Casablanca Stock Exchange 2025: A Pivotal Year Toward Financial Maturity

The year 2025 was undoubtedly a pivotal one for the Casablanca Stock Exchange. Beyond the impressive rise in its main indices, a profound transformation is underway, driven by record-breaking IPOs, increased public participation, and booming trading activity. The challenge will remain to maintain this growth momentum while strengthening the stability, transparency, and international appeal of the Moroccan financial center.

In an international context still marked by monetary uncertainty, rising inflation in several economies, and persistent geopolitical tensions, the Casablanca Stock Exchange delivered a remarkable performance in 2025, not only in terms of figures but also structurally. This stock market year will go down in history as a turning point, marking a greater assertiveness of the Moroccan financial center within the national and regional economic landscape.

A MASI in strong growth

The main index of the Casablanca Stock Exchange, the MASI (Moroccan All Shares Index), ended the year 2025 around 18,846 points, showing an annual increase of nearly +27% compared to 2024. This robust rise is based on a series of symbolic milestones crossed throughout the year, notably the temporary surpassing of the 20,000 point mark, a notable first which galvanized local and international investors.

The upward momentum was indeed already visible in the first quarter. The MASI had risen by more than 20% by March 31st, 2025, demonstrating a particularly strong start to the year and confirming a sustained upward trend that continued throughout the year’s 247 trading sessions. And for good reason: 2025 was marked by a series of historic highs for the MASI index, reflecting growing investor optimism and a firmly established upward trend. At the beginning of the year, the MASI had already begun its upward trajectory, successively crossing the key levels of 17,000 and then 18,000 points.

In August 2025, the MASI reached an all-time high above 20,000 points, a symbolic threshold not seen for several years, highlighting the strength of the upward trend. Later that year, in October, the index climbed to over 18,927 points, illustrating robust momentum despite occasional corrections.

Other market data also indicate levels close to 19,634 points at the end of July, a performance which, at that point in the summer season, demonstrated the resilience of the stock market. This suggests that 2025 was a year of intensifying upward movement, driven by investor appetite for Moroccan stocks and restored liquidity.

Casablanca Stock Exchange market capitalization and trading volumes: evidence of a denser market

At the end of the past 12 months, market capitalization has now far exceeded the symbolic one trillion dirham mark, with a notable concentration around the main listed companies. Among the top ten market capitalizations, Attijariwafa Bank leads the pack, followed by companies such as Itissalat Al-Maghrib, Managem, SODEP-Marsa Maroc, and BCP. Trading activity also intensified throughout the year, with some sessions seeing total volumes reach several billion dirhams.

A revitalized primary market

But one of the most significant trends of 2025 was the resurgence of the primary market. Three IPOs particularly marked the year.

If we need to recall, these included Vicenne, which raised nearly 500 million dirhams during its summer IPO, Cash Plus, a fintech specializing in payment services, whose introduction was undersubscribed up to 64 times, setting a record for participation for an IPO in Casablanca, but also SGTM (Société générale des travaux du Maroc), whose offer generated exceptional enthusiasm before its listing in December.

These transactions have not only brought new liquidity to the market, but have also broadened the range of sectors represented by growth-oriented and infrastructure-focused companies.

Some sectors are driving growth for teh Casablanca Stock Exchange and others are struggling

On the sector front, some segments of teh Casablanca Stock Exchange have outperformed spectacularly in 2025. The Engineering and Industrial Equipment index emerged as the big winner of the year, with a surge of 255.52%, confirming the growing interest of investors in industrial stocks with a strong technical dimension.

The mining sector also recorded significant growth of 99.02%, driven by strong international prices and the operational performance of several industry players. The pharmaceutical industry also had an exceptional year, with a 94.33% increase, reflecting the strengthening of Moroccan laboratories’ position in the regional value chain.

At the same time, several sectors experienced more mixed, or even negative, performances. The transportation sector saw a decline of 17.5%, linked in particular to a less favorable operating environment. The chemical industry fell by 14.23%, while real estate investment companies recorded a decrease of 10.11%, reflecting the effects of a more restrictive environment for activities related to listed real estate assets and rental income.

Star performers and individual variations:

Several stocks stood out for their individual performance, reflecting the heterogeneity of market behavior within the index. Stroc Industrie achieved the strongest gain of the year, with a spectacular rise of 482.64% to reach 245 dirhams. It was followed by Stokvis Nord Afrique, whose share price climbed 474.22% to 94 dirhams, and Fenie Brossette, which recorded an increase of 258.43% to 381.55 dirhams.

S2M, for its part, rose by 148.94% to 585 dirhams, while Sonasid saw a gain of 126.34% to 2,227 dirhams. Conversely, some stocks ended the year in negative territory. SNEP fell by 19.33% to 480 dirhams, while CTM dropped by 17.5% to 905 dirhams.

Mutandis saw its share price fall by 17.76% to 250 dirhams, while Aradei Capital’s share price dropped by 12.49% to 420 dirhams. M2M Group also ended the year down, by 12.12% to 464.90 dirhams. This diversity of stock market trajectories highlights that the overall market performance masks distinct realities across sectors and corporate strategies.

Signs of Maturity and Outlook

Beyond the figures, the 2024-2025 period can be considered a phase of consolidation and maturity for the Moroccan capital market. Improved liquidity, diversification of listed securities, and a broadening of the investor base are encouraging indicators.

However, some observers warn of a potential market overheating, particularly due to valuations that may seem disconnected from the economic reality of some listed companies or from national GDP. As we approach 2026, several factors will therefore need to be monitored, starting with the evolution of international monetary conditions, the market’s ability to attract foreign investors, and continued efforts to diversify the range of financial products (including through the development of derivatives and innovative services).

Financial expert Farid Mezouar emphasized that “2025 is shaping up to be an excellent year for the Casablanca Stock Exchange.” According to the executive director of FLM Markets, this performance “can be explained by a triple effect: the monetary easing underway in Morocco, the rebound in the results of listed companies, and a risk premium perceived as lower by both local and foreign investors.” He does, however, caution against excessive euphoria.

“Some sectors have benefited from a spillover effect that is sometimes disconnected from the fundamentals. We will need to ensure a gradual rebalancing and efficient regulation of the secondary market,” he added.

MASI: 1.30% increase in December 2025

The Casablanca Stock Exchange closed December 2025 on a positive note, with its main index, the MASI, gaining 1.30% to 18,846.35 points. The MASI 20, an index comprising the 20 most liquid stocks, fell by 2.06% to 1,485.65 points, and the MASI ESG, an index of companies with the best ESG ratings published by Moody’s ESG Solutions, declined by 0.56% to 1,251.53 points.

For its part, the MASI Mid and Small Cap, which measures the performance of small and medium-sized enterprises listed on the Casablanca Stock Exchange, rose by 2.43% to 1,841.48 points. By sector, the sharpest declines were recorded by the “Healthcare” (-12.85%), “Engineering and Industrial Equipment” (-11.03%), and “Real Estate” (-7.52%) indices.

Conversely, the “Financial and Other Financial Services” (+23.71%), “Building and Construction Materials” (+10.70%), and “Holding Companies” (+7.61%) sectors performed best. Trading volume reached 29.86 billion dirhams (MAD) during the period, with MAD 16.09 billion traded on the central market and MAD 7.45 billion on the block trade market. Transactions involving SGTM (29.22%), SODEP-Marsa Maroc (7.70%), and Attijariwafa Bank (7.46%) dominated trading.

Market capitalization, meanwhile, reached over 1,040.70 MMDH. Among individual stocks, the strongest gains were posted by SGTM (+117.86% to 915 DH), SMI (+49.47% to 4,100 DH), Cash Plus (+53.50% to 307 DH), Lesieur Cristal (+24.14% to 360 DH) and BMCI (+21.15% to 630 DH). The biggest declines were recorded by Involys (-22.52% to 182 DH), Stokvis Nord Afrique (-18.26% to 94 DH), Salafin (-14.24% to 530 DH), Vicenne (-13.98% to 449.90 DH) and Akdital (-12.59% to 1,180 DH).

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(Featured image by Hans-Jürgen Weinhardt via Unsplash)

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First published in LES ECO.ma. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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