Casablanca Stock Exchange — MASI Gains 0.43% for the Week as ZDJ Jumps 10% and Attijari Lifts Trade
The MASI rose 0.43% in the week to July 24, 2026, helped by heavyweight banks and selective mid-cap buying. ZDJ climbed 10.0%, Attijariwafa Bank added 2.2%, while a stronger euro and higher weekly oil prices reshaped sector positioning.
|7 min read
Casablanca equities ended the week of July 24, 2026 with a modest gain, as the MASI rose 0.43% to 17,743.11 points, even though market breadth was nearly flat at 29 advancers, 30 decliners and 21 unchanged stocks. That divergence matters: a handful of heavyweight names, especially in banking, offset scattered losses elsewhere, while the sharp rise in Zellidja and strength in Attijariwafa Bank defined a week of selective rotation rather than broad-based risk appetite.
Under the surface, the MASI 20 climbed 0.87% to 1,317.16, clearly outperforming the MASI Mid and Small Cap, which added only 0.18% to 1,752.13, while the MASI ESG index gained 0.43% to 1,266.33. Year to date, the picture remains more fragile: the MASI is down 5.85%, the MASI 20 has fallen 11.34%, and only the ESG gauge remains slightly positive at +1.18%, according to Casablanca Stock Exchange data. In other words, this week’s rise improved sentiment, but it did not yet reverse the broader 2026 drawdown in the Morocco stock market.
Key figures
- MASI: 17,743.11, up 0.43% for the week
- MASI 20: +0.87%, ahead of Mid & Small Cap at +0.18%
- ZDJ: +10.0% to 203.45 MAD
- Attijariwafa Bank: +2.2% to 690.0 MAD
- EUR/MAD: +2.84% for the week, Brent: +7.6% despite a daily drop
Market context: a narrow gain shaped by index heavyweights
To understand the Casablanca stock exchange today, investors need to look beyond the headline MASI index move. The weekly gain of 0.43% came in a market that was far from uniform, with activity concentrated in a small number of liquid counters. The biggest traded names were Marsa Maroc with 21.35 million MAD, Itissalat Al-Maghrib with 21.34 million MAD, TGCC with 18.58 million MAD, followed by Attijariwafa Bank at 15.28 million MAD and SGTM at 13.17 million MAD.
That concentration is significant because Casablanca’s benchmark is heavily influenced by banks and telecoms. When the market rises without strong breadth, it usually means institutional money is favoring defensive, liquid names rather than chasing the full board. That fits the global backdrop. Brent crude ended at $95.98 a barrel, still up 7.6% on the week despite a 4.7% drop on the day, while EUR/MAD jumped 2.84% to 10.66. For Morocco, a net energy importer, that combination matters directly: higher oil raises the import bill, while a stronger euro can increase the cost of imported equipment, raw materials and consumer inputs. That helps explain why gains were selective rather than broad.
The currency move deserves special attention. According to Medias24, the dirham weakened against the dollar late in the week, while the euro’s rise against the dirham has immediate implications for listed companies. Exporters with euro-linked revenues may see some support, but import-dependent sectors face margin pressure. In any serious Casablanca stock market analysis, FX is not a side issue this week; it is one of the main reasons industrials, consumer names and financials did not move in lockstep.
Main story: Zellidja surges as commodity-linked sentiment returns
The standout move among names that can be highlighted under the editorial brief came from Zellidja, which jumped 10.0% to 203.45 MAD. That made it one of the clearest expressions of renewed appetite for cyclical and resource-linked stocks. Precious metals also strengthened globally, with gold up 0.7% to $4,073.9, silver up 2.1% to $59.03, and platinum up 0.6% to $1,608.7. Zellidja is not a direct one-for-one proxy for those commodities, but the broader shift in sentiment toward hard-asset exposure clearly helped the stock.
The move also fits a wider macro narrative. Global headlines this week pointed to the risk of a commodity “super-squeeze” as tensions around Iran widened, even as U.S.-Iran peace talks helped pull oil back below $100 a barrel. For Moroccan equities, that kind of backdrop tends to favor tactical buying in mining and resource-adjacent names, especially where liquidity is thinner and price moves can become amplified quickly. That is exactly the kind of pattern seen in this Morocco market recap: not a sector-wide re-rating, but sharp upside in selected counters.
At the same time, Attijariwafa Bank rose 2.2% to 690.0 MAD, providing crucial support to the benchmark. This is important because on the Casablanca exchange, a move in Attijari has a much larger index effect than a similar percentage gain in many mid-caps. The contrast with BCP, which fell 1.6% to 246.95 MAD, shows that banking was not a uniform trade. Investors were making selective choices, likely based on liquidity, half-year earnings expectations and regional exposure. With EUR/MAD up 2.84%, cross-border banking groups with West African and euro-linked operations may also be reassessed through a currency lens.
Announcements and technical drivers: dividend, rights issue and suspension
The week was also shaped by three official announcements. First, DRI announced a dividend detachment on July 23, 2026, a routine but important event when interpreting short-term price action around the ex-dividend date. Second, Auto Hall published the theoretical value of its subscription right on July 22, a regulatory disclosure that likely contributed to the stock’s 1.5% decline to 65.0 MAD as investors recalibrated value after the capital operation. Third, CMT had a trading suspension announced on July 17, before later posting a 10.3% weekly gain to 4,799.0 MAD; it is worth noting for context, even if it is not the lead angle here.
These events are a reminder that weekly performance on the Casablanca exchange is not driven only by macro themes. Technical adjustments linked to dividends, rights issues and temporary suspensions can have an outsized impact, especially in a market where liquidity is uneven. For retail investors, that distinction matters: a stock move after a corporate action does not always reflect a change in underlying fundamentals.
Volume patterns reinforced that message. Itissalat Al-Maghrib traded 21.34 million MAD while ending essentially flat, suggesting it served more as a liquidity rotation vehicle than a directional market leader. By contrast, Attijari’s 2.2% gain on 15.28 million MAD points to more clearly positive buying pressure. We had already seen fast-moving rotation in construction and infrastructure names in Bourse de Casablanca — JET domine les volumes à 6,9 MDH malgré un repli de 0,9%, le MASI gagne 0,78%, which gives added context to JET Contractors’ 4.5% rise this week to 2,070.0 MAD.
Supporting stories: energy, consumer and industrial names split sharply
Among the notable decliners, TotalEnergies Marketing Maroc fell 2.4% to 1,455.0 MAD. That may look counterintuitive with Brent still near $96 and up 7.6% on the week, but higher oil is not automatically bullish for downstream distribution names. It can raise concerns about domestic demand, pricing sensitivity and margin pass-through. In Morocco, where imported energy costs feed quickly into broader inflation and purchasing-power debates, oil strength often creates more questions than immediate equity upside.
In consumer staples, Cosumar slipped 1.9% to 181.95 MAD, despite corporate headlines that were broadly favorable. According to Boursenews.ma and L’Economiste, the company secured MSI 20000 financial certification, a governance milestone. But governance recognition is not always a short-term stock catalyst. This week, the market appeared more focused on input costs, agricultural conditions and currency effects. With the euro up 2.84%, imported components and supply-chain costs remain part of the valuation discussion.
Elsewhere in industrials, Colorado gained 2.6% to 79.0 MAD, Mutandis added 1.6% to 233.8 MAD, and Fenie Brossette rose 1.9% to 275.0 MAD, while Delta Holding dropped 2.7% to 53.0 MAD. The split suggests investors are distinguishing between companies with stronger pricing power or resilient domestic demand and those more exposed to order cyclicality or imported-cost pressure. That is a more useful takeaway than simply tracking bourse casablanca aujourd'hui style price screens, because it explains why the same macro backdrop produced very different stock outcomes.
Outlook: earnings, FX and oil will drive the next leg
For the coming week, the key focus will be the pace of half-year earnings releases, any fresh notes from BKGR, Attijari Global Research or CDG Capital, and whether the combination of elevated oil prices and a stronger euro starts to alter margin expectations more visibly across sectors. The market will also track the follow-through from the ATH and DRI corporate actions, as well as press-reported developments around Taqa Morocco and Managem. With the MASI at 17,743.11 points, the benchmark is still being carried by a limited number of leaders; the next test for the rally will be whether participation broadens beyond heavyweight banks and isolated mid-cap spikes.
