BMCE Capital Research Strategy October 2020
- Presentation to Parliament of the Finance Bill 2021...
- ... Anticipating a contraction of the economy of -5.8% with a budget deficit of 7.5% of GDP in 2020;
- An increase in Treasury levies on the domestic market, with cumulative drawings of MAD 115 bn at the end of September;
- Projected rebound of the Moroccan economy in 2021 of +4.5% according to new a performance of +3% over the month of October, thus reducing the cumulative losses since the beginning of the year to -7.97% only IMF projections;
- Positive trend of MASI during the month of October 2020 with an increase of +4.73% to 10460.66 pts but in a market that continues to lack depth as evidenced by an overall trading volume of only MAD 1,840.6 (-35.9% in y-t-d) ;
- Favourable orientation of our stock selection with a performance of +3% over the month of October, thus reducing the cumulative losses since the beginning of the year to -7.97% only.
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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