BMCE Capital Research Strategy November 2020
- Year 2020 misguided due to the effects of COVID-19…
- … which can be mitigated, in particular following the announcement of the discovery of reliable vaccines;
- Pressure on public finances at the end of the year, materialized by the increase in Treasury levies on the domestic market, accumulating drawdowns of nearly MAD 119bn at the end of October;
- Reduction of the trade deficit from -25.6% to MAD -128.5bn and improvement of the coverage rate to 62.4%;
- Strengthening of the weight of Morocco in the MSCI FM index to 13.3% in November against 6.4% in August;
- Favorable orientation of our stock selection with a performance of +4.86% over the month of November, thus reducing the cumulative losses since the beginning of the year to -3.5% against -6.9% 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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