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Market Summary → International Markets Week from 08/04/2014 to 08/08/2014 Market Summary 2 International Markets 2 Market and Sector News 3 At the international level Italy: The country back into recession At the national level Banking liquidity: The deficit worsens Consumer Credit: The LOP months seductive Financial Institutions: Fitch Ratings maintains its rating Dairy products: Reny Picot arrives in Morocco Telecommunications: Rates fall Addoha: Buckle its bond Afriquia Gas: Development Program in 2017 CDM: Capital increase CIH Bank: Massira Capital Management reduced its stake ... Holmarcom strengthens Lafarge: Special dividend approved Managem: Lifting 1bn MAD Fundamental Data 5 Technical Data 67 5 6 1 3 Market Summary MARKET PERFORMANCE Performance Weekly evolution for Moroccan indexes vs. volume INDEXES Value Weekly 2014 40 101 MASI 9 426,32 1,09% 3,43% 35 101 MADEX 7 699,47 1,10% 3,79% 101 30 FTSE CSE 15 9 060,30 1,03% 2,69% 101 25 FTSE CSE All 8 114,66 1,31% 4,55% 101 20 100 Capi. (Billions of MAD) 463,84 0,38% 2,82% 15 100 100 10 MARKET VOLUME OF THE WEEK 100 5 In Millions of MAD VOLUME % ADV* 100 0 99 Central Market 157,43 100,00% 31,49 OTC Market 0,00 0,00% 0,00 8/4 8/5 8/6 8/7 8/8 Global Market 157,43 100,0% 31,49 CM vol ume O TC vol ume M ASI M ADEX * Average Daily Volume A week in an upward trend for the Moroccan market. Indeed, both indicators showed a weekly change of +1.09% for MASI and +1.03% for the FTSE 15, bringing their annual performances respectively to +3.43 % and +2.69%. For its part, the market capitalization set at MAD 463.84 billion. The global trading volume of this week totalled MAD 157.43 millions traded on the Global Market. The Average Daily Volume (ADV), since the beginning of 2014, set at MAD 100.9 millions. miilions. millions. MAIN VARIATIONS OF THE WEEK MAIN VOLUMES OF THE WEEK VOLUME Shares Price % Chg ADV (TMAD) WAP Quantity % SONASID 1 046,00 7,84% 844 (MMAD) Central Market CTM 315,00 7,14% 62 ADDOHA 56,50 667 265 37,70 23,9% HOLCIM MAROC 1 750,00 6,38% 1 689 ATTIJARIWAFA 311,90 70 118 21,87 13,9% PROMOPHARM 755,00 6,34% 0 MAROC TELECOM 104,50 184 494 19,28 12,2% INVOLYS 167,00 -5,11% 7 LESIEUR 101,55 157 425 15,99 10,2% OTC Market F.BROSSETTE 154,00 -5,75% 39,8 0,00 #DIV/0! 0 0,00 #DIV/0! TASLIF 40,05 -5,76% 6 0,00 #DIV/0! 0,00 0,00 #DIV/0! MEDIACO MAROC 28,00 -6,64% 3 The upward trend of the market was supported by the increase of several values: SONASID (+7.84%), CTM (+7.14%), HOLCIM (+6.38%) and PROMOPHARM (+6.34%).The transaction flow on the central market has been achieved primarily by the shares ADDOHA, ATTIJARIWAFA BANK, MAROC TELECOM, and LESIEUR which represented 60.24% of transactions of the week. International markets INTERNATIONAL INDEXES Daily Weekly Annual index Last % Change % Change % Change CAC 40* 4 137,41 -0,30% -1,56% -3,69% DAX 30* 8 997,10 -0,46% -2,31% -5,81% DOW JONES 30* 16 401,82 0,20% -0,56% -1,05% NASDAQ* 4 343,22 0,19% -0,22% 3,99% HANG SENG 24 331,41 -0,23% -0,82% 4,40% NIKKEI 14 778,37 -2,98% -4,80% -9,29% Wall Street opens higher on a report that Russia is looking to dial down its conflict with Ukraine. Investors brush off news of U.S. air strikes in Iraq. The Dow Jones rose by 0.20% while the Nasdaq increased by 0.19%. European stocks slump Friday, with geopolitical tensions in Iraq and Russia taking their toll on investors. The CAC40 was 0.30% lower. 2 3 Market and sector news At the international level: Italy: The country back into recession The Italian statistical institute Istat will announce on Wednesday a contraction of 0.1% of gross domestic product (GDP) in the second quarter, implying that the third largest economy in the euro zone fell into recession, several newspapers reported Wednesday. As a reminder, the Italian economy had already contracted by 0.1% in the first quarter and the second consecutive quarter in the red correspond to the technical definition of a recession. At the national level: Banking liquidity: The deficit worsens The shortfall in banking liquidity returns to the aggravation. Indeed, the need for banks at the end of last week was estimated at nearly 61.3 billion against 58.5 average MAD MAD billion a week earlier. However, the deficit was largely addressed through the intervention of Bank Al Mghrib which increased its interventions to bring them to MAD 67.2 billion. Consumer Credit: The LOP months seductive According to statistics at the end of 2013, outstanding lease with option to purchase (LOP) was unchanged at 9.6 billion MAD, and after two years of average growth of around 49%. Two factors may explain this stagnation namely: (i) The 7.3% decline in new registrations in 2013 and (ii) changes in taxation, following the submission of the residual value to a 20% VAT. As a result, income from operations LOA fell 23% to 322 MMAD end of 2013. Financial Institutions: Fitch Ratings maintains its rating The rating agency Fitch has confirmed its ratings on certain financial institutions instead. So Attijariwafa Bank and BMCE maintain national rating in the short and long term (BBB and F3) in local and foreign currency (BB + and B). In addition, Fitch has maintained its assessment on BMCI unchanged, while its analysts have lowered the outlook for the SG of Morocco "stable" to "negative." Dairy products: Reny Picot arrives in Morocco Ilas the Spanish group, better known under the brand Reny Picot and specialize in the manufacture of dairy products, plans to open a plant in Morocco. This unit would be dedicated to the manufacture of processed cheese and milk powder to the Moroccan and sub-Saharan markets. Telecommunications: Rates fall The mobile market continues to grow and is now up 9.78% to 43.3 million subscribers, representing a penetration rate of 130.5%. In this context, the cost of communications were down 28% at the end of June, at 0.34 MAD HT / min against 0.47 MAD HT / min a year earlier. In the same vein, the average bill rose to 16 MAD for 3G and 91 MAD for ADSL end June 2014. Addoha: Buckle its bond Following the closing of the bond issued by Addoha, it appears that investors subscribe in cash for the operation. Thus, of the four tranches proposed, it is the parties who have unlisted acclaimed by mutual funds, financial as well as insurance and reinsurance companies. Moreover, the operation also included a conversion of old with new bonds has not had the desired effect, since only 955 bonds were traded in 2146. Afriquia Gas: Development Program in 2017 The subsidiary of Akwa group Afriquia Gas, has set up an investment of about 300 MMAD envelope to improve its distribution network in 2017. In detail, the company plans to open twenty stations services on the next 4 years, but also the upgrade of the existing network with a budget of 50 MMAD year. Finally, Gaz Afriquia table on improving its network restoration with the opening of two new areas this year and upgrading restaurants from June to July each year. Indeed, management expects a contribution of these products 30% margin for the next 5 years. 3 3 Market and sector news CDM: Capital increase The Ethics Council for Securities (Securities Commission) informs the public that he referred dated August 6, 2014, an information regarding the capital increase notes, optional conversion of dividends for the year 2013 equity, Credit Morocco. The subscription is open to current shareholders of Crédit du Morocco. The capital increase is for up to 452,814 shares to be issued as follows: Subscription price: 525 EUR per share; Share premium 425 ZAR per share; Transaction amount: 237,727,350 MAD; Vesting date: 1 January 2014; Subscription period from 19 August 2014 to 18 September 2014 inclusive CIH Bank: Massira Capital Management reduced its stake The Ethical Council of Securities informs the public that the company Massira Capital Management, said July 24, 2014, having sold on the market block, July 22, 2014, 1,330,406 CIH Bank shares at a unit during 325 DH. Following this transaction, Massira Capital Management owns 17,530,419 CIH Bank shares, or 65.88% of the capital of that bank. ... Holmarcom strengthens The Ethics Council for Securities informs the public that the Moroccan Commercial and Financial Holding (Holmarcom) said July 25, 2014, had indirectly crossed upwards (through its subsidiaries Sanad and Atlanta) the threshold of participation 10% stake in CIH Bank. After crossing this threshold, Holmarcom holds: • 33,373 shares CIH Bank or 0.12% stake in the bank directly; • indirectly, through its subsidiaries Atlanta (held up to 70.13%) and Sanad (owned as to 69.89%), 2,941,368 CIH Bank shares, representing 11.05% stake in the bank. The total (direct and indirect) Holmarcom stake in CIH Bank is 11.17%. Lafarge: Special dividend approved The shareholders of Lafarge approved at its meeting held on August 5, the distribution of a special dividend of 19 MAD per share, taken from available reserves available and payable as of September 3, 2014.
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