BMCE Capital Research Strategy October 2018
- Presentation of the 2019 Finance Bill, which forecasts a growth of 3.2% and a budget deficit of 3.8% of GDP and focuses on revitalizing investment and business support, supporting social policies and reducing inequalities;
- Acceleration of economic growth in Q3 2018 to +2.8% (vs. +2.4% in Q2) according to the latest HCP estimates, incorporating an agricultural value added of +3.1% and a non-agricultural value added of +2.8%;
- HCP's downward growth review for 2018 at 2.8% (compared to 3.1% initially estimated) reflecting the 3.6% y-o-y increase in primary sector value added and the 2.8% improvement in non-agricultural activities....
- ...moving closer to our latest forecast now projecting GDP growth of 2.8% in 2018;
- Continuation of the downward trend of the Casablanca Stock Exchange main indices to -11.86% for the MASI and -8.97% for the MADEX in y-t-d;
- Underperformance (-8.97%) of our stock selection almost in line to its Benchmark (-8.53%) but still better than that of the MASI (-11.86%).
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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