Moroccan stocks finished the trading session lower on Tuesday, with the Moroccan All Shares index ending the day down 0.42% in Casablanca as weakness in the Utilities, Banking and Mining sectors weighed on the market.
At the close, the day’s strongest performers on the Moroccan All Shares included Zellidja S.A (CSE:ZDJ), which gained 6.34% or 13.70 points to finish at 229.70. Ste de Travaux de Realisation d’Ouvrages et de Constuction Industielle SA (CSE:STR) rose 3.24% or 5.90 points to close at 187.90, while Afric Industries Sa (CSE:AFI) moved up 2.28% or 7.40 points to 332.30.
On the downside, Managem (CSE:MNG) led the decliners, falling 3.59% or 49.00 points to close at 1,315.00. Societe des Boissons du Maroc SA (CSE:SBM) dropped 3.09% or 67.00 points to end at 2,100.00, and CDM (CSE:CDM) slipped 2.91% or 29.00 points to 967.00 by the close of trading.
Market breadth on the Casablanca Stock Exchange favored selling activity, with 32 stocks declining versus 20 advancing and 9 finishing unchanged.
Commodities moved lower during the session. Crude oil for September delivery fell 1.76% or 1.45 to settle at $81.16 a barrel. Brent oil for October delivery dropped 2.52% or 2.16 to $83.71 a barrel. Gold futures for August declined 1.10% or 44.70 to trade at $4,032.30 a troy ounce.
Currency movements showed the euro against the Moroccan dirham (EUR/MAD) down 0.09% at 10.66, while the US dollar against the dirham (USD/MAD) strengthened, rising 0.41% to 9.39.
US Dollar Index Futures were weaker as well, down 0.14% at 101.25 by the time markets closed.
Market takeaway - The Moroccan All Shares recorded a modest decline as several heavyweight sectors finished the day in negative territory. While a handful of individual equities posted solid gains, the broader market saw more stocks retreat than advance.