The Casablanca Stock Exchange BVC has strengthened significantly over the past two years, argues CEO Tarik Senhaji. The total market capitalisation of companies listed on the bourse stood at 92.5bn at the end of March, a 43 surge from 64.6bn at the end of 2023. Stock trading volumes have more than doubled in the past year and several companies have capitalised on the bullish mood to raise equity capital on the exchange, he says.
"Last year was the best on record in 15 years in terms of volumes traded, participation of institutional and retail investors, price performance, and the capital raises we facilitated," says Senhaji. He tells African Business that this momentum has carried on into 2025, with trading volumes remaining elevated in the first quarter.
Senhaji attributes the surge in stock market activity to an acceleration in capital flows in the Moroccan economy, arguing that investor confidence has risen in recent years on account of the kingdom's improved economic prospects.
"We are witnessing quite a turning point in terms of the development of the Bourse de Casablanca. There is a lot of confidence in the business community and the exchange is here to translate that into transactions," he says, citing the 2030 World Cup as one of the major drivers of increased capital flows into the Moroccan economy.
World Cup galvanises infrastructureSince the international football federation FIFA announced in October 2023 that Morocco would host the World Cup alongside Spain and Portugal, there has been a new wave of public and private investments in sectors of the economy to aid the kingdom's preparations for the games. Infrastructure development has emerged as a particularly strong driver of new investments, Senhaji reveals.