Strong Performance of the Casablanca Stock Exchange in 2025
The Casablanca Stock Exchange has experienced an impressive surge, with its index climbing by 27.6% over the year, rising from 14,773 points at the end of 2024 to 18,846 points at the end of 2025. This marks the second consecutive year of growth exceeding 20%, following a notable increase of 22.2% recorded in 2024. According to the Annual Financial Stability Report, this remarkable performance has been bolstered by improved results from listed companies and positive economic outlooks. The national economic growth accelerated to 4.9%, up from 4.4% the previous year, while inflation remained contained at a mere 0.8%.
Trading volumes mirrored this positive trend, with a total of 137.3 billion dirhams exchanged throughout the year, a significant increase from 89.5 billion dirhams in 2024. The central market nearly doubled in size, achieving a volume of 121 billion dirhams compared to 60 billion dirhams a year prior, reflecting a remarkable growth of 98%. Conversely, the block market saw a decline of 43%, totaling 16.3 billion dirhams, indicating that most trading activity concentrated within the central market.
Sector Performance and Market Dynamics
Interestingly, this substantial rise in stock prices did not result in an increase in the overall valuation multiple. The Price-to-Earnings Ratio (PER) of the Casablanca Stock Exchange decreased from 21.7 times at the end of 2024 to 20 times at the end of 2025, falling below the five-year average of 22.13 times. Behind this overall figure, significant disparities remain, with a PER of 11.09 times for real estate investment companies and 50.99 times for the electricity sector. Sectors such as transportation services, health, and pharmaceuticals are also trading above the market average, while banks, telecommunications, and insurance companies are experiencing relative discounts.
The sector rankings for the year revealed some surprises. The engineering and industrial equipment sector skyrocketed by 255.52%, while mining followed with an increase of 99.02%, having already gained 61.62% in 2024. The pharmaceutical industry surged by 94.33%, rebounding from a decline of 3.02% the previous year. Other sectors, such as transportation services, leisure and hospitality, as well as electricity, also ranked at the top of the list. Overall, 19 out of 23 sectors concluded the year positively, while transportation, chemicals, and real estate investment companies finished in the red.
Nevertheless, the volatility of the MASI index significantly increased, rising from 8.27% in 2024 to 14.62% in 2025. The report highlighted a peak in the second quarter amidst a more uncertain international environment, characterized by geopolitical tensions and fluctuations in energy markets. In contrast, liquidity improved to 14.23%, up from 12.45% in 2024, reaching levels comparable to those observed in the early 2010s.
The primary market also benefited from this dynamic, with equity capital raising reaching 10.37 billion dirhams in 2025, reflecting a 65% increase compared to the previous fiscal year. The year was marked by three initial public offerings (IPOs): Vicenne, Cash Plus, and SGTM, amounting to a total of 6 billion dirhams, which represents an astonishing growth of 452.46% compared to 2024.
As reported by boursenews.ma.
