In its latest publication titled "Research Report - Equity," AGR highlights a notable slowdown in revenue growth following a significant acceleration in the fourth quarter of 2025, where the stock market recorded a remarkable increase of 12.2%, the highest rate since the second quarter of 2022. AGR points out that after achieving the strongest quarterly revenue growth since Q2-2022, with a remarkable +12.2% in Q4-2025, the stock market is experiencing a deceleration in Q1-2026, with revenue growth slowing to +6.8%. This figure is notably lower than the average of +8.5% observed over the past four quarters.
According to the same source, the exceptional performance of the Mining sector, which surged by an impressive +133%, conceals a more pronounced slowdown in the overall market revenues. When excluding this sector, the growth in revenue from listed companies drops significantly to only 2.6%. Furthermore, AGR notes that the banking sector has made a negative contribution to the revenue trends of the stock market for the first time since Q2-2021. Historically, this sector has been a primary driver of market growth, but it is now facing a technical decline in its net banking income (NBI) by 1.1 billion dirhams. This decline is primarily attributed to the expected drop in trading results due to the upward shift in the bond market during this quarter.
The developments in the market during Q1-2026 reinforce AGR's growth scenario published at the beginning of the year, which anticipates extraordinary profits from mining companies, potentially elevating the profit growth of the stock market to 10.2% for 2026. An analysis of the earnings releases from listed companies indicates a degree of optimism from their management teams, as AGR reveals. This optimism is underpinned by improved weather conditions, a gradual recovery in logistical flows, and the acceleration of various investment projects related to the organization of the 2030 World Cup.
As reported by boursenews.ma.
