BMCE Capital Research Strategy February 2020
- Good international perception of the resilience of the Moroccan economy as evidenced by the maintenance of the Ba1 stable rating;
- Attempt to revive the economic dynamic by easing the financing conditions for MSMEs ;
- The specter of a bad crop year and COVID-19 both hover over the economic outlook for 2020 ;
- Slight widening of the trade deficit by 1.7% to MAD -16.4bn, integrating a 1.4% increase in imports to MAD 40.8bn and a 1.2% increase in exports to MAD 24.4bn ;
- Poor stock market performance at the end of February, falling -2.52% for MASI and -2.56% for MADEX ;
- Remarkable resilience of our selection of stocks displaying, in this context, a y-t-d performance of 2.87%, 4x better than that of 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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