Moroccan equities ended the session lower after the close on Wednesday, with the Moroccan All Shares index slipping 0.30% as losses in the Utilities, Banking and Mining sectors pressured the market.
Top winners and losers
The strongest performances on the Moroccan All Shares were delivered by SMI (CSE:SMI), which climbed 6.21% - a gain of 389.00 points - to finish at 6,650.00 at the close. Involys (CSE:INV) also advanced, adding 4.62% or 7.90 points to settle at 178.90. Miniere Touissit (CSE:CMT) rose 2.54% - up 89.00 points - to end the day at 3,590.00.
On the downside, Aradei Capital SA (CSE:ARD) registered the largest fall among the session’s decliners, dropping 5.49% or 23.90 points to close at 411.10. Disway SA (CSE:DWY) declined 4.30% - down 38.00 points - to 845.00 at the close, while Douja Prom Addoha (CSE:ADH) fell 2.35% or 0.71 points to finish at 29.50.
Market breadth and notable milestones
Declining issues outnumbered advancing ones on the Casablanca Stock Exchange by 38 to 16, and 4 stocks finished unchanged. Separately, shares of Miniere Touissit (CSE:CMT) reached a new all-time high, rising 2.54% or 89.00 points to 3,590.00.
Commodities and currency movements
In commodities trading, crude oil for April delivery fell 0.64% or 0.42 to trade at $65.21 a barrel. Brent oil for May delivery was down 0.33% or 0.23 to $70.35 a barrel. Precious metals saw the April Gold Futures contract rise 0.65% or 33.60 to trade at $5,209.90 a troy ounce.
On the currency front, EUR/MAD was unchanged 0.04% to 10.81, while USD/MAD rose 0.11% to 9.18. The US Dollar Index Futures moved lower by 0.13% to 97.64.
Summary
After the close on Wednesday Morocco’s All Shares index registered a modest decline of 0.30%, driven by losses in the Utilities, Banking and Mining sectors. While a number of individual stocks posted sharp gains, including a miner reaching an all-time high, more issues fell than rose across the Casablanca Stock Exchange. Energy benchmarks and gold showed mixed moves, and the Moroccan dirham recorded small changes versus the euro and dollar.
Key points
- The Moroccan All Shares index closed down 0.30% after the session on Wednesday.
- Sector weakness was concentrated in Utilities, Banking and Mining, contributing to the market decline.
- Notable movers included SMI, Involys and Miniere Touissit to the upside, and Aradei Capital, Disway and Douja Prom Addoha on the downside; Miniere Touissit hit an all-time high.
Risks and uncertainties
- Sector concentration of weakness - Utilities, Banking and Mining - may continue to pressure index performance in the near term.
- Market breadth favored decliners (38) over advancers (16), indicating limited participation in the rally among listed stocks.
- Volatility in commodities and FX markets, evidenced by movements in oil, Brent, gold and currency pairs, could affect earnings and valuations for commodity-linked and export-oriented firms.