The Moroccan Economy in Brief: Wednesday, June 12, 2019
Renault closes the first 5 months of 2019 at the top of the podium:
The Renault group closed the first five months of 2019 at the top of the podium in the Moroccan market, with a total of 28,709 deliveries. At the end of the first five months of 2019, the group achieved a market share of 43.3% and 42.9% in May alone, according to a group press release. With its 3,555 deliveries, Dacia gained a 26.8% market share during May and maintained its position as the market leader in passenger cars and light commercial vehicles (LCVs) in Morocco, adding the same source, adding that 18,698 vehicles had been sold and 28.2% of the total market share.
Emmerson gets a loan of $230 million:
The funds needed to develop the Kemeisset potash mine are coming in. Emmerson, listed on the London Stock Exchange, has been officially informed by a major European commercial bank that it will receive up to $230 million in debt financing. "Being approached by a major commercial bank with early indications of such a large debt capacity, despite the use of very low potash price assumptions, is a huge support to the economic strength of the project," said Hayden Locke, the company's CEO.
Attijariwafa bank Europe joins forces with the French Matmut:
From today, Attijariwafa bank Europe will offer Matmut home insurance solutions to its clients in its French branches. Matmut car insurance offers will also be marketed in the banking network from October 2019. Attijariwafa Bank Europe will now offer bancassurance solutions in partnership with La Matmut, a major player on the French insurance market in its bank branches in France. Indeed, last week, the two operators signed a distribution agreement in order to concretize their partnership.
The Casablanca Stock Exchange starts the week slightly higher:
The Casablanca Stock Exchange opened slightly higher on Monday, with its two main indices, Masi and Madex, taking 0.05% and 0.06% respectively. At around 10:25 am (GMT+1), the Masi, a global index composed of all equity-type stocks, stood at 11,040.41 points while the Madex, a compact index composed of continuously quoted stocks, accumulated 8,971.66 points. In terms of international indices, the FTSE CSE Morocco 15 scored 0.14% at 9.901.90 points and the FTSE Morocco All-Liquid gained 0.03% at 9.509.65 points.
OPCI: The first approvals of management companies are being processed:
After approximately three years of waiting, the launch of OPCI Real Estate Investment Trust Funds is now underway. It is the culmination of a number of reforms initiated in recent years that have ultimately led to the development of the capital market. The meeting jointly organised by the Ministry of Economy and Finance and the Moroccan Capital Market Authority (AMMC) on Tuesday, June 11, was an opportunity to present the legislative and regulatory framework governing OPCIs and to analyse the advantages offered by this new instrument on the Moroccan capital market to a range of operators in the financial world (supervisory authorities, banks and insurance companies, public companies, etc.).