The Casablanca Stock Exchange Soars in 2024, Driven by Banking and Infrastructure Growth

The Casablanca Stock Exchange reached a milestone in 2024. Driven by solid fundamentals and a more favorable environment, it recorded significant growth, with total revenue exceeding 316 billion dirhams, representing growth of 5.9% compared to the previous year. This performance was particularly marked in the last quarter, where growth accelerated to +10.2%, reflecting renewed investor confidence.

The year 2024 marks a turning point for the Casablanca Stock Exchange. After several years marked by economic turbulence, the market for listed companies is showing robust growth, driven by solid fundamentals and a more favorable environment.

According to Attijari Global Research (AGR), the total turnover of listed companies exceeded 316 billion dirhams, an increase of 5.9% compared to 2023.

This performance is attributable to several key factors, namely a stabilization of inflation at 0.9% in 2024 compared to 6.4% over the period 2022-2023, economic growth of 3%, and a buoyant investment climate. However, the real surprise came in the last quarter, when growth accelerated significantly.

In Q4-24, listed companies recorded growth of +10.2%, more than double the average for the first three quarters (+4.7%). This momentum illustrates the strength of the Moroccan market and renewed investor confidence.

The banking sector, an engine of growth for the Casablanca Stock Exchange

According to AGR analyses, the banking sector was the main engine of stock market growth in 2024, representing 40% of the increase in turnover with an annual increase of +12.7%, or an additional 10.3 billion dirhams.

The major listed banks recorded remarkable performances: Attijariwafa bank posted 34.5 billion dirhams (+15.2%), followed by BCP with 25.6 billion dirhams (+12.3%), while BMCI progressed to 3.8 billion dirhams (+10.2%) and CFG Bank achieved spectacular growth of +43.2%, reaching 941 million dirhams.

This momentum is driven by increased lending, improved profit margins, and sustained demand in financial markets. According to AGR, this trend is expected to continue into 2025, reinforcing the banking sector’s central role in the Casablanca Stock Exchange’s performance.

Booming Sectors

In addition to the banking sector, several other segments contributed to the growth of listed companies. According to AGR, 11 sectors, representing 66% of the market capitalization, posted significant revenue growth in 2024. Construction and infrastructure recorded an 11.3% increase, driven by a 16.5% increase in cement consumption in Q4-24.

The port sector grew by 15.9%, consolidating Morocco’s position as a strategic logistics hub in Africa. The mining industry benefited from a favorable price-volume effect, with growth of 14.6%, notably thanks to the performance of the Managem group. Industries and services recorded an increase of 20.9%, driven by players such as Akdital (+354 million dirhams), Stokvis (+197 million dirhams), and CTM (+164 million dirhams).

The healthcare sector, driven by the expansion of the Akdital group, experienced exceptional growth of +54.9%. Other sectors, such as agriculture (+12.2%) and automotive (+10%), also supported the momentum of the Moroccan stock market.

Sectors struggling to cope with economic challenges

Despite generally positive momentum, some sectors experienced a more mixed year on teh Casablanca Stock Exchange. According to AGR, 21% of market capitalization is driven by industries that are virtually stagnant, while others have seen their revenues decline.

Energy posted a notable decline of -5.2%, penalized by the fall in raw material prices and a slowdown in domestic demand.

Meanwhile, the agri-food sector declined by -1.0%, affected by unfavorable weather conditions and a contraction in local consumption. Telecoms (-0.2%) and cement (+0.7%), meanwhile, stagnated due to a mature market and increased competition, limiting their growth potential.

An optimistic outlook for 2025

Driven by sustained growth in 2024, the Casablanca Stock Exchange is entering 2025 under favorable conditions. According to AGR forecasts, the AGR-30 index, which includes the main listed companies, is expected to record a profit growth of +16.0%, after +8.6% in 2023.

This dynamic is based on several key factors: the solidity of the banking sector, which remains the main engine of growth, the growth of infrastructure and logistics, supported by new investment projects, as well as a more stable macroeconomic environment, marked by contained inflation and a favorable monetary policy.

However, some risks remain, including commodity price volatility and interest rate trends, which could impact corporate profitability and credit dynamics.

Casablanca Stock Exchange: A trajectory to consolidate

The year 2024 will have confirmed the resilience and attractiveness of the Casablanca Stock Exchange. With record turnover and a marked acceleration at the end of the year, listed companies are demonstrating their ability to adapt in the face of economic challenges.

While the banking sector remains the pillar of this growth, other industries, such as construction, infrastructure and services, are also establishing themselves as key players in the market.

However, to maintain this momentum, it will be essential to consolidate the gains made and address the structural challenges of certain struggling sectors.

The year 2025 promises to be decisive in sustaining this stock market dynamic and strengthening Morocco’s position on the regional economic scene.

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(Featured image by Adam Nowakowski 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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