BMCE Capital Research Strategy September 2020
- The Central Bank's quarterly advisory meeting at which the key interest rate was maintained at 1.5%;
- … And the forecast of a contraction of the economy of -6.3% and a budget deficit of 7.9% of GDP in 2020;
- An increase in Treasury levies on the domestic market, with cumulative drawings of MAD 100.8bn at the end of August. …;
- … combined with a successful international exit in September with a EUR 1bn bond issue at continued advantageous conditions;
- The Market still in a state of flux in the red zone, unfavored by the publication of poorly oriented half-yearly results, mainly due to the direct and indirect effects of the COVID-19 crisis.;
- Losses for our Stock Selection limited to -10.63% broadly outperforming its Benchemark.
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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