Morocco’s Casablanca Stock Exchange closed December 2025 on a stronger note, with gains in mid- and small-cap stocks offsetting weaker performances among the market’s most liquid shares.
The benchmark MASI index rose 1.3 percent over the month to end at 18,846.35 points, reflecting improved investor sentiment toward the end of the year.
Performance across major indices was mixed. The MASI 20, which tracks the exchange’s most liquid stocks, fell 2.1 percent to 1,485.65 points, while the MASI ESG index, covering companies with the strongest environmental, social and governance profiles, slipped 0.6 percent to 1,251.53 points.
In contrast, the MASI Mid and Small Cap index posted a solid gain of 2.4 percent, closing at 1,841.48 points, supported by strong movements in several mid-sized listings.
Sector performance diverged sharply. Healthcare stocks recorded the steepest losses, falling 12.9 percent, followed by engineering and industrial equipment, down 11.0 percent, and real estate, which declined 7.5 percent.
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Gains were led by financial services and other financials, which surged 23.7 percent, while building materials and construction rose 10.7 percent, and portfolio and holding companies advanced 7.6 percent.
Trading activity totalled about $3.28 billion during the month. Transactions on the central market accounted for roughly $1.76 billion, while block trades reached around $817 million, exchange data showed.
SGTM dominated trading volumes, accounting for 29.2 percent of total turnover, followed by port operator Marsa Maroc with 7.7 percent, and Attijariwafa Bank with 7.5 percent.
By the end of December, the Casablanca Stock Exchange’s total market capitalisation exceeded $114.2 billion.
Among individual stocks, construction firm SGTM recorded the strongest performance, soaring 117.9 percent to about $100 per share. Mining company SMI gained 49.5 percent to around $450, while payments firm Cash Plus rose 53.5 percent to roughly $33.7. Lesieur Cristal advanced 24.1 percent to about $39.5, and BMCI climbed 21.2 percent to around $69.1.
The steepest declines were seen in software firm Involys, which fell 22.5 percent to about $20, followed by Stokvis Nord Afrique, down 18.3 percent to roughly $10.3. Consumer lender Salafin slipped 14.2 percent to around $58.1, medical supplier Vicenne dropped 14.0 percent to about $49.4, and healthcare operator Akdital fell 12.6 percent to roughly $129.4.
