The performance observed in the capital market in the first quarter of 2023 was achieved in an environment marked by continued improvement in economic growth and slowing inflation.
The Moroccan Capital Market Authority (AMMC) publishes its tenth issue of the Capital Market Review. This publication, which provides an overview of the key events that occurred during the first quarter of the current year, demonstrates good market dynamics during the first three months of the year. The main market indicators showed an upward trend at the end of March and compared to the end of 2023. A performance achieved in an environment marked by continued improvement in economic growth and slowing inflation. In terms of valuation, the market capitalization stood at 671.6 billion dirhams at the end of March 2024, up 7.3% compared to the end of December 2023, and 23.9% year-on-year. “This increase reflects the 7.6% increase in the MASI, to 13,009.23 points,” it is noted in this sense. And to specify that “at the end of February 2024, the value of the net assets of UCITS amounted to 589 billion dirhams, an increase of 5.3% since the beginning of the year and 14.6% compared to the end of February 2023”. The AMMC notes in this sense that at the end of December 2023, the net assets of OPCI recorded an annual growth of 48.07% reaching 85 billion dirhams. Regarding the activity of the primary and secondary markets, the AMMC underlines in its publication that it was marked from December 1, 2023 to March 30, 2024 by bond issues totaling 3.85 billion dirhams as well as three bond issues by private placement totaling 1.85 billion dirhams, a capital increase of 2.9 billion, and two public offers totaling approximately 2 billion dirhams. Regarding the secondary market of the Casablanca Stock Exchange, the volume of transactions carried out in this direction reached 11.7 billion dirhams, up 82.8% compared to the same period last year. It should be noted that this publication establishes a focus on the reform of the legislative framework relating to private equity with the publication in the Official Bulletin in September 2023 of Law No. 58-22 amending and supplementing Law No. 41-05 relating to Collective Capital Investment Organizations (OPCC), which aims to establish a favorable framework for the development of private equity in Morocco.
