Performances That Shatter Records

With economic growth projected at 5% and inflation expected to hover around 0.8%, a level below the price stability target of 2%, financial products have evolved this year in a favorable environment, providing greater visibility and confidence to all types of investors, depending on their investment horizon.

Continuing from the previous period, the stock market shattered many records in 2025, both in terms of annual performance, market capitalization, and trading volumes… The MASI has been on an upward trend since the beginning of the year, punctuated, however, by some profit-taking movements, which did nothing to alter its momentum.

As of December 24, it has accumulated gains of 28% after 22% in 2024 and 12% in 2023, yet without managing to surpass the 20,000-point mark it had reached a few weeks earlier.

Continuously improving economic fundamentals, favorable prospects, interesting financial results of listed companies…, everything argued for a strong return to the stock market. And to crown it all, three IPOs: Vicenne, which opened the ball on July 15 with a 500 MDH raise, oversubscribed 64 times; Cash Plus on December 8 with an amount of 750 MDH; and SGTM with 5,000 MDH on December 16, with the amount requested 34 times. That’s without mentioning the other financial operations carried out.

Rise of Retail Investors

The particularity of this year remains the rise of retail investors, whose market interventions even exceeded 25% of the total volume, with average daily transactions of 500 MDH.

In any case, these operations allowed the market capitalization to exceed 1,000,000 MDH. And this dynamic is not about to stop. Other financial operations are expected, whether in the form of capital increases by already listed companies or IPOs.

It must also be said that the status quo decided by Bank Al-Maghrib argued in favor of the stock market. Since 2024, three successive cuts have been made to the key rate, dropping from 3% to 2.25%.

This pushed bond yields to maintain a stable, even downward, trend. “This was reinforced, on one hand, by the decrease in investors’ return requirements in a context of controlled inflation and, on the other hand, by a contained Treasury supply thanks to a very positive dynamic in tax revenues and the activation of innovative financing in 2025 at record levels of 35,000 MDH,” according to Attijari Global Research.

Indeed, the Treasury proceeded with its weekly auctions on the Treasury bond market without major event. Out of a total amount requested of 327,000 MDH, the state treasurer’s auctions reached 139,000 MDH, a satisfaction rate of 42%, knowing that the forecasted needs for each month were around 12,000 MDH.

Especially since public finance indicators remain balanced, with tax revenues increasing by 15.7% as of the end of November, to 319,000 MDH.

Downward Trend in Bond Yields

Thus, in the secondary market, yields have seen declines of around 24 basis points since the beginning for the short end of the curve, with levels ranging from 2.28% for 13 weeks to 2.33% for 52 weeks.

In the medium term, the 2-year offers a yield of 2.42% and the 5-year 2.62%, down 22 bps. Over the longer term, yields reach 2.99% to 3.49% for the 10 and 20 years respectively, down 20 and 29 bps. The evolution of both the stock market and the rates market allowed UCITs invested in each of these categories to move in the same direction.

The net asset value of equity funds thus gained 47% since the beginning of the year, while that of money market UCITs increased by 22%, benefiting from the monetary easing implemented since 2024. For their part, bond funds progressed by 68% for the short-term segment and by 11% for the long and medium-term maturity.

For a medium-term investment horizon, UCITs seem to be the most profitable investment. Moreover, given the improvement in these investment categories, UCITs have net buyer positions with a net subscription volume of 5,000 MDH.

All sub-categories experienced the same movement, except for short-term bond funds, which show net redemptions of 550 MDH. In any case, the UCITS performance index reached 27.4% for equities, 2.4% for money market, 2.8% for short-term bonds, and 5% for those with longer maturities.

Low Yield of Banking Products

If the yield of these investment products is doing well, the same cannot be said for banking products. As their profitability is indexed to Treasury bond rates, which themselves are on a downward trend, the remuneration offered is eroding from one semester to the next.

This is in reference to passbook savings accounts, which remunerate money saved at only 1.91%, instead of 2.98% in 2023.
Predictions for the next year should follow the same pattern with stable to declining rates, especially since BAM still has significant room to lower the key rate by at least an additional 25 bps.

The stock market, for its part, should set a new record with the expected IPOs, but also the uninterrupted return of investor confidence, given the improvement in economic indicators.

The Top 3 on the Stock Exchange

On the stock exchange, several sectors stand out. At the top, the capital goods sector, which achieved a performance of 274%, driven mainly by Stroc Industrie, with 517%.

It is followed by the mining sector, which showed an increase of 103.5%, thanks notably to Managem and its subsidiary SMI, whose share price increased by 113% and 85% respectively. For their part, Stokvis (+571%), Fenie Brossette (+288%), and Auto Nejma (+122%) drove the performance of the specialized retail sector to 96%.

Conversely, two sectors failed to benefit from this favorable context: the chemicals sector, with the only listed value being SNEP, which fell by 14%, and the real estate investment company sector, which declined by 5%.