1 casablanca stock exchange facts and figures. 2 contents introduction i. the organisation of cse...
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CASABLANCA STOCK EXCHANGE
FACTS AND FIGURES
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CONTENTS
INTRODUCTION
I. THE ORGANISATION OF CSE
II. THE MAIN INDICATORS
III. THE MAJOR TRENDS
CONCLUSION
3
INTRODUCTION
4
INTRODUCTION
MOROCCAN ECONOMY
2005
Economic growth 1.8%
Inflation 1%
GDP $ 49 bn
Debt $ 35 bn
Debt / GDP 71%
External Debt / GDP 25%
Trade Balance - $ 9 bn
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THE ORGANISATION OFCASABLANCA STOCK EXCHANGE
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THE ORGANISATION OF
CASABLANCA STOCK EXCHANGE
The Key Points :
o Market reform in 1993 : concession of the stock exchange to a private enterprise with a status of a limited company, called Bourse de Casablanca S.A.
o The capital of Bourse de Casablanca is equally held by the brokerage houses.
o Staff : 60 employees.
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The Mission of Bourse de Casablanca S.A :
o Drive securities trading system.o Publish and disseminate market data.o Provide services to issuers, i.e listing of their
securities and execution of their financial operations.
o Record members’ trades, with a clearing system ensuring final settlement.
o Supervise members’ compliance with financial and ethical requirements, through a deep monitoring.
THE ORGANISATION OFCASABLANCA STOCK EXCHANGE
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The Backbone of our Organisation :
o An order-driven market.o Shares and bonds are traded through
‘’Central’’ and ‘’Block’’ markets.o The trading system is entirely electronic (NSC).o Three methods of pricing : Fixing, Multifixing
and Continuous.o Settlement of transactions at T + 3, on the
basis of simultaneous payment against delivery.
THE ORGANISATION OFCASABLANCA STOCK EXCHANGE
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The Protection of the Investors :
o CDVM as a control authority monitoring the daily trading.
o A customer guarantee fund.
o A final settlement guarantee.
o A compulsory statement for every
threshold level broken.
THE ORGANISATION OFCASABLANCA STOCK EXCHANGE
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THE ORGANISATION OF CASABLANCA STOCK EXCHANGE
How to be listed in CSE for Shares
CRITERIA 1st Segment
2nd Segment
3rd Segment
Minimum Issue $ 8.2 m $ 2.7 m $ 1.08 m
Audited financial statements
3 years 2 years 1 year
Minimum Shares 250 000 100 000 30 000
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THE ORGANISATIONOF CASABLANCA STOCK
EXCHANGE
How to be listed in CSE for Bonds
CRITERIA AMOUNT
Minimum Issue $ 2.2 m
Audited financial statements
2 years
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THE MAIN INDICATORS
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THE MAIN
INDICATORS
2002 2003 2004 2005
Number of Listed Companies
55 52 53 54
Market Capitalisation
$ 10.5 bn $ 13.7 bn $ 24.1bn
$ 27.4 bn
Traded Value $ 2.5 bn $ 6.3 bn $ 8.5 bn
$ 16.1 bn
Main Index - MASI 2 980 3 943 4 521 5 539
Average PER 13.0 13.2 16.4 e 15.8 e
30/12/2005 : 1$=9.22 Dhs
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MOROCCAN ALL SHARES INDEX (MASI)MOROCCAN ALL SHARES INDEX (MASI)1994 – 20051994 – 2005
THE MAIN INDICATORS
Pts
Year
+22.49%
+32.3%
-16.5%
-10.7%
-17.9%
-5.8% +18.9%
+49.0%
+5.0%
+31.1%
+14.7%
1 000
1 500
2 000
2 500
3 000
3 500
4 000
4 500
5 000
5 500
6 000
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
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Pts
Month
THE MAIN INDICATORS
4 300,00
4 800,00
5 300,00
5 800,00
6 300,00
6 800,00
38353 38384 38412 38443 38473 38504 38534 38565 38596 38626 38657 38687 38718J an 05 Fév 05 M ars 05 J an 06Dec 05Nov 05Oct 05Sept 05Aout 05J uill 05J uin 05M ai 05Avr 05
MASIMASIMONTHLY EVOLUTION MONTHLY EVOLUTION
January 2005-January 2006January 2005-January 2006
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TRADED VALUE TRADED VALUE 2005 2005
168576
208
6527
459235
1214
632 412 589 470
5209
0
1000
2000
3000
4000
5000
6000
7000
M $
JAN. FEV. MAR. AVR. MAI. JUIN. JUIL. AOU. SEPT. OCT. NOV. DEC.
Month
THE MAIN INDICATORS
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MARKET CAPITALISATIONMARKET CAPITALISATION1994-2005
THE MAIN INDICATORS
Year
bn $
5.7 6.18.9
14.017.3 16.3
13.712.5
10.413.7
24.127,4
0
5
10
15
20
25
30
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
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THE MAIN INDICATORS
o A position to be improved among the emerging markets, when we compare Morocco to other countries in the region (market capitalisation 2005) :
o Morocco : $ 27.4 bno Tunisia : $ 2.8 bno Jordan : $ 38.1 bno Lebanon : $ 4.9 bno Saudi Arabia : $ 645.9 bno Egypt : $ 79.7 bn
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THE MAIN INDICATORS
TRADING FEESTRADING FEESINVOICED BY CSEINVOICED BY CSE
0
0,05
0,1
0,15
0,2
0,25
0,3
0,35
0,4
0,45
0,5
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
.
Commission rates of CSE
0.1%
Year
%
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THE MAJOR TRENDS
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1. New 1. New Listed Companies in 2004/2005 : Listed Companies in 2004/2005 :
BANQUE CENTRALE POPULAIRE (July 2004)
THE MAJOR TRENDS
MAROC TELECOM (December 2004)
SOTHEMA (February 2005)
DARI (July 2005)
LYDEC (July 2005)
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o RISMA : tourism
o COMANAV : shipping
o IMTC : shipping
o AL WATANIYA-RMA : insurance
o MEDITEL : telecommunications
o ATLANTA-SANAD : insurance
THE MAJOR TRENDS
2.2. Companies expected to be listed in 2006-Companies expected to be listed in 2006-2007 :2007 :
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o New governance and compliance rules.
o A new Strategic Plan 2004-2006, called Future 2006, focused on :
o New listings.o Increase of turnover ratio.o Futures.
o An new calculation of the index based on the free-float since December 1, 2004.
THE MAJOR TRENDS
3.3. Main Actions in 2004 and 2005 Main Actions in 2004 and 2005 ::
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o New Markets since January 3, 2005 :
o 3 Markets for Shares (Blue Chips, Mid Caps, Small Caps).
o 1 Market for Bonds.o 1 Market for Funds.
o New Trading Hours :
9 AM – 3.30 PM (since February 1, 2005).
THE MAJOR TRENDS
3 . Main Actions in 2004 and 2005 : 3 . Main Actions in 2004 and 2005 :
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CONCLUSION
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CSE : A GROWING MARKETPLACECSE : A GROWING MARKETPLACE
o A big political stability.
o A good macro-economic framework.
o Up to Date Regulations.
o A significant growth in 2003, 2004 and 2005.
CONCLUSION
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