AfriBiz.Info
Morocco Stocks Market : Nov. 11, 2011
The Moroccan index added 10bps this week, as gains in insurers (+1.9%), consumers (+2.0%), and some of the banks (flat), were offset by declines in large caps in the building (-0.3%), telecoms (-0.3%) sectors, alongside the remainder of the banks. The market saw light turnover this week, as a result of the market being closed for 2 out of 5 sessions. The market however saw decent volumes in the 3 days it was open, the bulk of which went through resource business Managem (+1.2%).
Wafa Assurance (+2.7%) led in the insurance sector, Label’Vie (+4.2%), and Auto Hall (+1.2%) gained among the consumers, while Alliances (+0.8%) and Managem gained in other sectors. Douja Prom. Addoha (+3.4%) gained in the building sector, but was dragged down by the likes of CGI (-3.4%), Sonasid (-2.6%), Ciments Du Maroc (-1.0%), and Lafarge Morocco (-0.1%). In the banking sector, BMCI Bank (+2.3%), BMCE Bank (+0.7%), and BCP (+0.5%) saw their gains outpaced by declines in CDM (-2.3%), Attijariwafa Bank (-0.5%), and CIH (-0.3%). Blue chip Maroc Telecom was down 0.3% for the week to round off the declines, after releasing 3Q11 Results
Auto hall (+1.2%): The CDVM approved Auto Hall’s capital increase by optional conversion of exceptional dividends, for a total amount of MAD 118m. The capital increase is reserved to any shareholder holding shares at 16 November 2011. The maximum number of shares to be issued is 1,484,277 at a subscription price of MAD 79.5 per share. The subscription period starts from 21 November to 20 December 2011.
Managem (+1.2%): The CDVM approved the capital increase of Managem, by cash subscription, for a total amount of MAD 878.2m. The first part of the increase is to existing shareholders and holders of preferential duties of subscription, with the issue of 567,181 shares at MAD 1,372 per share. (Ratio is 1 new share for 15 old shares). The second part is reserved for employees, with the issue of 111,455 shares (80,500 stocks at MAD 850 and 30,955 shares at MAD 1,020). The period of subscription starts from 22 November 22 to 20 December 2011.
Maroc Telecom: Group consolidated earnings from operations at September 30, 2011, amounted to MAD 9.5bn, down 9.3% from a year earlier, because of lower EBITDA and continued significant expenditure in networks and systems. Despite this decline, the margin stayed at a respectable 40.9%. Revenue was down by 2.0%, to MAD 23.2bn, due to a decline in revenues in Morocco (-3.5%), compensated partly by revenue growth of 8.6% in subsidiaries. Abdeslam Ahizoune, Chairman of the Board, stated that results for 3Q11 proved once again the operational robustness of Maroc Telecom Group, as margins remained at a high level, despite an intensely competitive environment.
Source: African Alliance
Morocco Stock Market Commentary – Week Ending November 11, 2011 originally appeared on Afribiz.info on November 11, 2011
