Casablanca Stock Exchange Opens Week on a Positive Note with Mining Sector Leading Gains

Market Overview

The Casablanca Stock Exchange kicked off the week on a strong note, buoyed by significant interest in mining stocks, which have benefited from a global surge in precious metals. The market's upward momentum allowed it to slightly surpass the 19,500-point threshold.

At the close of trading, the MASI index rose by 0.24%, reaching 19,516.71 points, after hitting an intraday high of 19,525.13 points. Year-to-date, the index has recorded a performance of +3.56%.

Conversely, the MASI 20 index, which includes the most liquid large-cap stocks, moved against the trend, declining by 0.24% to 1,528.14 points. This drop was primarily influenced by setbacks in certain banking and construction stocks.

Trading Activity

Trading activity remained robust on the central market, with a total volume of 410 million dirhams, predominantly driven by the mining sector. Managem led the trading volume, attracting 154 million dirhams, and saw its stock price increase by 8.95% to 8,050 dirhams, after reaching a daily high of 8,127 dirhams.

Attijariwafa Bank followed with 39 million dirhams in transactions, although its stock fell by 1.64% to 752 dirhams. SGTM also experienced profit-taking, recording 33 million dirhams in trades and a decline of 1.65% to 899.90 dirhams.

Top Gainers and Losers

The mining sector accounted for the majority of the day's gains. SMI, a subsidiary of Managem and a direct proxy for silver, posted the highest increase in the market, soaring by 10% to 5,171 dirhams on a trading volume of 18 million dirhams.

CMT also performed well, gaining 9.83% to reach 1,900 dirhams with 14 million dirhams exchanged. Managem rounded out the top three with its 8.95% increase, while Rebab Company rose by 5.91% to 112.90 dirhams.

Market Capitalization

As of Monday, the total market capitalization stands at 1,083 billion dirhams.

Additional News

In other news, the Treasury has revised the interest rate on its 5-year bonds to 2.30%. A new super-cycle for gold and silver is emerging, prompting adjustments among listed mining companies. Additionally, Bank Al-Maghrib has announced the withdrawal of certain types of Moroccan banknotes from circulation.

For further details, investors can refer to the dividend calendar.