BMCE Capital Research Strategy November 2018 - English
- A gain of 9 places in Morocco's Doing Business ranking to position itself in the 60th rank worldwide and as leader in North Africa;
- A 4.2% increase in the budget deficit to MAD -29.7bn compared to the same period in 2017, combining a 2% rise in ordinary expenditures to MAD 180.6bn and a 16.7% improvement in ordinary revenues to MAD 216.3bn;
- A 7.8% growth in the trade deficit to MAD -167bn, including a 9.2% increase in imports to MAD 393.3bn and a 10.3% augmentation in exports to MAD 226.3bn;
- A 2% improvement of the Consumer Price Index for the first 10 months of 2018 compared to the same period in 2017;
- A relative improvement of the Casablanca Stock Exchange flagship indices of 2.84% for the MASI and 2.89% for the MADEX compared to the previous month, with y-t-d underperformances, however, of -9.36% and of -9.61% respectively;
- And, an underperformance (-6.68%) of our stock selection compared to the MASI RB (-5.64%) but which remains better than the MASI (-9.36%).
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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