Marrakech – The Casablanca Stock Exchange closed on a high note Friday, with its benchmark MASI index surpassing the symbolic threshold of 19,000 points and reaching a record MAD 1 trillion (US$100 billion) market capitalization for the first time in its history.
The MASI index gained 1.30% to close at 19,168.83 points, bringing its year-to-date performance to an impressive 29.75%. The MASI 20, which tracks the 20 most liquid companies, rose 1.28% to 1,578.22 points, while the MASI ESG advanced 1.26% to 1,318.74 points.
Trading was robust, with transactions reaching MAD 466 million (US$46.6 million) on the central market. Attijariwafa Bank led activity, accounting for MAD 62 million (US$6.2 million) in trades and posting a significant 3.57% gain to close at MAD 725 (US$72.5).
Maroc Telecom followed closely with equivalent trading volume and a 2.54% increase to MAD 121 (US$12.1).
Among emerging stocks, Vicenne, a medical equipment company, continued to capture investor attention. Introduced on the exchange just one week ago, the stock is now trading at MAD 345 (US$34.5), representing a remarkable 46% surge since its initial public offering.
Vicenne’s IPO raised MAD 500 million (US$50 million) and was oversubscribed 64 times, generating demand worth MAD 32 billion (US$3.2 billion).
Other notable performers included Maghreb Oxygène, which jumped 9.96% to MAD 425 (US$42.5), and Sothema, gaining 9.56% to close at MAD 1,810 (US$181). On the downside, Sanlam Maroc recorded the day’s steepest decline at 6.75%, falling to MAD 1,865 (US$186.5).
This market rally comes amid favorable economic conditions despite global uncertainties. According to the High Commission for Planning (HCP), Morocco’s economic growth accelerated to 4.8% in the first quarter of 2025, up from 3% a year earlier.
This performance was primarily driven by a 4.6% increase in non-agricultural activities, stimulated by major infrastructure projects related to the 2025 African Cup of Nations and the 2030 World Cup.
Sectoral indicators confirm this positive trend. Cement sales, a key barometer for construction activity, grew by 9.8% to reach 6.8 million tons by the end of June, despite the slowdown during Eid Al-Adha.
The automotive sector posted impressive growth, with sales up 36.6% in the first half of the year, totaling 88,728 units.
Agriculture also contributed to the recovery with a 4.5% increase in added value during the first quarter. This strategic sector still represents between 11% and 15% of GDP and accounts for nearly 40% of national employment.
On the external front, the trade deficit widened to MAD 133 billion (US$13.3 billion) by the end of May, primarily due to increased imports of capital goods and construction materials.
However, this deficit is partially offset by a growing surplus in services, fueled by tourism recovery and strong business services. The current account deficit remains contained at around 2% of GDP.
Inflation continues to decline, averaging 2% in the first quarter before dropping to 0.7% in April and 0.4% in May, mainly due to falling food prices. In this context, Bank Al-Maghrib has maintained its key interest rate at 2.25%, awaiting greater visibility on geopolitical tensions and the international environment.
Public finances remain under control, with the central bank projecting a budget deficit of 3.9% of GDP for 2025, despite sustained public investment. This trajectory is supported by increased tax revenues and rigorous expenditure management.
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