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Casablanca Stock Exchange

Casablanca Stock Exchange
Key Historical Points :
CSE was founded in 1929 under the name of “Office de Compensation des Valeurs Mobilières”
or “Office for Clearing of Transferable Securities” .
Due to the domestic investor’s growing interest in stock market investment, reforms and
regulations were undertaken in 1967. These reforms provided the market with a legal and
technical structure and fixed many of the organizational flaws that made the market unattractive
to investors.
In 1986, the government started a series of changes that took ten years to complete, in order to
control and regulate the high level of debt and inflation in the market.
In 1993, another significant set of market reforms was conducted in order to complement and
improve earlier policies with the adoption of three basic legislations.
In 2000, the « Société de la Bourse des Valeurs de Casablanca » changed its name to the current
« Casablanca Stock Exchange » with a Board of Directors and a Supervisory Board.
Total Market Capitalisation : US$ 71.1 billion in 2018.
Number of companies listing in CSE: 81 listed securities.
Conditions required for listing:
Companies may issue stocks or bonds that may be listed on the three equity or bond markets of one of
the stock markets.
Indexes to determine performance:
Originally, CSE had the « Index de la Bourse des Valeurs de Casablanca » (IGB) as an index. It was replaced in
January 2002 by two indexes: MASI and MADEX.
MASI: (Moroccan All Shares Index) is an index that includes all listed shares and allows investors to
follow all listed values and to have a long-term visibility.
MADEX: (Moroccan Most Active Shares Index) is an index that only includes the most active shares
listed continuously and serves as a reference for the listing of all funds invested in shares.
CFG 25: It represents 25 shares listed on the Casablanca Stock Exchange and approximately 80% of the
total market capitalization of all Casablanca Stock Exchange listed companies.
Case Study: Afriquia Gaz
Afriquia Gaz SA is a Morocco-based company engaged in the refining and marketing of liquefied
petroleum gas
When was it listed?
What was the IPO?
 What is the current PPS?
3600 MAD.
 Would I invest in the company?
Both the Earnings Per Share and the Return On Equity show a positive trend during the last three years.
However, the Price / Earnings Ratio is rapidly declining. This may indicate that the stock is undervalued.
 Conclusion: I would invest in this stock.
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