Research & Analysis

In June 2023, we note a significant improvement in investors’ confidence towards the Equity market. Indeed, the AGR Confidence Index stands at 57.0 pts, up +24.5 pts compared to the previous edition.

During our survey conducted in June, we identified investors' expectations regarding the evolution of the Moroccan central bank’s key rate during its 2nd monetary policy meeting scheduled for June 20th, 2023.

An assessment of TotalEnergies Maroc stock takes place in a particular context marked by a volatility of the distribution margins, a decline in the consumption growth as well as an upward readjustment of the discount rates applied by financial investors.

During this first quarter of 2023, 67 listed companies released their operational achievements. These account for more than 99% of the market's capitalization.

The USD strengthens against the MAD for the 2nd consecutive week after a downward trend since mid-March.

The USD/MAD pair is strengthening this week after a downward trend which began in mid-March. It rose by +0.87% from 9.99 to 10.07. This change is mainly explained by a basket effect of +0.67% related to the appreciation of the dollar combined with a positive market effect of the USD/MAD pair of +0.20%.

Following Maroc Telecom FY 2022 annual achievement and based on our discussions with the Management on April 11th 2023, we have updated our analysis as well as our stock's valuation.

The MAD is rising again this week against the Dollar. The USD/MAD dropped by -0.42% from 10.12 to 10.08 this week, i.e. a 3-month low.

The MAD appreciates for the 5th consecutive week against the Dollar. The USD/MAD pair fell -0.91% from 10.19 to 10.10 this week. This evolution is explained by a basket effect of -0.80% related to the appreciation of the euro and a liquidity effect of -0.11%.