Annual Strategy : What will 2018 bring to the equity market?
- Satisfactory performance of the stock market thanks to an advantageous equity arbitrage in a context of persistent low bond yields...;
- …that should continue in 2018 in the perspective of a lower budgetary pressure and of the foreclosure effect by the Treasury;
- Encouraging improvement of the economic growth in 2017 driven by a strong recovery of the agricultural activity;
- A less favorable 2018 outlook confirming the sinusoidal profile of the Moroccan economy;
- A 2018 Finance Bill with a social appeal promoting private investment, disparities reduction, and budgetary rigor;
- Adhesion to ECOWAS and transition to the floating exchange rate regime, new catalysts to scrutinize starting 2018;
- Excellent performance of BMCE Capital Research's stock selection at +17.88% in 2017 (vs. +10.7% for the MASI RB);
- Suggestion of a new portfolio for 2018 based on a double top-down and stock-picking strategy, with a readjustment of weights favorable to cyclical and defensive stocks.
BMCE Capital Global Research is a subsidiary of BMCE Capital Group dedicated to Research and Financial Analysis. It is addressed to professional investors (financial institutions, management companies, etc.) to which it provides information and independent analysis aligned with international standards. BMCE Capital Research covers equities, interest rate, Forex and commodities markets in Morocco, Tunisia and WAEMU region (Bourse Régionale des Valeurs Mobilières, BRVM). Thanks to its latest generation technology platform, to its teams and to those of its partners, the Research Office of BMCE Capital is now able to cover simultaneously several places in Africa and to produce several publications co-branded under its umbrella brand African Securities Network, ASN.
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