Story
Moroccan All Shares Index Slips as Banking and Mining Stocks Decline
Summary
Morocco's main stock index closed lower on Thursday, dragged down by weakness in the key banking, utilities, and mining sectors. The decline came despite a majority of stocks on the Casablanca exchange posting gains for the session.
Moroccan stocks finished in negative territory on Thursday, with the benchmark Moroccan All Shares index closing down 0.29%. The decline was primarily driven by losses in the country's key banking, utilities, and mining sectors, according to data from the Casablanca Stock Exchange.
Session Highlights
Despite the headline index decline, market breadth was positive. Advancing stocks outnumbered decliners by a margin of 32 to 21, while 9 stocks ended the session unchanged. This suggests the downturn was led by losses in heavily-weighted index components rather than broad-based selling pressure across the market.
Key Stock Movements
The session's worst performers were concentrated in the industrial and materials space. Among the most significant decliners were:
- SMI (CSE:SMI), which fell 4.59% to close at 6,010.00.
- Fenie Brossette (CSE:FBR), declining 3.05% to 270.00.
- CDM (CSE:CDM), which ended the day down 2.97% at 940.20.
AdOn the upside, technology and consumer staples firms showed strength. Top gainers included M2M Group (CSE:M2M), which surged 6.92%, and Societe des Boissons du Maroc SA (CSE:SBM), which added 6.32%.
Broader Market Context
In the wider financial markets, energy prices saw a significant rally. Crude oil futures for September delivery jumped 6.24% to $92.25 a barrel, while Brent oil rose 7.21% to $100.85 a barrel.
Precious metals moved in the opposite direction, with the August Gold Futures contract falling 2.34% to trade at $4,054.67 a troy ounce. In currency trading, the EUR/MAD pair edged down 0.16%, while the USD/MAD was unchanged. The US Dollar Index Futures, a measure of the dollar's strength against a basket of currencies, was up 0.36%.
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