In its semi-annual review of the its Morocco Indexes, index compiler FTSE Russell confirmed Hightech Payment Systems’ inclusion in the FTSE CSE Morocco 15 Index, while also removing Bank of Africa from the same Index.
FTSE CSE Morocco 15 Index
The FTSE CSE Morocco 15 Index consists of the top 15 stocks trading on the Casablanca Stock Exchange, ranked by gross market capitalisation. Six Financial companies make up almost 41% of the Index (as of the end of May 2020), while Consumer Goods and Telecommunications make up 16% each.
FTSE have confirmed that electronic payment solutions and software company Hightech Payment Systems will be included in the FTSE CSE Morocco 15 Index. It has a market capitlisation of MAD 2,890.4 million (approximately USD 299.34 million) and has experienced a 9.55% increase in its share price since the beginning of the year.
On the opposite side of the spectrum, Bank of Africa will be removed from the FTSE CSE Morocco 15 Index. Bank of Africa was one of three Moroccan banks that had their ratings cut by credit ratings agency Fitch Ratings from “Stable” to “Negative”. The bank has lost just over 50% of its share price since the start of the year and the subsequent decline in its market capitalisation has led to it being pushed out of the Index and replaced by Hightech Payment Systems.
FTSE also announced that Rabat-based architecture company Jet Contractors will be added to the “Reserve List” for potential inclusion in the FTSE CSE Morocco 15 Index.
FTSE CSE Morocco All-Liquid Index
There will also be changes to the FTSE CSE Morocco All-Liquid Index which captures the performance of all liquid stocks trading on the Casablanca Stock Exchange with Financials (38.34%), Telecommunications (one stock – Itissalat Al Maghrib – 25.91%) and Industrials (17.15%). The two inclusions and two exclusions in the Index are below:
- Atlanta Cie d’Assurances et de Reassurances
- Ib Maroc Com
- Lesieur Ste
- Auto Hall
Changes to the FTSE CSE Morocco Index Series will become effective after the close of business on Friday 19th June 2020.