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Economy

Casablanca Stock Exchange Starts the Year in the Green

Tuesday 02 January 2024 - 14:03

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Trading at the Casablanca Stock Exchange opened the new year on a positive trajectory following a brief closure for the holidays on Monday. The primary index, MASI, showcased a robust start by advancing 0.66%, ultimately closing at 12,172.92 points as reported from Tuesday's session.

The positive momentum extended across various indices, with the prominent MASI 20 experiencing a 0.73% increase, reaching 997.05 points. Furthermore, the MASI ESG index, designed to monitor companies with strong environmental, social, and governance scores from Moody's ESG Solutions, saw a climb of 0.63%, closing at 907.55 points. Notably, even smaller companies demonstrated noteworthy returns, evident in the 1.27% increase of the MASI Mid and Small Cap index, concluding at 1,007.96 points.

Examining specific stocks, the mining sector emerged as the frontrunner in gains, with Minière Touissit surging by an impressive 9.17%, reaching 1,190 dirhams. Following closely, the construction materials firm Stroc Industrie recorded a substantial 7.45% jump, closing at 30.86 dirhams. Real estate investor Immorente Invest also contributed to the positive trend, adding 4.05% and concluding at 96.77 dirhams.

Cartier Saada and sugar refiner Cosumar both experienced commendable climbs of over 3%. In contrast, the automotive supplier Stokvis Nord Afrique faced a setback, dropping by 2.2% to 10.66 dirhams, leading the list of decliners. Food companies Sodep-Marsa Maroc and Sanlam Maroc also experienced slight retreats, each falling over 1%.

This overall positive trading activity positions the Casablanca exchange favorably to build upon the modest gains from the previous week.