EXECUTIVE SUMMARY
The operational achievements of listed companies in the third quarter of 2021 took place in a favorable economic and stock market context. On the one hand, economic indicators show a continuous recovery with an economic growth of 5.9% at the end of Q3-21. On the other hand, investor confidence in the equity market reached an all-time high, as evidenced by the latest AGR Confidence Index report published in October 2021.
As of today, 72 companies out of a total of 73 have announced their commercial achievements at the end of September 2021. These represent more than 99% of the stock market capitalization.
At the end of this publication period, we come out with three key messages :
- The third quarter of 2021 confirms the activity’s recovery of listed companies that began in Q2-21, i.e. +10.4% versus +13.5% respectively. This evolution is justified by the upturn in consumption “away from home” in a health context in continuous improvement and the sustainability of the upward trend in commodity prices. This latter benefits to mining companies and some manufacturers ;
- At the end of the first nine months of 2021, the activity level of listed companies rose above that observed at the end of September 2019, considered as pre-Covid reference period. This represents an aggregate revenue of MAD 193.3 Bn, up 8.3% ;
- In addition, the month of November was marked by the revision of the benchmark index, the MSCI FM. To this end, we note a technical revision of Morocco's weight in this index, dropping from 10.86% to 10.24%. Originally, Pakistan's downgrade from the MSCI EM to the MSCI FM index.
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