INTERNATIONAL HIGHLIGHTS
A seesaw trend in the dollar
The dollar rose against the euro at the start of the week supported by the publication of US retail sales up +5.3%, before falling again at the end of the week. The EUR/USD parity stands at 1.212, stable in comparison to the previous week.
The dollar remains penalized by the latest US economic figures. Despite the outperformance of the Philadelphia Fed's manufacturing index, activity slowed compared to January. On the one hand, claims for unemployment benefits rose from K 793 to K 861 in one week, and on the other hand, housing starts fell by -6% during the same period.
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Research Paper- Eqdom H1 2020 Results
The consumer credit sector is deeply affected by the Covid-19 crisis. However, we believe that the correction of the Eqdom on the stock market by -38% since January 2020 is disproportionate compared to the potential for a recovery in its fundamentals by 2022.
Key Rate Survey H2-20
In our survey conducted in September, we identified investors' expectations regarding the evolution of the Moroccan central bank key rate in H2-20. Recall that this survey was carried out among a sample of 34 investors regarded as the most influential within the Moroccan stock market.
Stock market results : A lockdown effect widely consumed
After a slight increase of 0.5% in Q1-20, the aggregate revenue of listed companies at the end of the 2nd quarter stood at MAD 55.7 Bn, down -10.5%. In more detail, 54 listed companies reported declining revenue in Q2-20 against 36 in the pre-vious quarter. [...]
