By the close on Friday, March 27, 2026, the MASI fell 1.27% to 17,221.05 despite a strong batch of 2025 earnings led by Managem, Ciments du Maroc and HPS. Losses in Taqa Morocco, weakness in large caps and a shakier global backdrop overshadowed the positive results.
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A sharp contradiction defined trading on Friday, March 27, 2026 in Casablanca: while Managem reported MAD 3,002 million in 2025 recurring net profit attributable to shareholders, up 384%, the MASI index fell 1.27% to 17,221.05. That gap says a great deal about the current state of the Morocco stock market: earnings are broadly strong, but the index can still slide when heavyweight names in energy and other large-cap segments come under pressure.
Market breadth was clearly negative, with 44 decliners, 20 gainers and 3 unchanged stocks out of 67 listed names traded. The weakness was most visible in blue chips. The MASI 20 dropped 1.50% to 1,308.04, taking its year-to-date loss to 11.96%, while the MASI ESG fell 1.40% to 1,184.36. By contrast, the MASI Mid and Small Cap index slipped a milder 0.91% to 1,775.81, leaving it down 3.57% since the start of 2026. In other words, institutional selling pressure remained concentrated in the largest index components.
- Ciments du Maroc 2025 net profit: MAD 1,402m (+49.9%)
- HPS 2025 net profit: MAD 106m (+40.5%)
- Taqa Morocco: -5.0% at MAD 1,770
Casablanca stock exchange today: strong earnings, weak index
To understand the Casablanca stock exchange today, investors need to look beyond company releases. The local market traded against a more fragile global backdrop. Brent crude fell 4.5% on the day to $103.11 a barrel, although it remained up 3.2% for the week, as Middle East tensions and global growth worries drove sharp swings across commodities. For Morocco, a net energy importer, lower oil prices can eventually ease the import bill and inflation pressure, but in the short term they also reshape expectations for listed energy-related companies.
That was visible in Taqa Morocco, which fell 5.0% to MAD 1,770, making it one of the day’s biggest drags. Brent’s decline does not mechanically explain the entire move, but it does affect how investors think about fuel-linked costs, power-sector pricing assumptions and the relative appeal of defensive yield names. Currency moves also mattered. The EUR/MAD rose 2.63% to 10.751, a meaningful shift for companies with euro-denominated imports or capex exposure, while USD/MAD was almost flat at 9.3268.
Managem delivers the standout earnings shock of the season
The most striking 2025 release came from Managem. According to figures published on March 26, the mining group posted consolidated revenue of MAD 13,694 million, up 55%, and net profit attributable to shareholders of MAD 3,002 million, up by a factor of 4.8 year on year. That performance landed in an exceptionally supportive global metals environment: gold rose 4.3% to $4,564.3, silver gained 5.3% to $71.25, platinum added 2.9%, and palladium climbed 5.6%.
The connection between those global prices and Managem’s earnings is direct. Moroccan business media, including Le Desk and Boursenews, said the ramp-up of new gold and copper mines amplified the pricing tailwind. Put simply, the group benefited from both a volume effect and a price effect, which explains why profit growth was so outsized. In any serious Casablanca stock market analysis, that matters: when commodity prices surge this quickly, miners can materially outperform even if the broader index is falling.
This also reinforces a wider pattern already visible in the current reporting season. related headline showed that 2025 earnings on the Casablanca market are strong overall, but highly uneven across sectors. Companies exposed to metals, cement, hospitality and payment software have delivered much stronger momentum than businesses facing tighter distribution margins or softer domestic pricing power.
Ciments du Maroc, HPS and Risma point to a broader but selective recovery
Among the other major releases, Ciments du Maroc reported consolidated revenue of MAD 5,349 million, up 22.6%, and consolidated net profit of MAD 1,402 million, up 49.9%. The board proposed a dividend of MAD 65 per share, up 8.3%. That performance reflects both a favorable comparison base and stronger activity in construction materials, as infrastructure and building projects continue to support volumes, according to local market commentary and specialist press coverage.
HPS also posted a strong set of numbers, with operating revenue of MAD 1,551 million, up 22.3%, and net profit attributable to shareholders of MAD 106 million, up 40.5%. The proposed dividend was lifted to MAD 8, a rise of 14.3%. On a market where banks and telecoms usually dominate attention, a technology company delivering more than 20% operating growth is an important signal that sector diversification on the exchange is gradually deepening.
Listed tourism also confirmed its rebound. Risma posted revenue of MAD 1,634 million, up 29%, and net profit of MAD 270 million, up 47.5%, with the dividend raised from MAD 7 to MAD 9. The numbers extend the strength seen in Morocco’s tourism flows through 2025. For retail investors, the key takeaway is that part of current earnings growth still comes from post-pandemic normalization rather than from a single macro driver.
Weak pockets remain, from Lesieur Cristal to TotalEnergies Marketing Maroc
The reporting season is not uniformly positive. Lesieur Cristal saw net profit fall to MAD 8 million, down 66.7%, while revenue slipped 1.4% to MAD 5,378 million. That sharp drop highlights the pressure still facing food-processing margins, where cost increases cannot always be fully passed on to consumers. In a demand environment still sensitive to household purchasing power, stable sales are not enough to protect profitability.
A similar reading applies to TotalEnergies Marketing Maroc, whose consolidated net profit fell 8.9% to MAD 851 million, while revenue declined 9.7% to MAD 15,127 million. Lower petroleum product prices can mechanically reduce reported revenue even when volumes hold up. That is why energy-sector earnings on the Casablanca market always need to be read alongside Brent price trends and base effects.
Other names nevertheless provided selective support:
•SBM: revenue of MAD 3,080 million (+7.6%), net profit of MAD 343 million (+59.4%), proposed total dividend of MAD 127 versus MAD 100
•Zellidja: revenue of MAD 757 million (+8.5%), net profit of MAD 22 million (+266.7%)
•Involys: net profit of MAD 0.1 million after a MAD 0.1 million loss in 2024
On the day’s leaderboard, gains in Sanlam Maroc (+8.0%), Oulmès (+6.0%) and AFMA (+5.9%) were not enough to offset declines in Disway (-4.6%), Alliances (-4.6%), Snep (-4.7%), Taqa Morocco (-5.0%) and Salafin (-5.9%). That dispersion underlines a market that is rewarding earnings quality selectively rather than lifting all boats.
Outlook for the MASI index and Morocco market recap
The next step for the market will be the full digestion of this 2025 earnings wave, especially from large-cap financials that carry significant weight in the MASI index. Traders will also track the regulatory implications of the CMT trading suspension announced on March 27, 2026, as well as currency moves after the euro’s sharp rise against the dirham. Finally, the path of Brent at $103.11, precious metals and dividend announcements will remain central to sector rotation in the Morocco stock market over the coming sessions, without implying any price forecast.
