Casablanca’s message on Thursday, March 26, 2026 was more complex than a simple index decline. Behind the MASI’s 0.84% fall to 17,443.33 points, several companies delivered 2025 earnings strong enough to justify higher dividends, with SBM up 10.0%, HPS up 6.9%, and net profit growth of 59.5%, 40.5%, and 49.9% respectively at SBM, HPS, and Ciments du Maroc. On the other side, the sell-off in TotalEnergies Marketing Maroc, down 5.3%, showed that this earnings season is clearly separating companies that can widen margins from those facing weaker volumes, cost pressure, or an unfavorable base effect.
Key figures
- MASI: 17,443.33 points (-0.84%)
- SBM: +10.0% at 2,227 MAD, 2025 recurring net profit +59.5% to 343 MDH
- Ciments du Maroc: consolidated net profit +49.9% to 1,402 MDH, DPS 65 MAD
- HPS: recurring net profit +40.5% to 106 MDH, operating revenue +22.3%
- TotalEnergies Marketing Maroc: consolidated net profit -8.9% to 851 MDH
Market context: MASI index down, but sector signals were more mixed
In the Casablanca stock exchange today, the headline picture remained negative: the dropped , underperforming the broader market, while the fell and the rose . That divergence matters. It suggests pressure was concentrated in large caps, while several mid-sized names benefited from earnings and dividend announcements.