Top 10 Casablanca Stock Exchange (Morocco) Stocks to Buy in 2026

Last updated: July 9, 2026 | Reading time: ~10 minutes

Morocco's stock market enters the second half of 2026 digesting one of the strongest years in its history. The MASI, the Casablanca Stock Exchange's all-share benchmark, gained 27.57% in 2025 and closed the year at 18,846.35 points, pushing total market capitalisation past the MAD 1 trillion (~$104 billion) mark for the first time. So far in 2026 the index has cooled off — trading around 18,056 in early July, roughly 4% below its year-end close — a consolidation rather than a reversal, and one that has pulled several blue chips back toward their 52-week lows.

The structural story remains intact. Morocco co-hosts the 2030 FIFA World Cup, and the associated stadium, port, rail and water programme is flowing straight into listed order books. The IPO pipeline is the hottest in Africa: construction group SGTM's December 2025 listing — the largest private-company offering in CSE history — was 34 times oversubscribed, and T2S Group Holding has already opened the 2026 season. Bank Al-Maghrib has held its policy rate at 2.25% through 2026 with GDP growth forecast above 5%, giving equities a stable, if no longer easing, rate backdrop.

For investors, the setup is unusual: record corporate earnings meeting a market that has just repriced 4% cheaper. Here are the ten stocks we think are best placed for 2026. All prices are in Moroccan dirham (MAD) as of early July 2026; you can track every one of them live on our Morocco market page.

1. Attijariwafa Bank (CSE: ATW)

Sector: Banking | Share Price: MAD 682 | 52-Week Range: MAD 663 – 804 | Dividend Yield: ~3.1%

Attijariwafa Bank is Morocco's largest lender and one of Africa's biggest banking groups, with a footprint spanning North and West Africa. Fiscal 2025 was a record year: net income rose 12% to MAD 10.64 billion, earnings per share climbed to MAD 49.48, and total assets grew 9.5% to MAD 795.5 billion. The board proposed a MAD 22 per-share dividend for FY2025.

Despite those record numbers, the stock trades near the bottom of its 52-week range and is slightly down over twelve months — a valuation reset, not an earnings problem. At roughly 13x earnings with a ~3.1% yield, investors are paying a reasonable price for the single most systemically important franchise on the exchange, just as the group rolls out a new 2026–2030 strategic plan.

Why buy in 2026: record FY2025 profits at a near-52-week-low share price, a fresh five-year strategic plan, and the widest pan-African earnings base on the CSE.

2. Akdital (CSE: AKT)

Sector: Healthcare | Share Price: MAD 1,173 | 52-Week Range: MAD 975 – 1,623 | Dividend Yield: ~1.2%

Akdital is Morocco's private-hospital consolidator and the strongest pure growth story on the exchange. Revenue crossed MAD 4 billion for the first time in FY2025 — up roughly 49% year-on-year — while net income rose about 41% to around MAD 444 million. The network now spans 41 facilities and more than 4,500 beds, with patient volumes up 60%.

The pipeline runs well beyond Morocco: new openings are scheduled through 2028, and the group is expanding into Saudi Arabia, the UAE and Tunisia. Analysts covering the stock rate it a Strong Buy with an average target around MAD 1,742 — roughly 40% above the current price — after a 20% twelve-month pullback that has taken the froth out of the multiple.

Why buy in 2026: ~49% revenue growth, Gulf expansion optionality, and a Strong Buy analyst consensus after a meaningful derating.

3. TGCC (CSE: TGC)

Sector: Construction & Infrastructure | Share Price: MAD 765 | 52-Week Range: MAD 675 – 1,100 | Dividend Yield: ~2.0%

TGCC is the purest listed play on Morocco's 2030 World Cup build-out. FY2025 revenue jumped 57% to MAD 11.93 billion, net profit (group share) surged 82% to MAD 952 million, and EBITDA more than doubled. The number that matters most for 2026: the order book stands at MAD 25.57 billion, up 122% year-on-year, spanning stadiums, water infrastructure and port and rail upgrades.

The stock is nonetheless down about 12% over twelve months, and net debt fell nearly 18% even as the group scaled. With analysts' average target around MAD 1,054 — roughly 38% upside — TGCC offers rare visibility: the revenue for the next several years is, quite literally, already signed.

Why buy in 2026: a MAD 25.6bn order book (+122%), direct World Cup 2030 exposure, and deleveraging alongside 82% profit growth.

4. Maroc Telecom (CSE: IAM)

Sector: Telecommunications | Share Price: MAD 91.50 | 52-Week Range: MAD 90 – 130 | Dividend Yield: ~4.4%

Itissalat Al-Maghrib is Morocco's telecom incumbent and the market's classic income stock, now sitting at the very bottom of its 52-week range after a 20%+ derating. FY2025 headline net profit rebounded sharply to MAD 6.97 billion — a near-fourfold jump, though largely a base effect after 2024's litigation provisions — on stable revenue of roughly MAD 36.7 billion. The FY2025 dividend of MAD 4.00 per share puts the yield around 4.4%.

The forward case is about infrastructure: 5G rollout is under way, and World Cup 2030 connectivity requirements guarantee heavy network investment with the incumbent at the centre. At around 11–12x earnings, IAM is priced as an ex-growth utility precisely when its capex cycle turns strategic.

Why buy in 2026: a ~4.4% yield at the bottom of the 52-week range, 5G and World Cup connectivity catalysts, and one of the cheapest multiples among CSE blue chips.

5. CIH Bank (CSE: CIH)

Sector: Banking | Share Price: MAD 339.50 | 52-Week Range: MAD 339.50 – 459 | Dividend Yield: ~4.1%

CIH Bank closed early July trading exactly at its 52-week low — a strange place for Morocco's fastest-growing retail bank. FY2025 earnings rose 24.4% to MAD 1.09 billion on revenue growth of 17.2%, driven by the digital-first retail strategy that has made CIH the challenger brand among younger Moroccan customers.

The valuation case is the cleanest on this list: roughly 11.7x earnings, a dividend of MAD 14 per share (~4.1% yield, around 40% payout), and the strongest earnings momentum of any listed Moroccan bank. If the MASI's 2026 consolidation ends the way most Moroccan consolidations have — with banks re-rating first — CIH is the coiled spring.

Why buy in 2026: 24% earnings growth priced at a 52-week low, a 4%+ yield, and the cheapest multiple among the fast growers.

6. Marsa Maroc (CSE: MSA)

Sector: Ports & Logistics | Share Price: MAD 865 | 52-Week Range: MAD 702 – 1,042 | Dividend Yield: ~1.3%

SODEP-Marsa Maroc operates the country's port terminals — including capacity at Tanger Med, Africa's largest container port — and is the listed gateway to Morocco's trade ambitions. FY2025 revenue grew 15.5% to MAD 5.78 billion and earnings rose 25.4% to MAD 1.59 billion, with the Nador West Med and Dakhla Atlantique projects extending the growth runway well into the 2030s.

The caveats are real: at roughly 40x earnings with a ~1.3% yield, this is a quality-at-a-price holding, not a value play. But port concessions are long-duration, inflation-linked assets, and analysts still see upside to an average target near MAD 985. As Morocco positions itself as the Europe–Africa logistics hinge ahead of 2030, Marsa Maroc is the toll booth.

Why buy in 2026: 25% earnings growth, multi-decade port concessions, and direct leverage to Morocco's trade-gateway and World Cup infrastructure theme.

7. Label Vie (CSE: LBV)

Sector: Food Retail | Share Price: MAD 3,600 | 52-Week Range: MAD 3,600 – 5,080 | Dividend Yield: ~3.3%

Label Vie, Carrefour's Moroccan franchise partner, is the country's listed modern-retail champion — and it too sits precisely on its 52-week low. FY2025 revenue rose 12.9% to MAD 18.53 billion and net income gained 6.8% to MAD 579 million, while the group invested MAD 1.21 billion in new stores across its five formats. The FY2025 dividend was raised 8.5% to MAD 120 per share.

Management's 2024–2028 plan targets roughly MAD 28 billion in revenue by 2028, implying a store-rollout cadence that Morocco's urbanising, formalising consumer economy can plausibly absorb. Twelve months ago the market paid over MAD 5,000 for this story; today it costs 29% less, with the growth plan unchanged.

Why buy in 2026: double-digit revenue growth and a rising dividend at a 52-week-low entry price, backed by a concrete 2028 expansion target.

8. Managem (CSE: MNG)

Sector: Mining | Share Price: MAD 13,350 | 52-Week Range: MAD 5,135 – 18,894 | Dividend Yield: ~0.3%

Managem is the MASI's rocket: up roughly 150% over twelve months on the gold, silver, copper and cobalt price surge. FY2025 revenue rose 54.6% to MAD 13.69 billion and net income nearly quintupled to MAD 3.0 billion; Q1 2026 revenue was up another 20% year-on-year. The Tizert copper project ramp adds volume growth on top of price leverage.

Be clear about what this is: a momentum and commodity-cycle play, not an income stock. The trailing P/E sits above 50, the yield is negligible at ~0.3%, and the share has already corrected sharply from its 18,894 high. Position sizing matters. But for investors who want African metals exposure through a Casablanca-listed operator with real production growth, Managem is the vehicle.

Why buy in 2026: direct leverage to the gold/copper/cobalt cycle, +384% FY2025 profit growth, and the Tizert ramp — for the risk-tolerant slice of a portfolio.

9. HPS (CSE: HPS)

Sector: Payments Technology | Share Price: MAD 620 | 52-Week Range: MAD 480 – 668 | Dividend Yield: ~1.3%

HPS is Morocco's global technology exporter: its PowerCARD payments platform runs card and switching infrastructure for banks across dozens of countries. FY2025 revenue grew over 22% — beating the company's own >20% guidance — to roughly MAD 1.5 billion, with net income up about 40% and recurring revenue now 72% of the total as the SaaS pivot matures.

It was also one of the few large CSE names to post a positive twelve-month return through the 2026 consolidation, a telling sign of scarcity value: there is simply no other listed Moroccan tech-growth franchise. The multiple is demanding at ~43x earnings, but the recurring-revenue mix shift is exactly what re-rates software companies globally.

Why buy in 2026: 20%+ revenue growth with 72% recurring revenue, global (not just Moroccan) demand, and the only pure tech-growth exposure on the CSE.

10. Afriquia Gaz (CSE: GAZ)

Sector: Energy Distribution | Share Price: MAD 3,700 | 52-Week Range: MAD 3,650 – 4,500 | Dividend Yield: ~4.7%

Afriquia Gaz dominates Moroccan LPG distribution — butane bottles and bulk gas are as defensive as consumer demand gets — and pays the most reliable big yield on this list. FY2025 consolidated revenue reached MAD 9.99 billion (up from MAD 8.77 billion) with consolidated net profit of MAD 750.5 million, and the company paid a MAD 175 per-share dividend, a ~4.7% yield at today's price.

With a beta of roughly 0.17, this is the portfolio ballast: a low-volatility cash machine trading near its 52-week low. It won't double; it also won't halve. In a year when the MASI is consolidating after a 27% run, that profile earns its slot.

Why buy in 2026: a ~4.7% verified yield, near-monopoly LPG economics, and the lowest-volatility profile among CSE large caps.

Risks to weigh before buying Moroccan stocks in 2026

• Consolidation could run further. The MASI is ~4% off its record close and Bank Al-Maghrib is on hold at 2.25% — the rate-cut tailwind that powered 2025's +27.57% is paused, with easing unlikely before late 2027.
• Valuations are no longer cheap. Several quality names (Marsa Maroc, HPS, Managem) trade at 40x+ earnings; disappointment is punished from those levels.
• Currency and access frictions. The dirham is not fully convertible. The IGOC 2026 framework guarantees repatriation of capital and returns for investment funded through authorised banking channels, but foreign investors should route through a licensed Moroccan broker.
• Liquidity and free floats. Even MAD 1 trillion of market cap comes with thin daily turnover in mid caps; use limit orders.
• Commodity reversal risk. Managem's earnings are geared to metals prices in both directions.

How to invest

New to the Casablanca Stock Exchange? Start with our Morocco brokers guide to open an account, and compare payout track records on our Morocco dividends page. For the continental context, see the African stock markets complete guide.

Track live MASI levels, prices, and dividend data for all 80+ Casablanca-listed companies on our Morocco market page.

This article is for information only and does not constitute investment advice. Prices and yields are as of early July 2026 and will change.

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