Moroccan equities finished the session lower on Tuesday, with the Moroccan All Shares index falling 0.45% at the close in Casablanca. The decline was broad-based across several sectors, with Utilities, Banking and Mining among those registering the largest downward pressure.
Within the index, the leading advancers were Managem (CSE:MNG), which climbed 6.92% or 528.00 points to end at 8,158.00; Societe des Boissons du Maroc SA (CSE:SBM), which gained 3.63% or 77.00 points to close at 2,199.00; and SMI (CSE:SMI), which finished up 3.27% or 195.00 points at 6,150.00.
On the other side of the tape, CDM (CSE:CDM) was the session's weakest performer, slipping 2.86% or 30.00 points to 1,020.00 at the close. Ste de Travaux de Realisation d’Ouvrages et de Constuction Industielle SA (CSE:STR) fell 2.11% or 4.95 points to finish at 230.00, and Bmce Bank (CSE:BOA) declined 2.01% or 4.20 points to 204.80.
Market breadth on the Casablanca Stock Exchange was nearly balanced, with 25 stocks advancing, 24 declining and 7 unchanged.
Commodity markets showed mixed direction during the session. Crude oil for March delivery was higher by 1.05% or 0.65, trading at $62.79 a barrel. Brent oil for April delivery rose 0.80% or 0.53 to $66.83 a barrel. The April Gold Futures contract moved up 6.64% or 309.04 to trade at $4,961.64 a troy ounce.
Currency pairs involving the Moroccan dirham also recorded modest movement. EUR/MAD was down 0.07% to 10.81 while USD/MAD rose 0.25% to 9.18. The US Dollar Index Futures was lower by 0.07% at 97.42 at the time reported.
Summary
Morocco's All Shares index closed down 0.45% as losses in Utilities, Banking and Mining overshadowed gains in select stocks. Market breadth was nearly even and key commodities and currency pairs showed mixed moves.
Key points
- The Moroccan All Shares index declined 0.45% at Tuesday's close.
- Top gainers included Managem (up 6.92%), Societe des Boissons du Maroc SA (up 3.63%) and SMI (up 3.27%), while CDM, STR and Bmce Bank were the notable decliners.
- Commodities and currency markets were mixed - crude and Brent oil rose, gold futures increased significantly, EUR/MAD eased slightly and USD/MAD inched higher.
Risks and uncertainties
- Sector concentration of losses - Utilities, Banking and Mining experienced notable weakness, which could affect overall index performance in subsequent sessions.
- Commodity price swings - Movements in oil and gold may influence market sentiment and sectors tied to commodity exposure.
- Currency fluctuations - Changes in EUR/MAD and USD/MAD could impact import/export valuations and corporate earnings reported in dirhams.