Afribiz.info
Written by: African Alliance on October 5, 2012.
The MASI declined 0.6% to close the week at 9,523.8 on the back of losses in Samir (-15.7%), SNEP (-8.4%), and Aluminium Du Maroc (-6.0%). During the week, gains were recorded in BMCE Bank (+9.8%), CIH (+3.4%), and Agma Lahloutazi (+3.4%). The top traders by value were Attijariwafa Bank (USD 10.2m), Douja Prom Addoha (USD 8.2m), and BMCE Bank (USD 7.4m). Trading in these shares accounted for 60.8% of this week’s turnover of MAD 366.6m (USD 42.6m).
The average weekly value traded in the last six months is MAD 475.8m (USD 55.5m). The MASI is down 13.6% YTD (-13.7% USD) and the total market capitalisation is currently USD 51.6bn
Morocco is to delay a plan to cap sugar import needs at 45% by end-2013 after bad weather hit farming this year and as an investment vehicle controlled by the ruling monarchy seeks to divest the sugar industry’s monopoly (Consumar, -1.2% w/w). In a statement carried by the official MAP news agency, the agriculture ministry said the government would draft a new development plan for the sugar industry that aims to have 53% of domestic sugar demand produced locally by 2020. The ministry said currently 35% is produced locally, which means Morocco will need to import close to 850,000t of raw sugar in the 12 months till end-May, 2013. The ministry did not elaborate.
Morocco is aiming to sell a sovereign bond worth up to USD 1bn around the end of October, though the date could be pushed back slightly depending on advice from banks, the country’s central bank governor stated. Morocco announced in August it planned to sell the bond this month to help finance budgeted investment plans.
Dubai’s Emirates NBD and Morocco’s Attijariwafa Bank (flat) have bid for BNP Paribas’ Egyptian retail arm as regional banks look to pick up assets being shed by European lenders. BNP, France’s biggest listed bank, put its retail banking business in Egypt on the block in June, seeking to shore up its capital base and exit non-core operations. The sale is expected to generate as much as USD 500m for the French lender, according to one banking source, speaking on condition of anonymity as the matter is not public. (Source: Reuters Africa)
Source: African Alliance
.
