Casablanca Stock Exchange: First Half 2026 Revenues Surge 10.8% as Mining Sector Powers Growth

The Casablanca Stock Exchange witnessed significant momentum in the first half of 2026, with listed companies collectively generating MAD 192.4 billion in revenues, representing a substantial increase from MAD 173.6 billion recorded during the same period in 2025. This translates to nearly MAD 19 billion in additional revenues year-over-year, according to brokerage firm M.S.IN's comprehensive analysis.

Accelerating Growth Through Q2

The upward trajectory gained strength as the semester progressed. During the second quarter alone, listed companies achieved revenues of MAD 99.2 billion, reflecting a 15% increase compared to Q2 2025. This quarterly acceleration underscores the strengthening economic fundamentals supporting Morocco's equity markets.

Mining Sector Dominates Revenue Expansion

The growth story remains highly concentrated across select industries. The mining sector stands out prominently, contributing an additional MAD 7.57 billion in revenues and posting an exceptional 149.8% sectoral growth rate. This performance positions mining as the undisputed leader in driving the exchange's overall expansion.

Following mining, the insurance industry added MAD 3.15 billion to total revenues with a 20.8% increase, while the oil and gas sector contributed MAD 2.41 billion, representing a 19.7% gain.

Drilling into the mining sector specifically, total revenues surged from MAD 5.05 billion to MAD 12.62 billion. Managem led this charge with revenues reaching MAD 11.76 billion compared to MAD 4.42 billion a year earlier—a remarkable 166% jump. SMI also posted solid performance with 35.7% growth, achieving MAD 852 million in revenues.

M.S.IN attributes this mining sector outperformance primarily to the strong rally in metal prices observed throughout the semester.

Insurance and Retail Distribution Show Strong Momentum

The insurance sector delivered MAD 18.3 billion in revenues, growing by 20.8%. Wafa Assurance advanced 27.3% to MAD 10.03 billion, Sanlam Maroc grew 19.6% to MAD 4.10 billion, and AtlantaSanad increased 8.6% to nearly MAD 3.98 billion. M.S.IN highlights the robust commercial activity in the Life insurance segment as a key driver.

Retail distributors also made significant contributions to overall growth. Their combined revenues reached MAD 17.18 billion, up 16.1%. LabelVie posted MAD 10.19 billion in revenues with 16.8% growth, while Auto Hall advanced 25.7% to MAD 3.37 billion.

Double-Digit Gains Across Multiple Sectors

Several other sectors recorded double-digit percentage increases. Healthcare advanced 19.6% to MAD 4.06 billion, transportation services climbed 13.1% to MAD 3.21 billion, and IT equipment, software and services grew 15.2% to MAD 2.11 billion. The pharmaceutical industry expanded 14.8%, while telecommunications registered more moderate growth of 5.4%.

Banking Sector Lags Broader Market

In contrast, the banking sector exhibited considerably slower momentum. Cumulative net banking income reached MAD 49.78 billion, representing just a 1.5% increase. Attijariwafa bank grew 4% and Crédit du Maroc advanced 7.9%, while BCP experienced a 2.9% decline.

Not All Sectors Participate in the Rally

The growth narrative isn't universal across the exchange. The agribusiness sector saw revenues contract 6.8% to MAD 9.19 billion, while electricity declined 5.4%. Construction and building materials posted a marginal 0.9% decrease to MAD 23.95 billion.

Macroeconomic Context Supports Growth

M.S.IN frames the first-half performance within a supportive macroeconomic environment characterized by inflation remaining below 2%, an agricultural season benefiting from more favorable weather conditions, and real estate and construction momentum linked to government housing assistance programs and infrastructure projects associated with the 2030 World Cup preparations. Conversely, rising interest rates and substantial Treasury fundraising in early 2026 continued to weigh on market activities for listed banks.