FINANCIAL MARKET HEADLINES
| MOROCCO | WAFA ASSURANCE | A loss of MAD -191 Mn in H1 2020
|
Indicators (MAD Mn) |
H1 2019 |
H1 2020 |
Variation |
|
Revenues |
4658 |
4697 |
0,8% |
|
Net income |
431 |
-191 |
MAD -622 Mn |
|
Net margin |
9,3% |
NS |
- |
| MOROCCO | SNEP | Net income up 14% in H1 2020
|
Indicators (MAD Mn) |
H1 2019 |
H1 2020 |
Variation |
|
Revenues |
475 |
404 |
-15,0% |
|
EBIT |
51 |
57 |
11,1% |
|
EBIT margin |
10,8% |
14,1% |
-3,3pts |
|
Net income |
31 |
35 |
14,1% |
|
Net margin |
6,4% |
8,6% |
+2,2pts |
ECONOMIC HEADLINES
| MOROCCO | KEY RATE | BAM decides to keep the key rate unchanged at 1.5%
The Board of Bank Al-Maghrib, held on Tuesday, September 22nd, 2020, maintains the key rate unchanged at 1.5%. Note that Bank Al-Maghrib forecasts a 6.3% drop in GDP in 2020 taking into account a decline of -5.3% in crop value-added and -6.3% in non-crop value-added. Meanwhile, the Central Bank forecasts a recovery of the Moroccan economy, i.e. a growth rate of + 4.7%.
| MOROCCO | CPI | An increase of 0.9% y-o-y in August 2020
In August 2020, the consumer price index rose by 1.4% compared to the previous month taking into account the 3.4% increase in the food index and 0.1% in the non-food index. On a y-o-y basis, the CPI increased by 0.9%. Note that the underlying inflation indicator, which excludes products with volatile prices and products with public tariffs, increased by 0.2% compared to July 2020 and by 0.6% compared to August 2019.
| SENEGAL | GDP | The IMF forecasts a decline of -0.7% in GDP in 2020
The International Monetary Fund forecasts a decline of -0.7% in the GDP of Senegal in 2020 against initial growth projections of 1.1%. This decline could be explained by the impact of the Covid-19 pandemic on the country’s economic activity.
