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BMCE Capital Global Research

BMCE Capital Research Strategy October 2017-English

  • The 2018 Finance Bill did not deviate from the letter of the Primature announced in August giving priority to supporting the social sectors;
  • Economic growth estimated at 3.2% in 2018, an expected 3% budget deficit and a reasonable 1.5% inflation rate according to the Finance Bill;
  • The instauration of a progressive corporate tax including three rates’ tranches;
  • An ongoing amelioration of public finances with a positive ordinary balance of MAD 12bn at the end of September 2017 against MAD 9.7bn previously for a 11.5% decrease in budget deficit ending at MAD 20.6bn;
  • Morocco was rated BBB- by international agencies FITCH RATINGS and STANDARD & POOR’S with a stable perspective;
  • 69th in the global DOING BUSINESS ranking, Morocco preserves its leading position in North Africa;
  • The adjustment of key stock market indexes was illustrated by a solid 6.26% and 5.67% increase of MASI and MADEX respectively;
  • The continuing over performance of portfolios recommended by BMCE Capital Research reaching 19.84% profits at the end of October 2017.
20/11/2017 12 EN
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BMCE Capital Global Research
BMCE Capital Global Research

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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