Casablanca Stock Exchange — MASI Gains 0.37% for July 6-10 Week as STR Jumps 5.7%
The MASI rose 0.37% in the week of July 6-10, 2026, supported by industrial names and mid-caps, while STR surged 5.7%. Trading stayed concentrated in Attijariwafa bank, Managem and Jet Contractors as oil rose 5.1% on the week and the euro strengthened against the dirham.
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Moroccan equities ended the week of July 6-10, 2026 with modest gains, as the MASI closed at 17,987.82 points, up 0.37%, while mid- and small-cap names again showed relative resilience. The standout move did not come from the usual index heavyweights but from Stroc Industrie, which topped the gainers table with a 5.7% rise to 183.0 MAD, underlining how selective risk appetite has become on the Casablanca market.
The move may look limited at first glance, but it came in a macro backdrop that was more constructive than at the end of June. Brent crude fell 0.9% on Friday, yet it still posted a 5.1% weekly gain to $75.63 a barrel, as global markets continued to price in U.S.-Iran peace talks and the possibility, highlighted in international headlines cited in the brief, of an oil surplus returning by year-end. For Morocco, a net energy importer, that matters directly: a higher weekly oil bill pressures import costs and corporate margins, while the late-week pullback helped ease some of that pressure for energy-sensitive sectors.
Market context: a firmer week, but not a broad-based rally
For readers looking for a practical Casablanca stock market analysis, the first point is market structure. Breadth came in at 30 advancers, 25 decliners and 25 unchanged stocks, for a total of 80 listed names in the session mix. That is not a full-market rally, but it is a healthier balance than some recent sessions dominated by dividend detachments and technical selling, as seen in our earlier coverage Bourse de Casablanca — MASI -0,96%, les dividendes BOA, MSA et GTM amortissent une séance à 47 baisses.
The index breakdown confirms that nuance. The MASI 20 rose 0.65% to 1,325.69 points, outperforming the broader market and showing that selected large caps still provided support into the end of the week. The MASI ESG added 0.16% to 1,276.95 points, taking its year-to-date performance to +2.03%, while the broader MASI remains down 4.56% in 2026. The MASI Mid and Small Cap, at 1,817.5 points, gained 0.25% on the day but is still down 1.3% year to date, which suggests the rebound in smaller names remains incomplete rather than decisive.
Foreign exchange moves also help explain the week’s MASI index behavior. The dirham strengthened against the dollar, with USD/MAD at 9.3243, down 0.41%, which mechanically eases part of Morocco’s energy import bill and other dollar-denominated purchases. But EUR/MAD jumped 2.90% to 10.64, a more meaningful move for companies importing from the euro zone. For Moroccan groups with European revenue exposure, a stronger euro can support translated sales in dirhams, but it also raises the cost of imported equipment and inputs. That is likely to matter more as first-half earnings season approaches.
STR, Sanlam Maroc and Sonasid lead as stock-specific stories drive performance
The clearest takeaway from the week is that stock-specific catalysts mattered more than index direction. Stroc Industrie climbed 5.7% to 183.0 MAD, ahead of Sanlam Maroc, up 3.7% to 3,090.0 MAD, and Sonasid, up 2.7% to 2,035.0 MAD. That mix is telling: industry, insurance and steel all outperformed, even though they face very different operating conditions.
In Sonasid’s case, the gain came in a broader commodities environment where wheat rose 4.8% on the week and cotton gained 6.2%, a reminder that input markets remain volatile far beyond oil. For Moroccan investors, that matters because industrial stocks are being judged not only on volume growth but on their ability to defend margins as raw material costs shift. Sonasid’s July 8 dividend detachment, announced by the exchange, may also have reshaped short-term flows around the stock.
Another notable winner was TotalEnergies Marketing Maroc, which rose 1.7% to 1,518.0 MAD. At first glance, that may seem counterintuitive with Brent down 0.9% on the day, but the weekly oil gain of 5.1% tends to support revenue expectations for fuel distributors, even if the margin effect depends on pricing pass-through. By contrast, Taqa Morocco slipped 0.8% to 1,736.0 MAD on its dividend detachment date, a move that looks more technical than fundamentally negative in isolation.
Volumes tell a different story: liquidity remains concentrated
If you look at the Casablanca stock exchange today through turnover rather than price moves, concentration remains the defining feature. Attijariwafa bank led trading with 12.97 million MAD in volume, while the stock rose 1.4% to 687.0 MAD. It was followed by Managem with 11.55 million MAD traded despite a 0.8% decline to 12,903.0 MAD, and then Jet Contractors with 10.68 million MAD for a marginal 0.1% loss.
That turnover ranking shows that the Morocco stock market is still driven by a handful of liquid names, even when weekly performance is led by mid-caps. Managem’s decline is especially worth placing in global context. Gold slipped 0.2% to $4,122.4, silver edged down 0.1%, while platinum rose 1.0%. At the same time, according to Medias24, Managem has taken a 60% stake in Senegal’s Senala gold project and is preparing a new drilling campaign. The market therefore appears to be balancing a long-term African growth story against softer precious-metals momentum in the very short term.
In ports and logistics, Marsa Maroc gained 1.4% to 865.0 MAD. The move fits a supportive news flow. According to Medias24, its subsidiary WMCT secured 196.7 million euros in long-term financing for the East Terminal at Nador West Med, while several outlets including LesEco.ma and Le Matin reported a 3 billion MAD investment plan at the Port of Casablanca. For a logistics operator, those figures improve visibility on capacity growth, even if investors will still want to see how that translates into throughput and profitability.
Official announcements: CIH capital increase, T2S IPO and dividend effects shape the week
The week was also busy on the regulatory front, with 15 official announcements published. Among them were 4 regulatory notices covering the classification of financial instruments, trading cycles and minimum block sizes. Those may look technical, but they matter for market microstructure, liquidity and execution quality, all of which affect retail investors more than they often realize.
The most visible corporate action was CIH Bank’s capital increase, announced on July 9 in two parts, including a staff-reserved tranche and a broader cash increase. Even though CIH is one of the names not to spotlight this week, the transaction still matters because it feeds into the broader theme of balance-sheet strengthening in Moroccan banking. In a market where banks carry heavy index weight, such operations can shape sector sentiment alongside the 1.5% rise in CFG Bank to 199.0 MAD and the 0.9% gain in Crédit du Maroc to 980.0 MAD.
Dividend detachments also influenced price action across the board:
•BOA: ex-dividend on July 6
•MSA: ex-dividend on July 6
•TQM: ex-dividend on July 6
•GTM: ex-dividend on July 6
•MAB: ex-dividend on July 7
•PRO and SID: ex-dividend on July 8
Those technical adjustments explain part of the week’s dispersion. Maghrebail fell 1.9% to 894.0 MAD, Maroc Leasing dropped 3.7% to 340.0 MAD, and Salafin lost 1.8% to 423.0 MAD, showing that the financial segment outside the largest banks remained less convincing.
The laggards show why the rebound still looks fragile
The decliners list is a reminder that the market has not entered a euphoric phase. Lesieur Cristal fell 5.7% to 330.0 MAD, Zellidja lost 6.0% to 179.55 MAD, and IB Maroc.com dropped 8.2% to 55.1 MAD. On less liquid or more idiosyncratic names, price swings remain sharp, which is typical of a market where conviction is still selective rather than broad.
In real estate, Addoha rose 1.3% to 34.95 MAD, while Alliances fell 0.9% to 388.95 MAD and Risma lost 0.9% to 325.0 MAD. That divergence suggests investors are still sharply differentiating between business models and balance-sheet profiles. Domestic monetary conditions, construction input costs and end-demand trends remain central variables. Research notes from BKGR, Attijari Global Research and CDG Capital are likely to carry more weight as first-half earnings approach and investors reassess profit expectations.
Outlook: first-half earnings, T2S listing process and FX sensitivity in focus
For next week, the key issue will not simply be whether the MASI can build on this 0.37% gain, but whether the market can broaden participation beyond a few liquid leaders and selected industrial names. Traders will follow the next steps in the T2S Group Holding IPO, announced on July 6 through a capital increase and share sale, as well as the market impact of the CIH capital increase. They will also look for early signals on first-half 2026 earnings in a setting where Brent at $75.63, EUR/MAD at 10.64 and USD/MAD at 9.3243 can affect sector margins in very different ways.
