Morocco shares advance to record

NEW YORK — Morocco's benchmark stock index rose to a record, extending its winning streak to a 12th consecutive day. Real-estate developers such as Compagnie Generale Immobiliere, and banks gained.

By (Bloomberg)

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Published: Thu 6 Sep 2007, 9:20 AM

Last updated: Sat 4 Apr 2015, 11:33 PM

The Madex Free Float Index jumped 287.2, or 2.7 per cent, to 11,082.63 at 1:17 p.m. in Casablanca, posting the biggest fluctuation among markets included in global benchmarks.

Twenty-six shares increased, nine fell and five were unchanged.

"Individual investors are increasingly joining in and fuelling the rally,'' said Selma Lebbar, a trader at Sogebourse, a Casablanca-based brokerage and subsidiary of France's Societe Generale SA. Retail investors have become more active in the market after the spectacular performance of new listings in recent months, she added.

Shares of Compagnie Generale Immobiliere, the country's largest real-estate developer, have more than doubled since the Rabat-based company raised 3.5 billion dirhams ($424 million) in an initial public offering last month.

Shares of Douja Promotion Groupe Addoha SA jumped more than five-fold since their listing in July 2006, Bloomberg data show.

Compagnie Generale Immobiliere rose 6 per cent to 2,696 Moroccan dirhams.

Douja Promotion, the Morocco's second-biggest property developer, also gained 6 per cent to 3,645 dirhams.

Attjariwafa Bank, the kingdom's biggest bank by market value, climbed 2.2 per cent to a record 3,300 dirhams.

Banque Marocaine du Commerce Exterieur, the country's second-biggest, added 5 per cent to 3,071.

The Madex has rallied 44 per cent so far this year, after surging more than 70 per cent in 2006.

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