EUR 50.00 For Business Accounts Only

BMCE Capital Research Strategy June 2018 -English-

 

• Slower economic growth in Q1 2018 to +3.2% according to the latest estimates of the HCP, mainly due to the sharp deceleration of the primary sector’s growth rate from +13% in Q1 2017 to +2.7% in Q1 2018;
• Decrease in outstanding external public debt and treasury debt by 0.4% to MAD 331.1bn and by 1.4% to MAD 151bn respectively in Q1 2018 quarter-on-quarter;
• BANK-AL-MAGHRIB to maintain the policy rate at 2.25% on the basis of the strengthening of the Moroccan economy’s growth prospects (+3.6% in 2018);
• Inflation announced at 2.4% in 2018 (including significant price increases in volatile food products and in regulated product prices) and at 1.4% in 2019;
• Degradation of the Casablanca Stock Exchange flagship indices’ performance at -4.12% for the MASI and -4.78% for the MADEX in y-t-d;
• Our stock selection, undermined by semi-cyclical stocks, ends the first five months of 2018 with a negative performance (-2.31%) lagging behind its Benchmark (-1.12%) but which remains better than that of the MASI (-4.12%).