Casablanca Stock Exchange — MASI Rises 2.29% as $4,808 Gold Lifts Miners and ESG Index 2.99%
The MASI rebounded 2.29% on April 1, 2026, driven by mining, energy and property stocks. A 13.8% plunge in Brent and gold’s jump to $4,808 reshaped sector leadership across the Morocco stock market.
|6 min read
The MASI closed at 17,554.23 points, up 2.29% on Wednesday, April 1, 2026, in a session that was fundamentally about sector rotation rather than a simple broad-market rebound. Casablanca equities bought two global macro signals at once: a surge in precious metals and a collapse in oil. With gold at $4,808 an ounce (+3.5%) and Brent at $102.08 a barrel (-13.8%), the Casablanca Stock Exchange saw a sharp repricing of mining, energy and selected domestic cyclicals.
That combination mattered because Morocco is a net energy importer, so lower crude prices can ease input and import pressures, while higher bullion prices directly improve the earnings backdrop for mining names. The move also had a sustainability angle: the MASI ESG rose 2.99%, outperforming the headline MASI at 2.29%, the MASI 20 at 2.03%, and the MASI Mid and Small Cap at 2.39%.
In the Casablanca stock exchange today, breadth was healthy enough to confirm that the rally was not just a handful of index heavyweights doing the lifting. Out of 69 listed stocks, 44 advanced, 21 declined and 4 were unchanged. Trading was also concentrated in names tied to the day’s macro narrative, with MAD 95.8 million traded in Managem, MAD 74.9 million in Attijariwafa Bank, MAD 53.6 million in CFG Bank, MAD 39.2 million in TGCC and MAD 31.2 million in Addoha.
The foreign-exchange backdrop complicated the oil story. The USD/MAD rose 2.23% to 9.3169, while the EUR/MAD climbed 3.49% to 10.808. For Morocco, cheaper crude is positive in principle, but a weaker dirham against the dollar and euro offsets part of that benefit through imported inflation and higher hard-currency costs. That is why the market did not simply bid up all consumer-facing sectors. Instead, it favored companies with direct leverage to metal prices, visible earnings catalysts, or business models that can absorb cost volatility more effectively.
Mining and ESG leadership: why the sector rally was so forceful
The clearest leadership came from mining, even though several of the biggest names in the segment had already featured prominently in recent coverage. Managem jumped 10.0% to MAD 9,349, with the heaviest turnover on the exchange at MAD 95.8 million. CMT rose 10.0% to MAD 3,642, while SMI also gained 10.0% to MAD 6,734. The alignment was not random. It mirrored a global move in hard assets, with silver up 1.4%, platinum up 1.9% and palladium up 2.1%, alongside gold’s 3.5% rise.
The global headlines supplied in the brief point to a market increasingly “recoupled” to oil and commodities amid the Iran war and trade barriers. That matters for Moroccan mining stocks because investors are again pricing them through the lens of global scarcity, geopolitical hedging and margin leverage. When precious metals rise while energy costs fall, the earnings math improves quickly. Lower fuel and transport costs can support operating margins, while stronger realized prices boost revenue expectations. That is the core reason the mining complex outperformed the broader Morocco stock market on April 1.
The session also highlighted the ESG angle. The MASI ESG gained 2.99%, beating the main index by 70 basis points. In a Casablanca stock market analysis, that outperformance is notable because it suggests the rally was not purely speculative. ESG-linked names often attract investors looking for stronger governance, operational resilience and better disclosure quality. Year to date, the ESG index is down 2.75%, a shallower decline than the MASI’s -6.86% and the MASI 20’s -10.66%, which reinforces the idea that quality and resilience remain part of the market’s selection criteria.
Oil’s collapse also helped energy and domestic cyclicals
The drop in crude prices fed directly into the move in Taqa Morocco, which rose 5.7% to MAD 1,850. According to SNRTnews, the company posted MAD 981 million in recurring net profit attributable to the group in 2025. For thermal power producers, the equity impact of lower oil is never one-dimensional because contract structures, fuel pass-through mechanisms and generation mix all matter. But in this session, the market clearly preferred the idea of easing energy stress after several days dominated by geopolitical risk.
Property and construction names also joined the rebound. Addoha climbed 8.3% to MAD 31.56 after reporting 2025 consolidated revenue up 4% to MAD 2.7 billion. Alliances added 4.9% to MAD 434, while Aradei Capital rose 3.0% to MAD 417. The logic here is straightforward: lower energy prices can eventually relieve pressure on building materials, logistics and household budgets, while domestic cyclicals become more attractive when global risk starts to stabilize. TGCC’s 2.0% gain, on MAD 39.2 million of turnover, fits the same pattern, especially after *L’Opinion* reported an 82% jump in 2025 net profit.
Earnings flow: OCP, tourism, healthcare and consumer names in focus
Off-market, OCP delivered one of the day’s most important macro read-throughs for Morocco. The phosphate group reported 2025 revenue up 17.5% to MAD 113.9 billion, EBITDA up 11% to MAD 43.2 billion, but net profit attributable down 11% to MAD 17.9 billion. That mix matters because it shows that stronger top-line momentum does not automatically translate into higher bottom-line growth when pricing normalizes and financing costs remain elevated. For Casablanca investors, OCP’s numbers are relevant well beyond the company itself: they shape expectations for export receipts, industrial activity and broader domestic liquidity conditions.
Elsewhere, Risma gained 4.0% to MAD 314 after signing, on February 9, 2026, a preliminary agreement to sell the Sofitel Casablanca Tour Blanche hotel for MAD 450 million. Akdital rose 3.4% to MAD 1,148, with *L’Economiste* highlighting that the healthcare group crossed MAD 4 billion in revenue. By contrast, some consumer names lagged despite the broader rally: Label Vie fell 1.3% to MAD 3,849, Société des Boissons du Maroc dropped 2.2% to MAD 2,200, and Oulmès slid 5.6% to MAD 1,169. That divergence underlines the day’s central point: the market rewarded commodity leverage and company-specific catalysts, not defensive consumption exposure.
Several other earnings updates added texture to the session:
•SAHAM Bank reported consolidated net banking income up 6.9% to MAD 6.2 billion in 2025
•Wafacash posted a 77% drop in net profit to MAD 31.7 million
•Tamwilcom reported net income up 15.7% to MAD 446.5 million
•Unimer returned to profit at MAD 11 million, versus a MAD 28 million loss in 2024
•SNEP widened its net loss to MAD 193 million, from MAD 75 million a year earlier
