North Africa: Morocco Is Establishing Itself as a Capital Markets Centre for the Continent

African Business, May 2015 | Go to article overview

North Africa: Morocco Is Establishing Itself as a Capital Markets Centre for the Continent


OVER THE PAST FEW YEARS, MOROCCAN COMPANIES have marched south into sub-Saharan Africa, as the government encourages them to tap growth markets and diversify the country's economic links away from moribund economies in Europe. The country also hopes to set up an alternative to the Johannesburg Stock Exchange in the north of the continent in Casablanca, which--if successful--could see Morocco capturing a greater share of the top 250 in future.

Morocco already punches above its weight. Its economy is less than half the size of Egypt, but its companies make up more than half of the regional top 20 by market cap. Egypt seems to be on a path to recovery after years of turmoil, but investors may remain circumspect for some time to come.

Tunisia's economic recovery has also been difficult, but its stock exchange remains relatively well regarded, and has hosted several IPOs over the past two years, most recently ECP's exit of Moulin d'Or in December 2014.

Regional  Rank    Company Name                            Country
Ranking   /250
2015

1           17    Itissalat Al Maghrib (Maroc Telecom)    Morocco
2           24    Attijariwafa Bank                       Morocco
3           27    Commercial International Bank           Egypt
4           36    Banque Maroc. du Comm. Exterieur        Morocco
5           39    Banque Centrale Populaire (BCP)         Morocco
6           51    Societe Lafarge-Ciments                 Morocco
7           58    Talaat Mostafa Group Holding (TMG)      Egypt
8           64    Telecom Egypt                           Egypt
9           65    Qatar National Bank Alahly              Egypt
10          70    Global Telecom Holding                  Egypt
11          81    Orascom Construction Industries         Egypt
12          83    Abu Kir Fertiliser and Chemical         Egypt
13          84    Mobinil-Egyptian Mobile Service         Egypt
14          86    Ciments du Maroc (CDM)                  Morocco
15          94    Wafa Assurance                          Morocco
16          95    Elswedy Cables                          Egypt
17          97    Eastern Tobacco                         Egypt
18          98    Compagnie Generate Immobiliere          Morocco
19         104    SFBT                                    Tunisia
20         105    EFG-Hermes                              Egypt

Regional  Industry                          Total Market Cap
Ranking                                         (millions $)
2015

1         Telecom                                     11. … 

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