News

In this 11th edition, we analysed the AGR Africa Bond Index evolution during Q3-21.

For this edition, we note a continued improvement in investor confidence toward the Equity market.

At the end of the 1st half of 2021, Eqdom confirms the recovery of its activity by recording a 48.0% increase in its loan production compared to H1-20 to MAD 1,279 Mn.

At the end of the first two quarters of 2021, SNEP posted revenues up +19.3% and +38.6% respectively. Thus, the half-year turnover settled at MAD 517 Mn, i.e. an increase of +28.0%. This is an achievement rate higher than our initial forecasts, i.e. 55%.

After a drop in its revenue of -28% during Q1-21 following the decline in Lead production, CMT managed to recover its activity by +25% in Q2-21. Under these conditions, we note a slight increase in revenue, i.e. +0.6% during H1-21 to MAD 191 Mn. 

Despite the increase in the Treasury's financing needs over the past two years as a result of the significant readjustment of fiscal policy, bond rates did not experience any particular pressure during H1-2021.

At the end of the first half of 2021, Auto Hall shows a solid recovery of its revenue of 129% to MAD 2,825 Mn. Compared to H1-19, the growth rate is still high at 33.4%.

At the end of the 1st half of 2021, Cosumar posted an increase in its consolidated revenue of +2.9% to MAD 4,382 Mn driven by the recovery in “out of home” consumption following the easing of restrictions on mobility.

Following our survey conducted in September, we have identified investors' expectations toward the evolution of the Moroccan central bank key rate on the sidelines of its 3rd meeting of Q3-21.