The first half of 2026 has witnessed a remarkable acceleration in the revenues of companies listed on the Casablanca Stock Exchange, marked by a significant increase in overall sales driven primarily by the booming mining sector, along with strong support from the insurance, energy, and distribution sectors. The aggregated revenue of these listed companies reached an impressive 192.4 billion dirhams during this period, reflecting a 10.8% surge compared to the same timeframe in 2025. This increase, amounting to nearly 18.8 billion dirhams, indicates a notable shift in the growth drivers within the stock market.
This upward trend can be attributed to a relatively favorable macroeconomic environment. Despite the energy tensions stemming from the conflict that erupted in the Middle East at the end of February, inflation has remained below 2%. The agricultural season for 2025/26 has benefited from better climatic conditions compared to the previous year, while the real estate and construction sectors have gained from government housing aid programs and infrastructure projects associated with the upcoming 2030 World Cup.
Mining and Insurance Sectors Lead the Charge
While banks continue to be the leading sector in terms of revenue volume, their growth remains modest. The cumulative net banking income stands at 49.8 billion dirhams, reflecting a slight increase of only 1.5%. Notably, Attijariwafa Bank's revenues rose by 3.95% to 18.4 billion dirhams, whereas BCP experienced a decline of 2.9%, bringing its total to 13.5 billion dirhams. Other banks such as Bank of Africa, BMCI, CIH Bank, and Crédit du Maroc have also reported varying growth rates. CFG Bank concluded the semester with a notable increase of 5.7%, reaching 634 million dirhams.
In contrast, the mining sector emerged as the true growth engine, with revenues skyrocketing by an astonishing 149.8%, from 5.05 billion dirhams to 12.6 billion dirhams. Managem reported a spectacular growth of 166%, reaching 11.8 billion dirhams, while SMI increased by 35.7% to 852 million dirhams, reflecting the significant rise in metal prices which has bolstered sector revenues. Furthermore, the insurance sector experienced a robust growth of 20.8%, the oil and gas sector saw a 19.7% increase, and the distribution sector climbed by 16%. Notable performances include Wafa Assurance, which posted a 27.3% increase to 10 billion dirhams, and TotalEnergies Marketing Morocco, which surged by 32.1% to 10 billion dirhams.
Other sectors, albeit smaller in revenue contribution, also contributed to the overall positive dynamics. The healthcare sector recorded a 19.6% growth to 4.1 billion dirhams, driven by Akdital and T2S. The real estate sector advanced by 8.5% to 3 billion dirhams, supported by significant growth at Résidences Dar Saada. Moreover, leisure and hospitality sectors saw a remarkable 32.2% rise to 863 million dirhams, thanks to Risma.
Challenges in the Agro-food Sector
However, not all sectors fared well; the agro-food sector experienced a decline of 6.8%, totaling 9.2 billion dirhams. Companies such as Cosumar and Lesieur Cristal reported decreases of 10% and 8.1%, respectively. The construction and building materials sector saw a slight contraction of 0.9% to 24 billion dirhams, despite growth from Ciments du Maroc and Jet Contractors. SGTM and TGCC faced losses, further illustrating the challenges within this sector.
In conclusion, the first half of 2026 illustrates a significant reshaping of growth drivers within the Casablanca Stock Exchange. While banks maintain their dominant position, their growth has been modest, contrasting sharply with the explosive growth of the mining sector, fueled by rising metal prices. Insurance, energy, and distribution sectors have also strengthened their roles, while the agro-food and construction sectors lag behind. This scenario underscores the vibrancy of Morocco's financial landscape while highlighting the critical need for sectoral diversification to sustain this momentum.
As reported by h24info.ma.
