Casablanca Stock Exchange — MASI Gains 2.13% for the Week as Miners Power the Rebound
The MASI rose 2.13% on Friday, narrowing its year-to-date loss to -2.12%, led by mining stocks and a 2.84% jump in the MASI ESG index. Managem and CMT alone traded more than MAD 172 million, while Moody’s affirmed OCP’s Baa3 rating.
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Casablanca equities ended the week with a sharp burst higher, with the MASI closing at 18,447.35 points after a 2.13% gain on Friday, April 10, 2026, trimming its year-to-date decline to -2.12%. The move was led by mining names, with Managem jumping 10.0% to MAD 11,934 and Minière Touissit rising 8.9% to MAD 4,885, as Brent crude rebounded 1.0% on the day but still fell 11.7% over the week and the euro strengthened 3.15% against the dirham.
Key figures
- MASI: 18,447.35 points, +2.13% on the day, -2.12% year to date
- MASI ESG: 1,296.05 points, +2.84%, the best-performing headline index
Market context: a broad rebound, but leadership was concentrated
For anyone tracking the Casablanca stock exchange today, the end-of-week picture was broader than the headline index alone suggests. Market breadth was constructive, with 43 gainers, 14 losers and 23 unchanged out of 80 listed stocks. The MASI 20 added 1.17% to 1,370.28 points, lagging the MASI Mid and Small Cap, which rose 2.05% to 1,892.9 points, while the MASI ESG outperformed with a 2.84% jump to 1,296.05 points.
That ranking matters. It shows the rebound was not driven only by the largest banks and telecom names that usually dominate the index. Smaller and mid-cap names, especially in mining and selective growth pockets, also participated. The fact that the MASI ESG beat the main index by 71 basis points suggests investors rotated toward names seen as more resilient in a global environment still shaped by the Iran war, Strait of Hormuz supply concerns and commodity dislocations, as reflected in international headlines cited in the macro backdrop.
The contrast with the previous session was also striking. Market data show the MASI had slipped 0.22% on April 9, 2026, ending at 18,063.02 points. Friday’s close at 18,447.35 therefore represents a one-session recovery of 384.33 points, materially improving the weekly tone after a softer midweek stretch.
Mining stocks drove the MASI index higher
The core story in this Casablanca stock market analysis was the mining complex. Managem posted one of the strongest moves among actively traded names, rising 10.0% to MAD 11,934 on MAD 111.07 million in turnover. Minière Touissit followed with an 8.9% gain to MAD 4,885, with MAD 60.97 million traded. Combined, the two stocks accounted for MAD 172.04 million in turnover, a level that dwarfed activity in many other blue chips.
Why did miners take the lead again? First, the international backdrop remains supportive for companies exposed to precious and base metals. Gold held at $4,794.3, an exceptionally elevated level, while silver rose 0.3% to $76.49. Platinum fell 1.4% to $2,068.1 and palladium slipped 0.8% to $1,540.0, but the broader message remains one of geopolitical risk supporting hard assets.
Second, the Moroccan market increasingly values local miners through the lens of African expansion. According to Sika Finance, Managem is investing CFA 85 billion in Gabonese gold. That matters in Casablanca because investors often reward Moroccan groups that can diversify earnings beyond the domestic cycle. In a market where banks and telecoms are structurally dominant, mining offers a different macro exposure: metals, Africa growth and geopolitical hedging.
The move also came at a time when the market was looking for fresh leadership. Banks, which carry heavy weight in the MASI, did not move in lockstep. BCP fell 1.1% to MAD 244, underlining that Friday’s rise was not simply a passive index bounce. Instead, the strength of miners was enough to lift the MASI index, especially because turnover confirmed conviction behind the move.
For readers following the Morocco stock market, this was also a continuation rather than a one-off spike. The segment had already shown momentum recently, as discussed in Bourse de Casablanca — SMI bondit de 15,6% en 5 jours, l’or relance le dossier minier. Friday’s session reinforced the idea that mining is once again a market-driving theme in Casablanca.
Insurance, energy and ESG quality added support
The second notable feature of the week was the rise in Wafa Assurance, which climbed 10.0% to MAD 5,335. That move helped explain the outperformance of the MASI ESG, since insurers and high-quality financials are often well represented in ESG baskets. The gain also came as Moroccan corporate tax receipts rose 26% to MAD 43.5 billion at end-March 2026, according to macro data in the news flow. Stronger tax collection is often read as a sign that formal-sector activity remains solid across parts of the economy.
The energy pocket also held up better than the weekly drop in oil might have implied. Taqa Morocco gained 3.6% to MAD 1,864. For Morocco, a net energy importer, Brent at $96.9 per barrel, down 11.7% over the week, can ease the import bill and improve cost expectations for some sectors, even if the absolute oil price remains high. The market appears to be balancing two opposing forces: geopolitical supply risk on one side, and a meaningful weekly pullback in crude on the other.
Foreign exchange added another layer. USD/MAD fell 0.26% to 9.2754, which is relatively supportive for dollar-priced imports such as energy. But EUR/MAD jumped 3.15% to 10.868, which can pressure companies with euro-denominated procurement. That divergence matters for margin expectations across Moroccan industrials and consumer names.
Corporate and regulatory flow stayed busy
Beyond price action, the week brought a dense stream of announcements. Moody’s affirmed OCP’s long-term credit rating at Baa3 with a stable outlook, according to the economic press. OCP is not listed, but the decision matters for Casablanca because it supports the perception of Moroccan credit quality in a strategic sector. Phosphates and fertilizers remain central to export earnings and foreign-currency generation.
On the corporate side, CMGP called an extraordinary general meeting for May 12, 2026 to approve a capital increase of up to MAD 50 million in nominal value. That is worth watching because primary-market activity remains selective, and capital raising plans often signal where management teams see expansion opportunities. Other capital moves were also reported this week, including MAD 23.6 million at Richbond Group Africa and MAD 111.694 million at Africa Chem.
Operating updates were mixed:
•IB Maroc: revenue up 5.08% to MAD 62.00
•Delta Holding: revenue up 4.20% to MAD 62.00
•Maroc Leasing: revenue up 5.99% to MAD 368.95
•Lesieur Cristal: down 6.39% to MAD 391.30
These figures show a market still differentiating between companies preserving growth and those facing pressure on volumes or margins. Delta Holding, which rose 3.2% to MAD 64, was one of the names rewarded after its update.
Technology and payments also stayed in focus. According to Medias24, Cash Plus is preparing to launch an instant bank transfer service through its mobile app. Even though the stock rose 4.6% to MAD 300 and cannot be the main angle this week, the announcement highlights the ongoing digitisation of financial services in Morocco. Oracle’s opening of a public cloud region in Casablanca also points to a supportive backdrop for the domestic digital ecosystem.
Weak spots: selective banks and softer consumer names
The rebound did not erase all pockets of weakness. BCP fell 1.1% to MAD 244, while Sanlam Maroc dropped 5.9% to MAD 2,730 and Salafin lost 5.3% to MAD 450. Label Vie slipped 0.5% to MAD 4,200, Auto Hall fell 0.9% to MAD 79.2, and BMCI edged down 0.2% to MAD 608. That dispersion shows the rise in the MASI still looks more like a selective rebound than a fully synchronised rally.
In turnover outside mining, TGCC traded MAD 47.15 million, Akdital MAD 34.47 million and Marsa Maroc MAD 28.45 million. So flows were not confined to only two or three names, but leadership was clearly concentrated in the mining segment.
Outlook: what to watch next week
For the week of April 13-17, 2026, three variables stand out in any Morocco market recap. First is Brent after its 11.7% weekly drop: for a net importer like Morocco, oil affects costs, imported inflation and sector valuations. Second is foreign exchange, with EUR/MAD at 10.868 potentially reshaping margin expectations for industrial and retail names. Third is the local corporate calendar, especially the follow-through from IAM’s liquidity contract and buyback programme disclosures, the CMGP capital increase process ahead of May 12, 2026, and the next batch of quarterly trading updates.
In short, the late-week rebound was real, measurable and backed by turnover. More importantly, it showed that in Casablanca in April 2026, mining stocks, ESG quality and the interaction between oil and FX are setting the tone for the market.
