The Casablanca Stock Exchange's benchmark MASI index surged 2.62% to close at 17,511.90 points on Wednesday, March 18, 2026, trimming year-to-date losses to 7.08%, as a wave of stronger-than-expected 2025 annual earnings from construction, logistics and automotive sectors reignited investor appetite. The MASI 20 blue-chip index outperformed with a 2.92% gain to 1,342.19 points, while the mid and small-cap gauge rose 2.23% to 1,753.78 points, according to official Bourse de Casablanca data.
Market breadth was exceptionally strong, with 49 advancing stocks against just 7 decliners and 5 unchanged out of 61 active listings. This rally occurred against a backdrop of euro strength against the dirham, with EUR/MAD climbing 3.13% to 10.772, benefiting export-oriented companies and conglomerates with Eurozone assets. This European currency appreciation comes as global markets assess geopolitical risks linked to the Iranian crisis, which keeps oil prices above $100 per barrel despite a slight daily correction in Brent to $102.91/bbl (-0.5%). For Morocco, a net energy importer, this price level remains concerning for the trade balance, although the marginal daily decline may have relieved valuations of transport and heavy industrial companies.
Wednesday's earnings releases were dominated by record performances in construction, transport and automotive sectors. SGTM (Société Générale des Travaux du Maroc) saw its net profit more than double, skyrocketing 127.5% to MAD 1.342 billion on consolidated revenue up 36.6% to MAD 15.165 billion, according to Boursenews. This acceleration in construction and infrastructure activities reflects the resumption of public and private investments in major structural projects, particularly in southern Morocco where SGTM is historically established. The proposed dividend of MAD 12, up 44.6%, signals management's confidence in generating recurring cash flows, a strong signal for institutional investment funds holding nearly 60% of the free float according to BMCE Capital estimates.
Marsa Maroc, the strategic port operator, also posted solid 2025 results with net profit rising 25.4% to MAD 1.589 billion on revenue of MAD 5.785 billion (+16%), reports Le Desk. The net profit increase stems from growth in container and ro-ro traffic at Casablanca and Tanger Med ports, as well as supply chain optimization despite global trade tensions highlighted by rating agencies. The group proposed a DPS of MAD 11, up from the previous year, confirming its sustained shareholder remuneration policy and keeping the stock's yield in the upper range of the infrastructure sector.
In the automotive sector, Auto Nejma recorded an exceptional year with revenue reaching MAD 4.2106 billion (+45.1%) and net profit jumping 57.8% to MAD 324 million, according to company filings. This performance illustrates the revival of Morocco's automotive market following previous years' supply chain tensions. The automotive distributor proposed a dividend of MAD 176 per share, representing a 3.8% yield based on the December 31, 2025 closing price, enhancing the appeal of cyclical stocks for income-seeking investors. In financial services, Wafa Assurance confirmed its leadership position with consolidated revenue of MAD 5.785 billion (+16%) and net profit up 25%, according to Medias24. The Attijariwafa Bank group's insurance arm proposed a DPS of MAD 11 versus MAD 9.5 last year, a 15.8% increase, illustrating the resilience of the non-bank financial services sector.