Stock Market: Top Favorite for Investments in 2026

In the universe of investments offered by financial products, several yield satisfactory returns while others explode the ceilings. Ultimately, everyone finds what suits them, depending on their investment horizon and budget.

But for this year, there is no doubt that the stock market should continue its momentum begun in 2024, which materialized in 2025 with a progression of nearly 28%.

The year 2026 would once again be the year for equities, asserts an analyst contacted. All factors argue for the continuation of its growth, starting with the favorable economic context, which is strengthened by the abundant rainfall that Morocco is experiencing and which is well distributed across all agricultural regions.

Indeed, “these precipitations should not only contribute to an agricultural rebound but also secure water needs for the next two or three years. Self-sufficiency would be achieved, which will be further consolidated by the future operationalization of certain desalination plants,” adds our source.

By itself, this factor is likely to drive the progression of the stock market, as it brings a lot of optimism to investor morale, because it provides visibility regarding the country’s growth prospects.

To this is added “all the projects launched to host the 2030 World Cup, which are capable of placing Morocco’s economy on an upward growth trajectory, ranging from 4.5% to 6%, as foreseen by the New Development Model.”

2030 and Beyond!

It should be said that the country should reach these growth levels even beyond 2030, as several projects are in the pipeline and are set to drive the performance of the Moroccan economy upwards, notably highways, LGV links, the port of Dakhla, which could surpass that of Tangier Med…

In addition to projects registered within the framework of the upgrading of Al-Haouz. “The rehabilitation of the area consists not only of rebuilding housing, restoring roads, and rehabilitating basic infrastructure…

The budget envelope of 120 billion dirhams would be destined for large-scale projects, such as the Tichka tunnel, which should reduce isolation and facilitate access for people and goods. In this sense, exchanges could multiply by 20 or 30, thereby releasing the full potential of this region,” explains the director of an analysis and research unit.

“The stock market feeds on all the good news affecting the economy.” Agriculture, construction, tourism, real estate, health, banking… all these sectors are doing better. And regarding the latter sector, it should experience a major turning point if the acquisition of BNP Paribas’ shares in BMCI by the Holmarcom group materializes.

“This operation, which could lead to a merger with Crédit du Maroc, could reshuffle the banking landscape with the birth of a 4th banking pole after the leading trio, namely Attijariwafa bank, BCP, and BOA.”

IPOs in the Pipeline

It must also be said that the momentum of financial operations should not stop. Several are expected this year, including Dislog, Ynexis, Jet Energy, or GPC Carton, in addition to capital increases planned by many already listed companies. This can only further contribute to the growth of the stock market, improve volumes, and favor arbitrage opportunities.

Other elements, of an international nature, come into play. This notably includes the possibility of the market being reclassified within the MSCI Emerging Markets index, instead of the current Frontier Markets, given the significant improvement in liquidity, with average daily volumes ranging from 400 to 500 million dirhams. This would give the stock market greater visibility in the eyes of foreign investors.

Monetary Easing

Furthermore, as long as inflation remains controlled around 1% in 2026 and economic growth prospects remain favorable, several analysts agree that Bank Al-Maghrib still has room to continue its monetary easing, with a lowering of the key rate by 25 basis points next March, to 2%.

If this scenario is confirmed, bond yields would continue their downward trend, which would give an additional boost to the market, through an arbitrage effect.

In any case, the stock market remains attractive with a P/E of 22x in 2026 and should fall to 21x this year. “It may seem expensive, but the growth potential is still present. It is illusory to compare it to the Tunisian or South African markets, because even with a P/E around 9 for the first and 18 for the second, they are not attractive, if only due to the unstable political context.”

In this conjuncture that plays in favor of the stock market, the underlying UCITS should also benefit, as well as bond funds, whose units gain value as rates fall.

A Recovery Benefiting All Sectors

All listed sectors should benefit from the stock market upturn. Some more than others.

At their head, industrial activities (construction, cement, steel, aluminum…), benefiting from the momentum of ongoing projects in Morocco; health with all the development and expansion projects of Akdital; real estate, which continues to be supported by the housing aid program; banks that support all this corporate activity…

This without forgetting Maroc Telecom, thanks to the return to normal of its financial results. To these sectors are added agri-food and mass distribution.