BMCE Capital Research Strategy April 2021
- Household sentiment improved by +7.1 pts to 68.3 pts in Q1 2021 according to the HCP ;
- Deterioration of the budget deficit to MAD -7.3bn at the end of March 2021 instead of a surplus of MAD 6.2bn a year earlier ;
- Increase of the outstanding internal debt to MAD 619.2bn (+2.5%) mainly due to an increase of the Treasury's raising on the internal market to MAD 39.3bn (+10%) at the end of March ;
- ... confirming the stability of bond rates in a context supposedly of relative easing of budgetary pressure ;
- The trade deficit narrowed by -11.2% to MAD -44.9bn and increase of the coverage rate to 63.4% ;
- Improvement of the performance of MASI and MSI20 at +4.64% and +4.21% respectively ;
- Favorable orientation of our stock selection with a y-t-d performance of +15.21% at the end of April 2021, against +4.91% 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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