Moroccan Equities Decline as Sector Losses Weigh Heavy
In a challenging trading session on Friday, Moroccan equities ended lower, driven primarily by declines in the Utilities, Banking, and Mining sectors. The Moroccan All Shares index closed down by 1.27%, reflecting a broader sentiment of concern influenced by geopolitical tensions, particularly the ongoing conflict in Iran, which has resulted in increased market volatility. As investors reacted to these developments, the overall trading atmosphere became increasingly pessimistic, leading to significant declines across various sectors.
Gainers and Losers in the Moroccan Market
Despite the overall downturn, certain stocks managed to stand out amidst the chaos. Douja Prom Addoha (CSE:ADH) emerged as the biggest gainer of the day, climbing 3.06% or 0.89 points to reach a closing price of 29.99. Other notable performers included S2M (CSE:S2M), which increased by 2.78% or 15.00 points, closing at 555.00, and Micro Data SA (CSE:MIC) with a rise of 2.67% or 20.00 points, ending at 770.00. Conversely, the biggest losses were suffered by Sanlam Maroc SA (CSE:SAH), which plummeted by 7.16% or 179.00 points to close at 2,321.00. Taqa Morocco SA (CSE:TQM) followed with a decline of 5.04% or 94.00 points, finishing at 1,770.00, while Nationale d’Electrolyse et de Petrochimie Ste SA (CSE:SNP) fell by 4.65% or 20.00 points to end at 410.00. The overall breadth of the market reflected a pronounced trend, with declining stocks outnumbering advancers by a ratio of 38 to 19, while three stocks remained unchanged.
In the commodities market, crude oil prices for May delivery experienced a notable increase of 3.75%, raising its price to $98.02 a barrel. Brent oil for June delivery also saw a rise, increasing by 1.77% to reach $103.69 per barrel. Additionally, June Gold Futures climbed by 3.38%, trading at $4,557.92 per troy ounce. Currency markets reflected stability with the EUR/MAD remaining unchanged at 10.76 and USD/MAD slightly adjusting by 0.01% to 9.34. The US Dollar Index Futures posted a gain of 0.08%, reaching 99.79.
As reported by in.investing.com.
