Stocks Market
Moroccan Capital Market Raises Over 106.6 Billion Dirhams by November 2025 – Record Growth
The Moroccan Capital Market Authority (AMMC) reported that capital raising reached a historic 106.61 billion dirhams by the end of November 2025, up from 89.79 billion dirhams a year earlier. The surge was driven primarily by negotiable debt securities (TCN) and bond issuances, with equity issuances also contributing. In November alone, issuers raised 8.79 billion dirhams, highlighting the market’s continued momentum despite a slight dip in loan‑borrow securities activity.
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Capital Raising Overview
The Moroccan Capital Market Authority (AMMC) announced that total capital raised in the market hit 106.61 billion dirhams by the end of November 2025. This represents a substantial increase from 89.79 billion dirhams recorded for the same period last year.
Breakdown by Financial Instrument
- Negotiable Debt Securities (TCN): 61.69 billion dirhams
- Bond Issuances: 40.35 billion dirhams
- Equity (Capital) Issuances: 4.57 billion dirhams
Loan‑Borrow Securities Activity
The outstanding amount of loan‑borrow securities stood at 31 billion dirhams at the end of November 2025. This figure is down 15 % compared with the start of the year but shows a modest 2 % rise on a year‑over‑year basis.
November 2025 Snapshot
During November 2025 alone, issuers raised 8.79 billion dirhams. The composition was:
- Bond issuances: 5.55 billion dirhams
- TCN issuances: 3.24 billion dirhams
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