Research & Analysis

After an almost two-year lull, Sub-Saharan African issuers are clawing their way back in international markets. In fact, with a few exceptions, African countries were largely excluded from the international Eurobonds market.

At the origin of this development, a double "market - basket" effect in favor of the Dirham. In more detail, the basket effect stands at -0.44% and the market effect stands at -0.18% due to the significant easing of liquidity conditions on the foreign exchange market.

EUR/USD is trading close to 1.10, up +0.51% from 1.086 a week earlier.

In this Research Paper, we focused on the evolution of the valuation multiples of the Banks index and the MASI index over the period 2010-2024E.

Akdital's capital increase of MAD 1.0 Bn is a continuation of its development model which is mainly “growth” focused. [...]

The USD/MAD pair depreciated this week by -0.22% to 9.97 compared to 9.99 a week earlier.At the origin of this development, a positive basket effect of +0.03% linked to the low volatility of the EUR/USD parity this week. The market effect, for its part, came out negative at -0.25% in favor of the dirham.

During our recent survey, we identified investors' expectations regarding the evolution of the Moroccan Central Bank Key rate during its second monetary policy meeting scheduled for June 25th, 2024.

EUR/USD depreciated this week to 1.0801 from 1.0848 the previous week.

During this 1st quarter of 2024, the activity of listed companies evolved within a general context marked by: (1) The decline in inflation to 1.2% on average, (2) Unfavorable weather conditions leading to a contraction of Crop Value Added by -3.9%, (3) The announcements of several pro-jects within the framework of AFCON 2025, the World Cup 2030, th [...]