Casablanca Stock Exchange — Sept. 21-25, 2026: Small Caps Gain 0.69% as MASI Slips 0.29%
The MASI fell 0.29% in the week of Sept. 21-25, 2026, while the MASI Mid and Small Cap rose 0.69%. Rotation into miners and secondary names gathered pace as Brent fell 3.3% on the week and EUR/MAD climbed 3.26%.
|6 min read
A two-speed market defined the Casablanca Stock Exchange in the week of Sept. 21-25, 2026: the MASI index slipped 0.29% to 17,818.09, while the MASI Mid and Small Cap index rose 0.69% to 1,736.57. That divergence was the week’s clearest signal, showing a rotation away from the most liquid large caps and into names tied to metals, company-specific catalysts and valuation catch-up trades.
The contrast was even sharper because the MASI 20 fell 0.49% to 1,287.87, while the MASI ESG lost 0.26% to 1,321.17, indicating that weakness was concentrated in the blue-chip core of the market. According to exchange data, Friday’s close showed 16 advancers, 40 decliners and 25 unchanged stocks out of 81 listed names. In other words, breadth was negative, yet a cluster of smaller stocks still posted outsized gains.
Key figures
- MASI: 17,818.09 (-0.29% for the week)
- MASI Mid and Small Cap: +0.69%
- Brent crude: $97.06 per barrel (-8.9% on the day, -3.3% on the week)
Casablanca stock exchange today: large caps lag as secondary names outperform
Three forces shaped the Morocco stock market this week. First, consolidation in heavyweight banks and industrials dragged on the headline index. Second, lower oil prices changed the sector read-through in a country that remains a net energy importer. Third, the EUR/MAD jump of 3.26% to 10.933 revived questions around imported input costs for companies exposed to euro-denominated purchases, while potentially supporting businesses with foreign-currency-linked revenue streams.
Turnover data confirmed that liquidity remained concentrated in a handful of large names, even if that did not translate into index gains. TGCC led trading with 87.85 million MAD, followed by Attijariwafa Bank at 57.09 million MAD and BCP at 51.93 million MAD. Managem traded 35.12 million MAD, while Marsa Maroc reached 32.59 million MAD. That ranking suggests institutional money stayed active in the market’s core, but weekly performance was delivered elsewhere.
This pattern extends a trend already visible in our earlier coverage, Bourse de Casablanca — REB bondit de 6%, les small caps défient un MASI en repli de 0,20%. The difference this week is that the move was backed by a clearer macro backdrop: Brent fell 3.3% over the week to $97.06, despite sharp day-to-day volatility, easing pressure on Morocco’s energy import bill and reducing the relative appeal of some energy-linked defensive trades.
Casablanca stock market analysis: miners and special situations drive returns
The week’s top performer was CMT, up 10.0% to 4,315 MAD. The move was not isolated: Zellidja gained 4.9% to 278 MAD, while Managem added 0.3% to 1,620 MAD. That outperformance in mining names fits a global backdrop in which precious metals remained firm: gold rose 0.5% to $4,320.1, silver gained 1.9% to $64.65, and platinum climbed 2.8% to $1,797.4. For local investors, that supports earnings visibility for producers exposed to international commodity prices, even if each company still faces its own operational constraints.
Managem also helped shape sentiment across the segment, even if it is not a stock to spotlight in the headline. According to Moroccan financial press reports published on Sept. 25, the group posted first-half 2026 net profit attributable to shareholders of 3.78 billion MAD, alongside a sharp rise in revenue. Even when the stock itself rises only 0.3% in a week, that kind of earnings release validates the broader mining trade by showing how commodity pricing can feed directly into reported profits.
Beyond miners, Fenie Brossette rose 6.5% to 365 MAD, while AGMA gained 4.6% to 7,000 MAD. Société des Boissons du Maroc advanced 4.0% to 2,096 MAD, Jet Contractors added 3.8% to 1,930 MAD, and Auto Hall edged up 0.7% to 62.99 MAD. What links these names is that they are less tightly tied to the immediate direction of the market’s largest constituents, allowing investors to search for alpha outside the stocks that dominate the MASI index.
Heavyweights cap the upside despite strong turnover
If the MASI ended the week lower, the main reason is that several influential names either slipped or stalled. Attijariwafa Bank, one of the exchange’s heaviest weights, fell 0.1% on 57.09 million MAD of turnover. BCP lost 1.1% on 51.93 million MAD, while CIH Bank dropped 1.6% to 320 MAD. In a concentrated market like Casablanca, modest declines in bank stocks can offset multiple gains in small caps.
Industrial names also weighed on the tape. LafargeHolcim Maroc fell 3.1% to 1,656 MAD, CMGP Group dropped 4.4% to 282 MAD, and Sothema lost 4.2% to 340 MAD. For cement and industrial companies, the 3.26% rise in EUR/MAD is relevant because it can raise the cost of imported equipment, spare parts or euro-priced inputs. By contrast, lower oil prices are generally supportive for logistics and energy costs, but the benefit is neither immediate nor evenly distributed across issuers.
The energy segment offered a more mixed reading. TotalEnergies Marketing Maroc fell 1.4% to 1,400 MAD. Brent’s 3.3% weekly decline can weigh in the short term on inventory-value assumptions or nominal revenue momentum, even as it improves household purchasing power and the country’s import bill. For a net energy importer like Morocco, cheaper oil is usually a macro positive, but the immediate stock-market effect can differ sharply by sector and business model.
Earnings and corporate news: Cosumar, AtlantaSanad and TGCC funding
Among the week’s key corporate stories, Cosumar reported revenue of 4.82 billion MAD at the end of June, while several Moroccan outlets, including EcoActu and Boursenews, said first-half 2026 net profit attributable to shareholders fell 14%. According to those reports, lower production and flood-related disruption were the main drivers. The stock does not appear among the week’s biggest movers in the data provided, but the release matters for the agro-industrial sector because it underlines how listed earnings in Morocco remain closely tied to weather patterns and the agricultural cycle.
Another notable case was AtlantaSanad, whose net profit rose 5.3% in the first half, according to Medias24, even as the stock fell 1.6% to 120 MAD over the week. That disconnect between earnings and share performance shows that the market is also trading valuation and expectations already priced in. In insurance, profit growth does not automatically trigger a rally if investors judge the increase insufficient relative to multiples or forward assumptions.
Finally, TGCC received AMMC approval for the annual update of its commercial paper programme, according to multiple reports published on Sept. 24. The stock ended the week flat, but with 87.85 million MAD in turnover, the highest on the market by a wide margin. A flat price combined with very heavy volume often points to significant repositioning. For a construction group, access to diversified short-term funding matters in an environment where financing costs and working-capital needs remain sensitive variables.
Morocco market recap: what to watch next week
For the week following Sept. 25, 2026, any serious Casablanca stock market analysis should focus on three points. First, whether the MASI can stabilise above 17,800 after a 0.29% weekly decline despite small-cap resilience. Second, whether the rotation into miners and secondary names continues while gold, silver and platinum remain firm. Third, how half-year earnings releases and funding announcements feed into valuations in a market still influenced by Brent at $97.06 and EUR/MAD at 10.933. For readers tracking the Casablanca stock exchange today, the week’s message was straightforward: index weakness masked rising selectivity, and that selectivity is increasingly the real engine of the market.
