The Casablanca Stock Exchange (CSE) witnessed a positive performance during the first half of 2024, with aggregated revenues of listed companies increasing by 4.3% to 153 billion dirhams (MMDH), primarily driven by the robust performance of financial companies, particularly in net banking income (NBI).
Financial institutions showcased double-digit growth in NBI, reaching 46.3 billion dirhams, a 12.7% increase from the previous year. This surge was attributed to strong growth in market activities, with notable contributions from Attijariwafa Bank, BOA, and BCP.
While industrial values experienced a slight uptick in revenue, it was not as significant as the financial sector with overall turnover for industrial companies remaining relatively stagnant at 93.8 billion dirhams, with a modest growth of 0.6%.
However, there was a notable improvement in the second quarter of 2024, suggesting a potential acceleration in commercial activity for the remainder of the year.
Despite the unfavorable impact of Eid El Adha on the first half, the overall positive performance indicates a promising outlook for the CSE. The decline in net debt for listed companies, excluding financials, to 57.8 billion dirhams, was primarily due to reduced debt levels at Managem and Afriquia Gaz.
Investments also saw a significant increase, with companies on the CSE mobilizing 8.6 billion dirhams, an 18.9% jump from the previous year. This was largely driven by increased capital expenditures (CAPEX) from Managem and IAM, as they focused on strategic development projects.
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