Moroccan equities ended the trading day modestly in the red on Wednesday as sector-level weakness in Utilities, Banking and Mining outweighed gains in several midcap names.
At the close in Casablanca, the Moroccan All Shares fell 0.05%.
Top performers
- Stokvis Nord Afrique (SNA) rose 9.99% or 7.19 points to close at 79.19.
- Ste de Travaux de Realisation d’Ouvrages et de Constuction Industielle SA (STR) added 9.97% or 17.55 points to finish at 193.50.
- Ennakl Automobiles (NKL) was up 7.05% or 3.65 points to settle at 55.45.
Biggest decliners
- Managem (MNG) fell 4.26% or 600.00 points to trade at 13,500.00.
- Micro Data SA (MIC) declined 3.82% or 30.00 points to end at 755.00.
- Ste Nationale de Siderurgie SA (SID) was down 3.75% or 78.00 points to 2,000.00.
Market breadth on the Casablanca Stock Exchange showed more winners than losers: 37 stocks advanced, 22 declined and 4 finished unchanged.
Commodities and currencies
Crude oil for May delivery gained 1.64% or 1.50 to $92.78 a barrel. Brent for June delivery rose 0.75% or 0.71 to $95.50 a barrel. The June Gold Futures contract fell 0.42% or 20.61 to trade at $4,829.49 a troy ounce.
In foreign exchange, EUR/MAD was down 0.19% at 10.89, while USD/MAD was essentially unchanged, moving 0.03% to 9.23. The US Dollar Index Futures edged down 0.04% to 97.87.
Analysis summary
Small overall index movement masks divergent stock-level performance: significant percentage gains in a handful of midcaps contrasted with notable drops in mining and industrial names. The session also reflected modest commodity price moves, with oil higher and gold lower, and limited FX volatility between the euro, US dollar and the Moroccan dirham.
Key points
- Moroccan All Shares closed down 0.05% in Casablanca, led lower by Utilities, Banking and Mining sectors.
- Midcap leaders included SNA, STR and NKL, each posting double- and high-single-digit gains.
- Managem, Micro Data and Ste Nationale de Siderurgie were among the largest decliners, affecting the Mining and industrial segments.
Risks and uncertainties
- Sector concentration - Weakness in Utilities, Banking and Mining may pressure index performance if those sectors remain under pressure.
- Commodity price swings - Movements in oil and gold could influence energy-related and resource companies listed on the exchange.
- Limited breadth - Although advancers outnumbered decliners, a small number of large moves can create index volatility.