BMCE Capital Research Strategy March 2018
- Acceleration of economic growth in Q4 2017 to +4.1% according to the latest estimates of the HCP, generated mainly by the increase of 10.9% in volume of agricultural value added following the recovery of the cereal production;
- Domestic demand’s dynamics to be reported in the wake of the increase in household final consumption expenditure of 3.4%, likely due to the year-on-year increase in outstanding consumer credit of 3.1% and that of remittances of 18.9%;
- BANK AL-MAGHRIB to maintain the policy rate at 2.25% on the basis of the strengthening of the Moroccan economy’s growth prospects;
- Decline in the performance of the Casablanca Stock Exchange flagship indexes despite the announcement of a satisfactory 2017 net income growth;
- Our stock selection, driven by defensive stocks, closes Q1 2018 on a performance almost in line with that of its Benchmark.
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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