BKGR Strategy July 2021
- Recovery of economic activity in Q2 2021 of +12,6% according to HCP estimates;
- Reduction of the budget deficit by -4.5% to MAD -27.4 bn at the end of June 2021 year-on-year;
- Increase of the outstanding internal debt to MAD 629.3bn (+4.1%) despite a decrease of the Treasury's raising on the auction market to MAD 73.4bn (-14.5%) at the end of July;
- Continued stability of bond rates in a context of supposedly relatively relaxed budgetary pressure;
- Trade deficit widened by 13% to MAD -97.4bn at the end of June 2021 and increase in the coverage rate to 61.1%;
- Deceleration of the y-t-d performance of the MASI and the MSI20 to +9.01% and +8.68% respectively;
- Favorable orientation of our stock selection with a y-t-d performance of +23.9% at the end of July 2021, compared to +11.56% for the MASI-RB.
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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