Written by: Editorial Staff
The Moroccan market dipped a marginal 0.1% this week despite notable gains in the banking (+0.1%) and resources (+4.3%) sectors. BMCE Bank (+1.5%), Attijariwafa Bank (+0.3%), and CIH (+0.2%) registered gains in the banking sector, on light trading activity, offsetting the declines in BMCI Bank (-2.6%), and Salafin (-4.8%) which both fell in light trade. Managem (+6.5%) and SMI (+1.4%) notched up gains in the resources sector, but also in light trading activity. This week saw trading volumes coming in at less than half of the average level seen over the past 6 months. The most active stock for the week was property developer Alliances, which gained 1.9% in heavier than usual activity. Some of the other notable gainers for the week included Delta Holding (+4.6%), Unimer (+3.4%), Douja Prom Addoha (+1.5%), Label’Vie (+1.1%), and Sonasid (+1.0%), which mostly gained on thin volumes. On the downside, Lafarge Morocco shed 4.9% to offset the gains made by other stocks in the building sector. Agriculture listing Centrale Laitiere shed 5.2% to help push the market into negative territory for the week. Other decliners included Disway (-18.2%), BraNoMa (-7.5%), Maroc Leasing (-6.0%), Sothema (-5.6%), and Auto Nejma (-5.3%). Telecom giant Maroc Telecom gave up 0.7% in average trade to further weaken the market.
Morocco’s new government targets economic growth of 5.5% a year during its 2012-16 mandate, up from around 4.5% in the previous five years to boost job creation, Prime Minister Benkirane stated. Outlining government’s program before parliament, Benkirane noted target annual inflation of 2.0% until the end of 2016, marginally above the average level of the previous five years. He pledged to “ensure strong and sustainable economic growth that would help boost job creation” to reduce the jobless rate to 8.0% by the end of 2016 from 9.1% currently. Morocco’s central bank estimates the economy grew by 4-5% in 2011.
Morocco’s trade deficit rose 25% in 2011 to an all-time record MAD 185.7bn (USD 21.2bn) as its agriculture-reliant economy struggled to counter the growing cost of energy and wheat imports, official data showed. Tourism receipts rose 4.3% in 2011 to MAD 58.8bn while remittances by Moroccan expatriates, most of whom live in Western Europe, rose 7.3% to MAD 58.4bn, data from the foreign exchange regulator showed. Private foreign loans and investment meanwhile fell 35% to MAD 25.5bn.
Moroccan private equity firm Fipar Holding plans to raise around MAD 2bn (USD 230m) in an IPO this year, which would be the bourse’s biggest new share listing since 2008. Fipar’s main assets include a 17% stake in Morocco’s second biggest telecoms operator Medi Telecom, a 30% stake in the firm managing the country’s biggest port in Tangier and a 20% stake in Lydec, the biggest private utility firm. An official at the bourse watchdog CDVM was unable to comment or say if Fipar has already applied for the listing.
Source:African Alliance
Click here for reuse options!Copyright 2012 Afribiz.info
