Casablanca Stock Exchange — MASI Gains 0.59% in July 27-31 Week as CMT and Zellidja Jump 10%
The MASI rose 0.59% in the July 27-31, 2026 week, helped by ESG names and large caps. CMT and Zellidja surged more than 10%, while T2S’s IPO and CDM’s capital increase kept trading flows active.
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Casablanca equities ended the July 27-31, 2026 week with a modest but meaningful gain, as the MASI closed at 17,843.7 points, up 0.59%, while mining names delivered the sharpest moves on the board. CMT surged 10.3% to MAD 4,799.0 and Zellidja climbed 10.0% to MAD 267.25, extending a commodity-linked trade that has become more visible as gold holds above $4,105.7 an ounce.
The week’s significance was not just the headline index move. It was the way money rotated into a narrow set of themes: miners, selected financials, and stocks linked to capital market transactions. Official announcements on T2S and CDM, both published on July 27, added another layer of activity to a market already sensitive to month-end portfolio reshuffling.
For anyone tracking the Casablanca stock exchange today, the end-of-week picture was constructive without being broad-based. The MASI 20 rose 0.75% to 1,317.55 points, outperforming the broader MASI at +0.59%, while the MASI ESG gained 0.69% to 1,277.66 points. By contrast, the MASI Mid and Small Cap slipped 0.05% to 1,754.48 points, showing that the rally did not extend evenly across the full market.
Market breadth supports that reading. Out of 81 listed stocks, 37 advanced, 22 declined and 22 were unchanged. That is a healthy positive ratio, but not the kind of breadth associated with a full-market risk-on move. Instead, it points to targeted buying in names with either a corporate catalyst or exposure to global themes such as metals, energy and financial services.
Year-to-date performance still looks mixed. The MASI remains down 5.32% in 2026, the MASI 20 is off 11.31%, while the MASI ESG is one of the few positive pockets at +2.09%. The Mid and Small Cap index is down 4.72%. That divergence matters because it shows the July 27-31 rebound has improved sentiment at month-end, but has not yet reversed the broader underperformance built up earlier in the year.
Miners lead the Morocco stock market as commodity tensions stay elevated
The clearest story of the week came from mining stocks. CMT posted the strongest gain on the board, rising 10.3% to MAD 4,799.0, just ahead of Zellidja, up 10.0% to MAD 267.25. That move cannot be separated from the global commodity backdrop. Even though silver fell 1.7% to $57.79, gold remained at a historically elevated $4,105.7, platinum added 0.2% to $1,655.5, and global headlines continued to focus on trade barriers, supply tightness and geopolitical risks across commodity markets.
For Casablanca, that linkage is important. Local investors often use mining names as one of the few listed ways to gain exposure to hard assets when global uncertainty pushes capital toward real resources. The rally in CMT and Zellidja therefore reflects both commodity pricing and market structure: there are only a limited number of listed Moroccan stocks offering direct metals exposure. A recent related move in Zellidja had already highlighted that pattern in Bourse de Casablanca — Zellidja grimpe de 6,3% malgré un MASI en baisse de 0,42%.
Managem also deserves attention, even though it finished flat on the reference session. The stock led turnover with MAD 21,810,503.0 traded. According to Le Desk, the group has created Tendrara Energy to house its gas activities, broadening the investment case beyond metals. In a week when Brent crude rose 1.8% to $89.95 a barrel, that energy angle became more relevant. For Morocco, a net energy importer, higher oil is usually a macro headwind because it raises the import bill, but it can also increase the strategic value investors assign to domestic energy-linked assets.
T2S and CDM kept trading flows active after official announcements
The second major theme was market operations. On July 27, 2026, the Casablanca Stock Exchange published the results of the IPO of T2S Group Holding through a capital increase and share sale, as well as the results of the cash capital increase of CDM. Those announcements helped sustain activity in names where price action alone did not fully capture investor interest.
T2S traded MAD 9,941,723.7 in volume while ending unchanged. That kind of pattern is common after a primary market transaction: investors rebalance allocations, test liquidity and adjust positions after the initial placement. According to LesEco.ma and Le360, Attijariwafa bank accounted for 49% of subscribers in the T2S IPO process, underlining how dominant distribution networks remain in channeling savings into Moroccan equities.
CDM, meanwhile, rose 2.4% to MAD 994.0. The move was measured, but consistent with a post-deal normalization phase. A capital increase can create short-term technical pressure before the market reassesses how effectively the bank can convert fresh funds into balance-sheet growth or stronger prudential ratios. In a rate environment still shaped by Bank Al-Maghrib policy expectations, that remains a central issue for the banking sector.
Financials, energy and defensives provided support to the MASI index
Beyond miners, several stocks helped underpin the MASI index. Wafa Assurance gained 3.9% to MAD 5,350.0, Bank of Africa added 1.6% to MAD 188.0, and Maghrebail rose 2.6% to MAD 929.0. The resilience of financials makes sense in a week shaped by capital transactions and by first-half earnings from Attijariwafa bank, reported by Le Matin.ma and La Vie éco, showing group share net profit close to MAD 5.9 billion in H1 2026. Even without making that stock the centrepiece, those results helped stabilize sentiment across the sector.
Energy also contributed. Taqa Morocco advanced 2.3% to MAD 1,750.0 as Brent moved closer to $90. For Morocco as an importing economy, higher oil is generally negative at the macro level because it raises energy costs. But at the stock level, some energy names can attract renewed interest when investors reassess the strategic value of generation assets and the visibility of cash flows.
In consumer names, Cosumar gained 2.2% to MAD 186.0. The stock often benefits from its relatively defensive profile, reinforced by recurring debate around food security, a theme highlighted in local media coverage this week. On the weaker side, Société des Boissons du Maroc fell 3.0% to MAD 2,103.0, while Microdata dropped 3.2% to MAD 716.2.
Property and construction: Addoha up, TGCC pauses despite contract news
Property stocks offered a mixed picture. Douja Prom Addoha rose 2.5% to MAD 35.36 on MAD 10,771,795.82 of turnover, the second-heaviest traded value of the session. That combination of price strength and volume suggests renewed interest in a stock often treated as a proxy for domestic risk appetite and speculative retail participation.
By contrast, Alliances fell 1.1% to MAD 365.1. In construction, TGCC slipped 0.7% to MAD 740.0, despite news reported by Le Desk and La Vie éco that it had secured a MAD 562.7 million contract tied to the Marrakech-Guéliz high-speed rail station and maintenance centre. The gap between positive operational news and a muted stock reaction is a familiar Casablanca pattern: part of the good news is often already priced in, especially in names that have rallied strongly in prior months.
FX and macro: stronger euro complicates the Morocco market recap
On the macro side, the week saw USD/MAD at 9.3205, down 0.67%, and more importantly EUR/MAD at 10.719, up 3.65%. That euro move matters for any serious Casablanca stock market analysis because a large share of Morocco’s trade flows remains denominated in, or indexed to, the European currency. A stronger euro can raise import costs for exposed companies, although the impact varies depending on hedging policies and sector structure.
That FX shift came alongside firmer oil. For the Morocco stock market, the combination of Brent at $89.95 and EUR/MAD at 10.719 is not neutral: it can pressure margins for import-dependent industrials, raise logistics costs and, over time, influence inflation expectations. That is one reason why the relative strength of defensive and commodity-linked names mattered this week.
Outlook: H1 earnings, post-deal digestion and oil sensitivity in August
Heading into August 2026, the market will first need to absorb the flows linked to T2S and CDM, then navigate a continuing stream of half-year earnings. Traders will also be watching whether Brent stays near $90, whether EUR/MAD holds around 10.719, and whether precious metals remain elevated, all three of which already shaped sector leadership in the July 27-31 week.
The 0.59% rise in the MASI improved the tone at month-end, but it does not yet alter the annual picture of an index still down 5.32% since January 1. For the Casablanca stock exchange today, the key question is no longer just whether the market can rise, but whether the rebound can broaden beyond miners, stronger financials and stocks temporarily energized by capital market operations.
