At the end of this 1st quarter of 2021, marked by a relatively better economic context than that of 2020, investors closely followed the release of listed companies'operational results. This is evi-denced by the performance of the MASI index of 4.8% since the beginning of May combined with a significant ADV of MAD 179 Mn, up 55.7% compared to the annual average for 2021.

As of today, 72 listed companies published their quarterly achievements, representing more than 99% of the market capitalization.
Upon the analysis of listed companies'quarterly press releases, we note the following points :
- After 3 quarters of consecutive declines in 2020, the market's revenue rose slightly by 1.3%. As a whole, the equity market did not benefit from a favorable base effect in this 1st quarter as Q1-20 only partially includes the impact of the health crisis ;

- On the commercial front, the gradual recovery of the economy is mainly benefiting 3 listed sec-tors. These are Banking, Automotive and Building Materials sectors. The latter two recorded significant declines in their activity in Q1-20 ;

- The Telecom and Retail sectors contributed negatively to the growth in market revenue. While Maroc Telecom was penalized by an unfavorable regulatory framework, the Retail sector, repre-sented by Label Vie, benefited during Q1-20 from an over-storage effect from households ;

- The assessment of our "cash-conversion" portfolio, presented at the start of 2021, shows a YTD performance of 18.3%. At the same time, our portfolio is keeping its promises in terms of return with an announced D/Y 20 of 4.0% and an estimate of 4.2% for 2021 ;

- The upward trend in international commodity prices, would benefit more mid-cap companies of our portfolio. These would take advantage from a positive contribution margin effect allowing them to significantly increase their profitability level.


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