The Casablanca Stock Exchange delivered a strong performance in the first half of 2025, driven by the combined strength of the healthcare, construction, and banking sectors. According to the latest report from BMCE Capital Global Research, total revenues from listed companies reached 163.5 billion dirhams—a 6.8% increase compared to the same period last year.
Much of this momentum stems from Morocco’s booming construction sector, fueled by preparations for the 2025 Africa Cup of Nations and the 2030 World Cup. This surge in infrastructure activity played a central role in the market’s overall growth, accounting for 30% of the performance gain. The resumption of major construction projects is clearly reflected in the earnings of industrial firms, whose combined revenues climbed to 99.5 billion dirhams, marking a 6.3% uptick.
The healthcare sector also made notable strides. Leading private hospital group Akdital performed well, while the arrival of new players in 2024 and the rapid growth of Vicenne further boosted the sector’s standing. Together, these developments lifted healthcare’s share to 12% of the total market performance, solidifying its influence in the financial ecosystem.
Banks remained a key driver of growth. The sector saw its net banking income rise by 7.8%, reaching 50.1 billion dirhams. This made the banking industry the single largest contributor to the overall revenue increase, responsible for 34% of the market’s semiannual growth. Solid commercial activity and favorable conditions across both equity and bond markets played a significant role in this performance.
The insurance sector mirrored this upward trend. Gross written premiums increased by 7.4% to 13.9 billion dirhams. One standout was AtlantaSanad, which benefitted from a strengthened partnership with CDM and a healthy boost in new business.
Of the 62 publicly traded companies that released earnings for the period, 51 reported year-over-year revenue growth. The second quarter continued the positive trend, with total revenues reaching 81.7 billion dirhams—a 5.8% rise—once again led by the industrial, financial, and insurance sectors.
Not all sectors, however, shared in the gains. The energy segment, and particularly the gas industry, weighed down overall performance. TotalEnergies Maroc posted a significant drop in revenue, dragging the entire segment into the red with a negative contribution of 442 million dirhams. Declines were also seen at TAQA Morocco and Maroc Telecom, whose revenues fell by 272 million and 219 million dirhams respectively.
