confessions extracted under torture.
Government aims to cap the budget deficit at 5% of GDP in 2012, a minister stated, after extra spending in the wake of regional unrest helped push the shortfall last year to its highest level since the 1990s. (Source: Reuters Africa)
Source:African Alliance
