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BMCE Capital Research 2019-2020 Annual Strategy - English

  • An estimated deceleration in world growth of 0.6 points to 3% for the year 2020 in the wake of trade and geopolitical tensions, according to the IMF;
  • A phase 1 agreement expected in 2020 between China and the United States;
  • A Brexit planned for January 31st, 2020 following the victory of the Conservative Party in the last British election;
  • Upward wave at the end of the year on the stock market (+7.11%) reflecting a return of confidence on the part of investors;
  • A priori, this trend is set to continue in 2020 in the context of a still favorable equity arbitrage environment;
  • Slower economic growth in 2019 to 2.6% (vs. 3% in 2018);
  • And, a 2020 Finance Bill foreseeing a moderate economic recovery with growth of 3.7%;
  • Exceptional performance of the BMCE Capital Research portfolio, almost 2x higher than its benchmark (+20.11% vs. +11.33% for MASI RB);
  • Proposal of a new portfolio for 2020 based on a Top Down vision, with weightings still as conservative as in 2019.
BMCE Capital Research
BMCE Capital Research

BMCE Capital 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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