Lafarge and Holcim: Launching of the most important asset sale

Transcription

1 Week from 02/02/2014 to 02/06/2015 Market Summary International Markets Market and Sector News At the international level Lafarge and Holcim: Launching of the most important asset sale At the national level Real Estate: Price Guide is ready Public debt: 64% of GDP in 2014 Global growth: Euler Hermes expects 4.2% this year. The Casablanca Stock Exchange: An Introduction for the first quarter Sugar industry: Saves a record production Pharmaceutical market: Turnover decreased by 2.7% in 2014 Construction: Stabilization in 2015 Maroclear: Arrival of the new prices Addoha Group: Cimaf Cameroon getting stronger Afriquia Gaz: results up to the end of 2014 Attijariwafa bank: Exceptional Review Saham insurance: Launch of a new product CIH: Consecration of the 2.0 bank HPS: PowerCard entered South Africa Maghreb Oxygene: shows mixed results for 2014 Mediaco Maroc: End of Stock trip Fundamental Data Technical Data

2 CM vol um O TC vol um MASI MAD E Market Summary INDEXES MASI ,17 1,28% 7,62% MADEX 8 486,93 1,29% 8,21% FTSE CSE ,00 1,39% 7,08% FTSE CSE All 8 748,26 1,19% 8,53% Capi. (Billions of MAD) 520,73 1,28% 7,49% MARKET VOLUME OF THE WEEK In Millions of MAD VOLUME % ADV* Central Market 329,59 97,06% 65,92 OTC Market 10,00 2,94% 2,00 Global Market 339,59 100,0% 67,92 * Average Daily Volume MARKET PERFORMANCE Performance Value Weekly 2014 Weekly evolution for Moroccan indexes vs. volume /2 2/3 2/4 2/5 2/6 A week in a positive trend for the Moroccan market. Indeed, both indicators showed a weekly change of 1.28% for MASI and 1.39% for the FTSE 15, bringing their annual performances respectively to 7.62% and 7.08%. For its part, the market capitalization set at MAD billion. The global trading volume of this week totalled MAD millions traded on the Global Market. The Average Daily Volume (ADV), since the beginning of 2015, set at MAD 88.5 millions. MAIN VARIATIONS OF THE WEEK Shares Price % Chg ADV (TMAD) MEDIACO MAROC 30,00 57,89% 7 CARTIER SAADA 19,99 11,06% 2 F.BROSSETTE 219,00 9,50% 21 DARI COUSPATE 1 045,00 7,18% 22 TIMAR 399,00-3,86% 1 UNIMER 198,95-4,33% 2 149,8 JET ALU MAROC 262,85-4,42% 14 EQDOM 1 564,00-4,52% 4 MAIN VOLUMES OF THE WEEK WAP Quantity VOLUME (MMAD) Central Market ADDOHA 31, ,31 21,6% ATTIJARIWAFA 367, ,95 13,0% MAROC TELECOM 127, ,01 11,8% BCP 234, ,40 8,6% OTC Market UNIMER UNIMER 200,00 200, , ,00 10,00 100,0% 100,0% % The upward trend of the market was supported by the increase of several values: MEDIACO MAROC (57.89%), CARTIER SAADA (11.06%), F.BROSSETTE (9.50%) and DARI COUSPATE (7.18%). The transaction flow on the central market has been achieved primarily by the shares ADDOHA, ATTIJARIWAFA, MAROC TELECOM and BCP which represented 55.12% of transactions of the week. Otherwise, the OTC market drained a volume of 10 MMAD achieved by UNIMER. International markets INTERNATIONAL INDEXES Daily Weekly Annual index Last % Change % Change % Change CAC 40* 4 699,22-0,09% 2,06% 9,98% DAX 30* ,43-0,57% 1,39% 10,58% DOW JONES 30* ,87 0,24% 4,44% 0,59% NASDAQ* 4 776,83 0,25% 3,05% 0,86% HANG SENG ,39-0,35% 0,70% 4,55% NIKKEI ,50 0,82% -0,15% 1,13% U.S. stocks moved higher Friday, as investors weighed signs of strong economic growth against the growing perception that the Federal Reserve will move to raise rates in June. The Dow Jones Industrial Average was up 0.24% , and the Nasdaq index was 0.25% higher, to European stock exchange retreated Friday in expectation of the monthly report on US employment, always attentive to the evolution of the negotiations on Greek debt. In France, Cac 40 was 0.09% lower, to Germany s Dax 30, lost 0.57% to

3 Market and sector news At the international level: Lafarge and Holcim: Launching of the most important asset sale Lafarge and Holcim, cement manufacturers, have made a decisive step Monday 2th February toward the creation of the global leader in concrete, with the announcement of the sale to Irish industrial CRH most of disposals planned in their merger. The two groups have entered into exclusive negotiations with the manufacturer of Irish materials which turnover reached 18 billion, to sell 6.5 billion Euros of assets in Europe, especially in France, but also Canada, Brazil and the Philippines. At the national level: Public debt: 64% of GDP in 2014 The national debt has reached about 64% of GDP in 2014, flat compared to According to the Minister of Economy and Finance, Mohamed Boussaid, public debt remains sustainable. Note that in June 2014, Morocco was again released on the international market with a fundraising of 1 billion Euros. Global growth: Euler Hermes expects 4.2% this year. The credit insurance specialist provides for Morocco, growth of 4.2% of GDP this year and 4.5% in Euler Hermes expects a slight acceleration of global growth to 2.8% in 2015 and 3.1% in 2016, results of an increase of 2.1 and 2.2% for developed countries and 3.9 and 4.5% for emerging countries over The Casablanca Stock Exchange: An Introduction for the first quarter The year is expected to be a good start for the stock market. Two introductions are already scheduled for Moreover, the CEO of Casablanca Stock Exchange, Karim Hajji, expects that the first operation will take place during the first quarter. It would probably be Total Morocco, which is well advanced in its process. The second IPO scheduled for 2015 is Marsa Morocco. Sugar industry: Saves a record production The sugar sector registered a record production. The campaign resulted in a volume of tones of white sugar, which releases coverage rate of local consumption by 40% against 29% a year earlier. Over the past three years, the culture has seen all its indicators enroll up: area, production and yield. Pharmaceutical market: Turnover decreased by 2.7% in 2014 For the first time in over 15 years, the drug of the private market fell by 2.7% of its turnover. This one is located 8.7 against 8.9 billion MAD in The decline is due to the revision of prices and the wait that preceded the entry into force of the decree on the new rates. However, the volume was up 1.2% from the previous year to wait for the 311 million units. Construction: Stabilization in 2015 The activity was falling for the past 4 years for construction was marked by widespread declines, especially in cement, which 80% of the production is consumed by the sector. However, this Year will be definitely a stabilization year for the sector. The Forecasts are justified by 189 billion MAD of public orders provided by the Finance Act. This budget is expected to benefit the whole construction ecosystem. Maroclear: Arrival of the new prices The central depository has halved the fees on trading on equity market. Companies that enter the square or increase their capital receive a total exemption. The fee schedule will be applied starting the second quarter of The admission of unlisted securities in March will significantly increase the activity of the central depository. Finally, managed capitalization by the end of 2014 increased by 7.4%, to billion MAD. 3

4 Market and sector news Addoha Group: Cimaf Cameroon getting stronger The subsidiary of Addoha group, with an annual production capacity of tons of cement, carried out a capital increase, raising it from 4.5 to 7.6 million Euros, according to a legal notice published on the last January 15, in the columns of the Cameroonian government press. AFRIQUIA GAZ: results up to the end of 2014 The activity of Afriquia Gas experienced a bullish trend. In fact, the company net income improved by 0.5% to MMAD. Shareholders' equity increased by 1.2% and amounted to 2.07 billion against 2.04 billion MAD. Furthermore, the Board of Directors proposed to the General Meeting of Shareholders the distribution of a dividend of 105 MAD. AFRIQUIA GAZ will continue to focus on generating profitable growth for positive dynamics of the result. ATTIJARIWAFA BANK: Exceptional Review At the end of the discharge contribution transaction, the banking group focused about 10 billion MAD, more than 35% of assets and cash held abroad, reported following this big amnesty operation, which records amounted to 27.8 billion MAD. Private banking of the group in particular, would have drained the largest share. SAHAM INSURANCE: Launch of a new product The insurance company Saham Insurance Morocco has launched a new product called "Assur'santé international", which will be marketed starting 6 February This insurance policy will provide Compete hospitalization coverage in Morocco and over the world. Assur'santé International (ASI) is marketed in partnership with NextCare, specializing in the management of health services in the MENA region. CIH: Consecration of the 2.0 bank CIH has unveiled new products and services in line with its vision of technological innovation. Indeed, a new generation of products and services has been unveiled and on 2 February in Casablanca. Among the innovations, the development of multiservice cards, access to information and deleting operational constraints for customers. HPS: PowerCard entered South Africa The multinational company specialized in publishing of electronic payment solutions, will implement the solution at First National Bank, which aims to be one of the most innovative in the world. The solution will enable the Bank to offer solutions to the needs of its retail customers for the acceptance of electronic payment systems, billing managing, settlement and reporting. MAGHREB OXYGENE: shows mixed results for 2014 The activity of MAGHREB OXYGENE experienced an upward trend in terms of turnover, which crossed the MMAD, bringing operating profit 13.8 MMAD. In addition, net profit was 8.80 MMAD end of 2013 to 8.16 MMAD end of 2014, down 7.3%. This slowdown is due to the decrease in non-current income. The Board of Directors has decided to propose to the General Meeting of Shareholders the distribution of a dividend of 4 MAD. MAGHREB OXYGENE will continue to strengthen and expand its customer portfolio while maintaining pressure on its productivity ratios in order to maintain the course of growth of its operational and financial indicator Mediaco Maroc: End of Stock trip Afrique Levage subsidiary is leaving Casablanca Stock Exchange February 6, 2015, after less rewarding stay. Mediaco Maroc withdraws from listing on the stock exchange, following a squeeze out submitted by its majority shareholder, Afrique Levage. Approved last October by the Securities Commission, the squeeze out involves the acquisition of all not held shares by the Offeror, or shares, representing 23.13% of the capital and voting rights of the Company, at a price of 32 MAD per stock, and 24 MAD for the right of attribution. 4

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7 Khadija Saimane Hamza Elbouchtaoui 7 7