SPECIAL
REPORT:
THE MOROCCAN STOCK EXCHANGE
Arab
Investors Knock at Morocco's Doors
Flush
with oil money, Arab financiers are accelerating their investments
in the Casablanca Stock Exchange. Although the first quarter
of last year (2005) investors from the Gulf region hesitated
to expand into the Moroccan exchange, a new wave of transactions
this time indicates renewed commitment to Morocco, in particular
as the market has been making double-digit gains. [read
here]
SPECIAL
REPORT:
THE MOROCCAN STOCK EXCHANGE
The
CASABLANCA Stock Exchange: 2005 Review and 2006 Outlook
The
Casablanca Stock Exchange (CSE) was a highly volatile market
in 2005, according to analysts of the Casablanca Finance Group.
Cumulative year-to-date return, they found, went from a low
of -4.4%, to +0.3%, to a high of +19.6%. Still, trading volumes
hit a record high, albeit boosted by round trip trades in
December. 2005 was characterized by three new IPOs, while
2006 earnings growth is estimated at 7.4%, with total earnings
expected to reach MAD 16.7 billion. In all, total dividend
pay-out (excluding extraordinary dividends) were up 34.9%
in 2005, and valuation ratios were still attractive at end-2005.
This analysis looks at the CSE performance and what to expect
this year.
[download
PDF]
[read
html here]
Sonatrach:
The Road Ahead
Sonatrach,
the Algerian state company is one of the world's largest oil
and gas firms in the world. Analysts rank it as the 12th biggest
oil group. With $33 billion in sales in 2004, Sonatrach revenues
continued to grow in 2005 to $44 billion in line with the
increasing oil and gas prices and a growing appetite for such
products worldwide. With these sales figures, Sonatrach surpassed
all African companies, including those of South Africa. The
company is the world's second exporter of liquefied natural
gas (LNG) and liquefied petroleum gas (LPG), third exporter
of natural gas, and the world's number one exporter of condensates.
[read
here]
[company's
2004 annual report - PDF]
[company's
2004 financial results - PDF]
Algeria
Seeks Extradition of Alleged Bank Fraud Masterminds
In
early January, the Moroccan police arrested Abderrahmane Achour
in his Rabat home on an extradition warrant issued by an Algerian
court. Along with two accomplices, Achour has been sought
by Algeria for his alleged role in an embezzlement affair
that targeted the Banque Nationale d'Algerie (BNA). He is
currently held in the Zaki prison in Sale where he is waiting
for a final decision on his likely extradition. [read
here]
Moroccan
Households Spent $800 Million to Celebrate Aid El-Adha.
Moroccan
households hacve spent MAD 7 billion to celebrate the one-day
religious event of Aid El-Adha recently. This is the equivalent
of $800 millions or 1.5% of the nation's entire gross domestic
product (GDP). [read
here]
Renault Seeks to Acquire Another 14% Stake
in Moroccan Auto Assembler Somaca
French
automaker Renault is planning to increase its stake of Moroccan
auto assembler Somaca. The company is buying shares held by
private invest at the unit price of MAD 416.67 through March
2006. [read
here]
Tunisia
Looks for a Partner to Build and Operate a Second Petroleum
Refinery
Tunisia
is hoping to have a new petroleum refinery. The North African
country has thus far depended on the output of one single
refinery owned and operated by state company STIR in Bizerte.
As demand for refined products grows, so does the need for
new processing capacity. In fact, the Tunisian government
has long contemplated the construction of a new unit and discussions
within the government took place over the past two decades
without any result. [read
here]
