An IPO, capital increases in several sectors, a profit warning throwing the cold on an entire sector and more disappointing quarterly results than those of the past week. Here is what in essence marked this week on the Casablanca Stock Exchange where volumes remained low and volatility very low.
Less than 15 points separate the MASI’s opening level on Monday and its closing on Friday. Only Thursday’s session saw a slight burst of volatility following the test of 10,900 points at the start of the session. And for good reason, a World Cup which, as often, distracts operators. In this regard, a study carried out during the Russian World Cup shows a drop in volumes on the stock exchanges in Europe, Asia and Latin America. We also saw it on Tuesday during the Morocco match where only 10 million dirhams of transactions were recorded on the central market.
On the macro level, we note among the highlights a correction currently underway of the dollar once morest other currencies, inflation which marks a slight decline while remaining above 8%. But let’s keep in mind that this is the first setback since October 2021.
On the bond market, the Treasury tried a new formula with an adjustable rate to seduce investors on Tuesday. It was thus able to raise 3.5 billion over 5 years at a revisable rate of 2.9% (see formula). But this market should remain tight between now and the end of the year in view of the Treasury’s needs. Moreover, during the same session, it raised 2.2 billion dirhams at 13 weeks at rates up between 15 and 25 basis points.
On a more micro level, corporate releases were rather mixed, contrasting with bank results released a week earlier. Unsurprisingly, the mining companies Managem and SMI saw their growth slow down due to the drop in raw materials but also because of logistical concerns and lower production in Q3, while Wafa Assurance and the small cap Med Paper unveiled better copies. . Aradei Capital revealed higher results, unsurprisingly, and the management expects an increase in profits and dividends at the end of the year due to the resilience of the activity which benefits from the recovery in attendance.
TGCC has announced two new international subsidiaries. News which caused a slight jump in the price. But the main event of the week remains the announcement of the Akdital IPO. And as with every IPO, it provokes strong reactions on social networks. It would be interesting to follow the results of this operation and the degree of enthusiasm it might generate in the current context.
From a technical point of view, we maintain the conclusion of last week: “On the daily chart we note the appearance of a bullish divergence on MACD likely to indicate an extension of the technical rebound towards the area of 10,900 points . If this level is reached and exceeded, this will open the way to 11,500 points without jeopardizing the medium-term downtrend. The rebound hypothesis will be ruled out by a close below 10,350 points.
