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Market Summary → International Markets Week from 09/08/2014 to 09/12/2014 Market Summary 2 International Markets 2 Market and Sector News 3 At the international level France: 0.4% growth and 4.4% deficit for 2014 At the national level Automotive: Renault claimed 36.6% market share Cement: tentative signs of recovery ALLIANCES: Mr. Karim BELMAACHI resigns ... Former ADM boss recruited Attijariwafa bank: held in Cameroon for a loan of 150 billion BCP: Half Year Results 2014 CIH Bank: Half year results 2014 Label'Vie: will securitize its assets Lafarge Cement: Half year results 2014 Lesieur Cristal: Half Year Results 2014 Morocco Leasing: results up slightly 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 500 104 MASI 9 830,89 1,98% 7,86% 450 103 MADEX 8 041,11 2,16% 8,40% 400 103 FTSE CSE 15 9 436,19 2,39% 6,95% 350 102 300 FTSE CSE All 8 439,04 2,00% 8,73% 102 250 Capi. (Billions of MAD) 483,95 -0,65% 7,28% 200 101 150 101 100 100 MARKET VOLUME OF THE WEEK 50 100 In Millions of MAD VOLUME % ADV* 0 99 Central Market 810,92 95,08% 162,18 9/8 9/9 9/10 9/11 9/12 OTC Market 41,98 4,92% 8,40 Global Market 852,90 100,0% 170,58 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 +1.98% for MASI and +2.39% for the FTSE 15, bringing their annual performances respectively to +7.86% and +6.95%. For its part, the market capitalization set at MAD 483.95 billion. The global trading volume of this week totalled MAD 852.90 millions traded on the Global Market. The Average Daily Volume (ADV), since the beginning of 2014, set at MAD 112.4 millions. miilions. millions. MAIN VARIATIONS OF THE WEEK MAIN VOLUMES OF THE WEEK VOLUME Shares Price % Chg ADV (TMAD) WAP Quantity % REBAB 174,00 19,02% 1 (MMAD) Central Market HPS 480,00 13,21% 297 ATTIJARIWAFA 337,11 1 016 133 342,55 42,2% STROC INDUSTRIE 173,00 11,47% 577 MAROC TELECOM 111,22 884 411 98,36 12,1% JET ALU MAROC 285,00 9,62% 532 SAMIR 359,80 158 458 57,01 7,0% NEXANS MAROC 154,00 -5,46% 15 ADDOHA 53,49 716 158 38,31 4,7% OTC Market INVOLYS 179,00 -5,64% 16,2 CMT 1 493,56 28 105 41,98 100,0% MED PAPER 39,30 -5,76% 540 CMT 1 493,56 28 105,00 41,98 100,0% CDM 545,00 -7,36% 756 The upward trend of the market was supported by the increase of several values: REBAB (+19.02%), HPS (+13.21%), STROC INDUSTRIE (+11.47%) and JET ALU (+9.62%).The transaction flow on the central market has been achieved primarily by the shares ATTIJARIWAFA BANK, MAROC TELECOM, SAMIR and ADDOHA, which represented 66.13% of transactions of the week. The OTC market registered a volume of 41.98 MMAD traded exclusively on CMT. International markets INTERNATIONAL INDEXES Daily Weekly Annual index Last % Change % Change % Change CAC 40* 4 426,70 -0,32% -1,33% 3,04% DAX 30* 9 629,04 -0,64% -1,21% 0,80% DOW JONES 30* 17 000,64 -0,28% -0,80% 2,56% NASDAQ* 4 579,15 -0,28% -0,08% 9,64% HANG SENG 24 595,32 -0,27% -2,55% 5,53% NIKKEI 15 948,29 0,25% 1,78% -2,11% U.S. stocks open modestly lower Friday as investors remain in consolidating mood and found little comfort from a rise in monthly retails sales. The Dow Jones and the Nasdaq fell by 0.28%. Europe’s benchmark stock index heads for its first weekly loss in five weeks on Friday, reflecting concerns that Scotland could vote to leave the United Kingdom next week. The CAC40 was 0.32% lower. 2 3 Market and sector news At the international level: France: 0.4% growth and 4.4% deficit for 2014 The French economy remains stalled. Michel Sapin, Minister of Finance, on Wednesday morning revised growth expectations in the short and medium term. France is expected to achieve 0.4% growth for the full year 2014, while the 2015 target is now set at 1.0% against 1.7% previously announced in June. If low growth figures do not surprise, it is instead a revision of deficit worries. This deficit is expected to reach 4.4% in 2014, while the advanced spring goal was located at 3.8%. In 2013, this figure was already 4.3% and substantial improvement announced by the government will therefore not occur. Above all, this poor statistic always exceeds the maximum ceiling theoretically allowed by the Maastricht Treaty to 3% annual deficit. Inflation is forecast to out down 0.5% in 2014, with a 2015 target of 0.9%. At the national level: Automotive: Renault claimed 36.6% market share Through its two brands, Renault claims the sale of 2,985 cars in August 2014, which corresponds to a market share of around 36.6%. The diamond brand sold 815 units during the month of August. With 7,547 vehicles sold since January alone the Renault brand has reached a combined market share of 9.2%. Cement: tentative signs of recovery Faced with a sluggish real estate sector, cement sales are not always able to take off, despite a significant increase recorded in August. Indeed, compared to August 2013, cement sales increased by 26.46%. A leap that reduces the annual decline in sales, which now amounts to 3.37% after 8.10% in July. ALLIANCES: Mr. Karim BELMAACHI resigns The Board of Directors of Alliance Real Estate Development, chaired by Mr. Alami Lazraq, took note of the resignation of Mr. Karim BELMAACHI, Group CEO for nearly six years. ... Former ADM boss recruited The Alliance Group has hired the former general manager of the company Autoroutes du Morocco, Othman Fassi Fihri. The latter will serve as advisor to the CEO, and should not therefore replace Mr. Karim BELMAACHI who resigned from his position as special advisor to the president. Attijariwafa bank: held in Cameroon for a loan of 150 billion Commercial Bank Corporation (SBC Cameroon), a subsidiary of Attijariwafa bank, was retained following a tender launched last July, as arranger of a bond in the amount of 150 billion francs CFA ($ 296 million) on behalf of the State of Cameroon. This fundraiser will be officially launched in October 2014 a reminder, this is the second such operation that the Cameroon government gives the SCB in a year, after borrowing 50 billion francs CFA ($ 99 million) settled last year, which was a great success, reaching 80 billion CFA francs ($ 158 million) of total sales. CBS Cameroon had also arranged a bond of 85 billion CFA francs ($ 168 million) on behalf of the State of Chad. BCP: Half Year Results 2014 In the first half of the year, BCP shows improved results. Indeed, customer deposits grew by 5.4% to 221.4 billion MAD, thanks to the contribution of the distribution networks of all countries in the presence of the group. Loans and advances to customers reached, for their part, MAD 206.3 billion, up 3.2%. The additional distribution of funds to the national economy amounted to MAD 6.9 billion at end-June 2014. For this purpose, net banking income jumped 15% to MAD 7.5 billion thanks to a sharp appreciation its components; results of market up 70%, net fee and 12% interest margin by 6%. This performance was driven by particularly strong growth in the value of market activities and the contribution of the Atlantic Bank Group. Gross operating income improved, meanwhile, 22% to MAD 4.2 billion, the result of improved operating coefficient of 3.24 point to 44.6%. The final net income group share climbed from 12.7% to MAD 1.1 billion, limited by the cost of risk, which rose from 977 in S1-2013 MMAD 1.8 billion MAD S1-2014. 3 3 Market and sector news CIH Bank: Half year results 2014 CIH Bank had a first half marked by (i) changing the visual identity of the bank and the deployment of a communications campaign, (ii) the completion of the fourth securitization transaction with Crédilog IV for 1 2 billion MAD, (iii) the enrichment provides individuals and professionals, and (iv) the deployment of the project management on account with SOFAC. In this context, CIH Bank recorded an increase of 4.2% of deposits at the end of June 2014 and a 25% increase in resource futures in respect of its outstanding customer 22162 MMAD resources. The outstanding performing loans stood for its part, to 32,826 MMAD up 3.3%. With regard to operating results, the consolidated total deteriorates by 2.3% at end June 2014 to $ 848 MMAD. This was driven by the outstanding contribution of the hotel subsidiary TIVOLI in GNP June 2013. Operating income increased as well, by 6.1% amounting to 408 MMAD, incorporating a cost of risk of -81 MMAD. Finally, net income Group share amounted to 268 MMAD, up 9.1% on the contribution of CIH Bank (250 MMAD) SOFAC (20 MMAD). In addition, the Board of Directors of CIH Bank has authorized the acquisition from CDG Group, 10% stake in the insurance company in Atlanta, a subsidiary of Holmarcom Group.
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