Until the next Central Bank meeting, scheduled for December 15, investors are limiting their initiatives on the equity market.
The dust of quarterly publications has settled and the mood of the market calmed down after an exciting November on the Casablanca Stock Exchange, which ended with a 5% increase.
The results of the quarterly are indeed mixed. The recovery was weaker than expected for several sectors, despite a (partial) lifting of containment. This has dampened market enthusiasm so far helped by advances in vaccines and a rather reassuring first round of publications, with MSCI FM’s review of weights in support. But December got off to a slow start. In its first 4 sessions, the Masi has only advanced 0.13% to 10,977 points. In terms of trade, investors have also eased off. The quotation was satisfied with 317 MDH of volumes. On the podium of the most active files of the week, appear Attijariwafa bank, Maroc Telecom and HPS, with respective shares of 30.46%, 20.39% and 13.50%.
In terms of sector, the “mining” compartment posted the strongest increase with a gain of 4.5%, ahead of “utilities” (+ 4.12%) and “Pharmaceuticals” (+3, 29%).
On the other hand, the “drinks” sector ended with a decrease of 6.29%, followed by real estate (-6.1%) and “industrial capital goods” (-5.07%). Bullish bias curbed, but not called into question Despite everything, the market retained a form of optimism. This lateral consolidation has no impact on the solid recovery that began at the end of September.
The stock market has since reduced its annual losses to 9.7% against 26.2% in the midst of a stock market shock. Recall that in March, the Masi hit a low of 8,988 points, signing the fastest correction in the history of the Moroccan stock market, or -27% in just 24 sessions. This recovery movement was also accompanied by an improving business flow.
The average daily volume traded on the central market has almost doubled to reach MAD 97 million in November 2020. How to explain the recovery? For analysts, the sustainability of a low interest rate environment in Morocco is one of the factors. There is also question of the launch in Morocco and abroad of the vaccination campaign against covid-19 from December and this, after the announcement by several international laboratories of an effectiveness of more than 90% of their vaccines. .
The third argument concerns the return to the distribution of dividends by the banking sector. In the eyes of investors, it is a reassuring signal for the year 2021. But the key to the equity market for the weeks to come remains the monetary policy meeting in December.
– .
