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Week from 08/12/2013 to 08/16/2013
 Market Summary
 International Markets
 Market and Sector News

At the international level
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France: unexpected Rebond of GDP in the second quarter
At the national level
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IDE: a net inflow of 16.6 MMAD in June
Exchange reserves: slight increase
Fitch rating: notes maintained for 4 banks
Cement: the continues Diving
Steel industry: import quotas divide the wiredrawers
Tourism: the recovery takes confirms
Alliances: continuity of activity for 3 subsidiaries
Centrale laitière: Increases the price of milk
CIH: launches the online bank
SALAFIN: wants renew its buyback program
SMI: picks the ISO 14001
 Fundamental Data
 Technical Data
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Market Summary
INDEXES
MARKET PERFORMANCE
Performance
Val ue
Weekly
2013
Weekly evolution for Moroccan indexes vs. volume
MASI
MADEX
8 506,54
6 896,46
-0,27%
-0,35%
-9,11%
-9,42%
FTSE CSE 15
FTSE CSE All
Capi. (Billions of MAD)
8 450,62
7 255,03
411,17
0,12%
-0,64%
-0,13%
-12,15%
-7,70%
-7,66%
60
100
50
100
100
40
100
30
100
20
MARKET VOLUME OF THE WEEK
In Millions of MAD
VOLUME
%
Central Market
112,80
77,69%
OTC Market
32,40
22,31%
Global Market
145,20
100,0%
99
10
ADV*
28,20
8,10
36,30
99
0
99
8/12
8/13
CM vol ume
8/14
8/15
O TC vol ume
M ASI
8/16
M AD EX
* Average D aily Volume
A week in a mixed trend for the Moroccan market. Indeed, both indicators showed a weekly change of -0.27% for MASI and +0.12% for the FTSE 15,
bringing their annual performances respectively to -9.11% and -12.15%. For its part, the market capitalization set at MAD 411.17 billion. The global
trading volume of this week totalled MAD 145.20 millions traded on the Global Market. The Average Daily Volume (ADV), since the beginning of
2013, set at MAD 162.8 millions.
Shares
SONASID
MAIN VARIATIONS OF THE WEEK
Price
% Chg
ADV (TMAD)
579,00
7,22%
31
EQD OM
1 900,00
6,38%
19
MANAG EM
CENTRALE LAITIERE
1 319,00
1 569,00
5,94%
5,94%
47
8
COLORADO
SOTHEMA
MAGHREBAIL
HPS
47,84
1 041,00
856,00
328,00
- 5,27%
- 5,62%
- 5,93%
- 7,87%
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69,5
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MAIN VOLUMES OF THE WEEK
WAP
Quantity
VOLUME
(MMAD)
%
Central Market
HOLCIM
MAROC TELECOM
WAFA ASS
ATTIJARIWAFA
905,88
90,77
2 819,84
319,15
22 516
321 545
3 898
32 964
31,77
29,19
10,99
10,52
28,2%
25,9%
9,7%
9,3%
OTC Market
SMI
3 600,00
9 000
32,40 100,0%
The downward trend of the market was supported by the increase of several values: HPS (-7.87%), MAGHERBAIL (-5.93%), SOTHEMA (-5.62%)
et COLORADO (-5.27%).The transaction flow has been achieved primarily by the shares HOLCIM, MAROC TELECOM, WAFA ASSURANCE,
and ATTIJARIWAFA BANK, which represented 73.11% of transactions of the week. The OTC market registered a volume of 32.4 MMAD traded
exclusively on SMI.
International markets
index
CAC 40*
DAX 30*
DOW JONES 30*
NASDAQ*
HANG SENG
NIKKEI
INTERNA TIONAL INDEXES
Daily
Weekly
Last
% Change
% Change
4 105,73
0,31%
0,84%
8 363,13
-0,16%
0,05%
15 114,84
0,02%
-1,98%
3 607,42
0,04%
-1,70%
22 517,81
-0,10%
1,11%
13 650,11
-0,75%
0,97%
Annual
% Change
12,76%
9,86%
15,34%
19,47%
-0,61%
31,31%
U.S. stocks are little changed on Friday, as investors pause after two difficult days for equities and looked to a report on consumer sentiment.
The Dow Jones rose by 0.02% while the Nasdaq was 0.04% higher.
European stock markets struggle at the flat line on Friday ahead of more U.S. data, including a sentiment survey. A.P. Moller-Maersk soars
on upbeat results, and mining stocks are a bright spot on higher gold prices. The CAC40 was 0.31% higher whereas the DAX30 fell by
0.16%.
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Market and sector news
At the international level:
France: unexpected Rebond of GDP in the second quarter
After several months of contraction, the french GDP grew by 0.5% in the second quarter according a first
estimate of INSEE. Indeed, INSEE has published this Wednesday its first growth estimate for the second
quarter 2013. Result: gross domestic Product has clearly rebounded, climbing of 0.5% after a decline of
0.2% during the first three months of the year. It comes to the strongest progression since the first quarter
2011. This increase holds, particularly at rebound in consumption of households, which climbs of 0.4% after
fell by 0.1% the previous quarter. In the same time, the decline in investment has slowed. By Moreover,
exports have she also rebounded (+2% after -0.5%) while imports increased slightly less quickly (-0.9%).
At the national level :
IDE: a net inflow of 16.6 MMAD in June
Despite the difficult conjuncture, indicators regarding foreign direct investment (IDE) posted performance
more or less positive. It spring of disclosed by the Central Bank that the net input investments figures
totaled, under the months of June of the current year, a global amount of the order of 16.9 MMAD. The IDE
resources have thus evolved of 27.4% by report to last year, for to 21.9 MMMAD. Enrolling in the same
trend, IDE expenditures have also progressed of 23.7% to situate to 5 MMAD.
Exchange reserves: slight increase
The net international reserves Bank Al-Maghrib (BAM) is are slightly appreciated August 2 last (5.2%) by
report to the same period in 2012, reaching 150.2 Md MAD. This amount represents nearly 4 months and 10
days of imports of goods and services, according to latest statistics of BAM.
Fitch rating: notes maintained for 4 banks
Feedbacks maintained for four of main Moroccan banks. Fitch rating comes, indeed, confirm the notations of
ATTIJARIWAFA BANK, BMCE, BMCI and Société Générale Morocco simultaneously. In this wake, the
assessment agency maintains their stable outlook.
Cement: the continues Diving
A end July 2013, cement sales fell 11.7% to 8.9 million tonnes. The month of July has registered, alone, a
decrease of 5.46%. The cement is not the only construction material concerned by this decline, entire sector
is in trouble.
Steel industry: import quotas divide the wiredrawers
Importers machine wire and Round to concrete have had right to import quotas. The list of beneficiaries just
been drawn up by the Ministry of Industry, Trade and of new technologies: 14 importers for the Machine
and 6 for the round to concrete wire. The former are are rated a contingent from 37 000 tonnes against 10
500 tonnes for the latter.
Tourism: the recovery takes confirms
According the latest figures from Ministry of tourism, the Morocco has preserved its level of tourism activity
with a growth of 3% to late May. Most issuers markets United have thus recorded positive results. Indeed,
tourists have from the Germany, the United Kingdom, of Italy and the United States have registered
progressions of 7%, 10%, 8% and 11% respectively.
Alliances: continuity of activity for 3 subsidiaries
Al Gest, Altadec and Al Golf Management will not be dissolved. Despite the loss of three quarters of their
respective capital, subsidiaries of Alliances group Development are allowed to continue their activities.
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Market and sector news
Centrale laitière: Increases the price of milk
The Centrale Laitière has increased by 20 centimes the price of half-liter of milk. The bottle which previously
cost 3.30 MAD is sold since Thursday August 15 at 3.50 MAD, an increase of 6%. This increase has purpose of
allow breeders to cope with the rise in their operating expenses for.
CIH: launches the online bank
The CIH comes from deployed a service bank remotely Free character to enable its customers to have a
permanent access to their accounts without having to move in agency. A through a secure interface, the CIH
facilitates its customers the monitoring of operations of accounts, monitoring of monetics transactions,
visualization of checks and other services.
SALAFIN: wants renew its buyback program
Salafin wants renew its buyback program actions. The subsidiary of BMCE shall convene, at this title, its
shareholders to the extraordinary general meeting of 11 September 2013, to rule on this operation.
SMI: picks the ISO 14001
SMI just landed the ISO 14001 certification for its silver mine. Accompanied by a specialized firm, the
subsidiary of Managem has implemented a environmental management system accordance with ISO 14001.
For the company, this certification, that comes after obtaining the label of CSR of the CGEM last May, is source
of development opportunities.
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Fundamental Data
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Technical Data
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Khadija Saimane
[email protected]
Mouhssine Bencheqroun
[email protected]
Mehdi Bensouda
[email protected]
Alae Yahya
[email protected]
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