In the first quarter of 2025, the stock market continued its momentum with a +7.7% increase in revenues compared to +4.0% in Q1-24 and +10.2% in Q4-24. In detail, 53 listed companies saw an increase in their quarterly revenues compared to only 14 issuers whose revenues declined during the same period.
The key messages which emerge from the analysis of the market’s commercial achievements are summarized in the following points:
- Market’s revenue growth of +7.7% at the end of March 2025 is largely driven by robust domestic Demand linked to the super cycle in investment benefiting the Moroccan economy. This situation is reflected in the press releases of listed companies in Q1-25;
- The banking sector maintains its status as the main contributor to the growth of the market’s revenues through an increase in its aggregate NBI of +10.7% in Q1-25, i.e. MAD +2,352 Mn compared to MAD +5,914 Mn for the whole market. This performance is supported by the income of market activities which increased by +31.5% and contributed 56% to the growth of the listed sector's NBI;
- The NIGS of the six listed banks(1) shows an appreciation of +18.7% to MAD 5,641 Mn at the end of March 2025, significantly higher than that of the activity. This is attributed to the combined effect of costs optimization through a C/I ratio of 39.8% down -2.9 pts and the good control of the cost of risk, whose increase is twice lower than that of the NBI, i.e. +5.7% against +10.7% respectively;
- The market positively welcomed the listed companies’ achievements in Q1-25, with the MASI index rising by +3.8% over 25 trading sessions. This is the period of results publication from April 25th to May 30th. Trading volumes also remained relatively high, with an average daily volume of MAD 373 Mn over the same period.
