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Casablanca Stock Exchange Revenue Surges 7.7% in Q1 2026, Mining and Insurance Drive Growth

The Casablanca Stock Exchange posted a 7.7 % increase in total revenue in the first quarter of 2026, reaching MAD 89.6 billion versus MAD 83.2 billion a year earlier. The jump was driven mainly by the mining sector (+132.8 %) and insurance (+26.5 %). Banking earnings fell due to weaker market‑trading activity, while the overall picture remains positive for listed companies.

June 1st, 2026
2 min read
By boursenews.ma

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Q1 2026 Revenue Overview

The Casablanca Stock Exchange (CSE) recorded total revenues of MAD 89.6 billion in the first quarter of 2026, up from MAD 83.2 billion a year earlier – a 7.7 % increase and an absolute gain of MAD 6.4 billion.

Key Drivers

  • Mining: contributed an extra MAD 3.7 billion (+132.8 %). The surge follows a sharp rise in metal prices, boosting earnings of leading miners such as Managem, CMT and SMI.
  • Insurance: added MAD 2.3 billion (+26.5 %), led by Wafa Assurance.
  • Distribution: revenues grew by MAD 1.1 billion (+15.8 %), with notable gains from Auto Hall, LabelVie and Fenie Brossette.

Sector‑Specific Highlights

Telecommunications saw a modest rise, with Maroc Telecom reporting MAD 9.3 billion in quarterly revenue (+5 %). The construction and building materials sector slipped 1.9 % to MAD 10.2 billion, while the agro‑food segment fell 13.9 % due to lower sales at Cosumar, Lesieur Cristal, Mutandis and Cartier Saada. Oil & gas revenues declined 9.8 % and real‑estate slipped 4.5 %, despite stronger numbers from Addoha and Résidences Dar Saada.

Banking Performance

Banking revenues contracted 4.5 % to MAD 23.3 billion, mainly because of a 59.6 % drop in market‑trading activities amid a challenging geopolitical backdrop. Excluding CFG Bank, commission and interest margins rose 8.1 % and 7.8 % respectively, reflecting continued commercial activity and higher service‑fee income.

Operating profit in the banking sector grew 6.5 % to MAD 11.3 billion, while net profit after tax (RNPG) rose 2.2 % to MAD 5.8 billion, helped by a sharper decline in the cost of risk (down to MAD 1.8 billion from MAD 3.9 billion). Attijariwafa Bank emerged as the top contributor, followed by Bank of Africa and Crédit du Maroc.

Macroeconomic Context

Inflation remained contained under 2 % throughout Q1 2026, despite a February spike linked to energy‑price pressures. The agricultural campaign of 2025/2026 was better targeted, and the real‑estate and construction sectors stayed resilient. A calendar effect – the shift of Ramadan – also gave a short‑term boost.

Overall, the CSE’s revenue picture for Q1 2026 is positive but highly concentrated: mining, insurance and distribution generate the bulk of the growth, while banks are held back by weaker market‑trading performance.

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