At a Glance
- Attijariwafa Bank tops Morocco’s market with MAD 142.85 billion, leading the Casablanca Stock Exchange’s financial sector dominance.
- Maroc Telecom and Managem follow closely, reflecting robust telecom demand and strong mining performance in Morocco’s growing economy.
- Energy, construction, and healthcare firms like TAQA Morocco, LafargeHolcim, and Akdital diversify Casablanca’s top-performing stock list.
Casablanca Stock Exchange (CSE), as of May 29, 2025, boasts a total market capitalization of MAD 943.3 billion ($101.67 billion), driven largely by heavyweight players in banking, telecommunications, construction, and energy.
Banking remains the dominant sector, accounting for nearly 31 percent of the exchange’s total value, followed by construction and building materials (12.77 percent), telecommunications (10.32 percent), and mining (7.38 percent).
Topping the list is Attijariwafa Bank with a valuation of MAD144. 79 billion ($15.61 billion), cementing its status as Morocco’s most valuable publicly traded company.
Maroc Telecom follows with MAD97.32 billion (10.49 billion), highlighting the continued importance of connectivity and infrastructure in the national economy.
Mining giant Managem ranks third with MAD62.62 billion ($6.75 billion), reflecting robust commodity performance.
Other notable names include Banque Centrale Populaire (BCP), TAQA Morocco, and Marsa Maroc—leaders in banking, energy, and logistics respectively.
Construction firms like LafargeHolcim Maroc, Ciments du Maroc, and TGCC also feature prominently, underscoring Morocco’s infrastructure growth. Consumer-facing companies such as Cosumar, Label Vie, and Akdital add to the diversity.
Together, these top 20 stocks represent a broad cross-section of Morocco’s economic engine, attracting both local and international investors seeking exposure to North Africa’s most dynamic market.
1. Attijariwafa Bank
Sector: Banking
Market Capitalization: MAD144. 79 billion ($15.61 billion)
Attijariwafa bank is an international financial services group headquartered in Casablanca, Morocco. Since its formation in 2004 by merger between Banque Commerciale du Maroc and Wafabank, it has been the leading bank in Morocco and kept that rank as of 2024. It is listed on the Casablanca Stock Exchange.
2. Maroc Telecom
Sector: Telecommunication
Market Capitalization: MAD97.32 billion (10.49 billion)
Overview: Itissalat Al Maghrib SA (known as: Maroc Telecom) is a public company, listed on Casablanca Stock Exchange since December 2004. Maroc Telecom operates within the telecommunication services sector focusing on integrated telecommunication services. Maroc Telecom is based in Rabat, Morocco and was established in February 1998.
Sector: Energy
Market Capitalization: MAD67.46 billion ($7.27 billion)
Overview: TAQA Morocco, the country’s leading independent power producer, operates the largest coal-fired plant in MENA with six units. A TAQA Group subsidiary, it supports Morocco’s low-carbon energy strategy through its Jorf Lasfar Power Station, which handles 85% of coal imports and includes key units JLEC 5 and 6.
4. Managem Group
Sector: Mining
Market Capitalization: MAD62.62 billion ($6.75 billion)
Managem Group is a Moroccan mining company established in 1930. The company is involved in the extraction, production, and marketing of base metals, precious metals, cobalt, and other minerals in Morocco and across Africa. It operates 13 mines and holds numerous exploration permits.
5. Marsa Maroc
Sector: Transportation
Market Capitalization: MAD59.08 billion($6.4 billion)
Marsa Maroc is the main operator of ports in Morocco. Its legal status is a Société Anonyme with an Executive board chaired by Mohammed Abdeljalil and a supervisory board chaired by the Minister of Equipment and Transport.
6. Banque Centrale Populaire (BCP)
Sector: Banking
Market Capitalization: MAD55.2 billion ($5.96 billion)
BCP Group, also referred to as Crédit Populaire du Maroc and popularly known under the brand Banque Populaire or Chaabi, is a major financial services group in Morocco, headquartered in Casablanca.
7. Bank of Africa (BOA)
Sector: Banking
Market Capitalization: MAD50.49 billion ($5.45 billion)
Overview: Bank of Africa (BOA) is an international financial services group with headquarters in Casablanca, Morocco. It’s a major player in the African financial landscape, with a network spanning multiple countries and a history rooted in the region. BOA is a subsidiary of BMCE Bank, which rebranded its commercial operations as Bank of Africa in 2020
8. LafargeHolcim Maroc
Sector: Construction
Market Capitalization: MAD46.16 billion ($4.98 billion)
LafargeHolcim Maroc SAS, formerly Lafarge Ciments SA, is a Morocco-based construction materials producer offering cement, concrete, aggregates, lime, and plaster, with operations across major Moroccan cities and global presence spanning Europe, the Americas, Africa, the Middle East, and Asia. Its main shareholder is Lafarge Maroc SA.
9. Ciments du Maroc
Sector: Construction
Market Capitalization: MAD28.08 billion ($3.03 billion)
Ciments du Maroc, employing more than 750 employees, has a solid territorial presence based on a comprehensive industrial system currently made up of 34 sites including cement plants, grinding centers, quarries and concrete plants.
10. Travaux Généraux de Construction de Casablanca(TGCC S.A)
Sector: Construction
Market Capitalization: MAD27.84 billion ($3 billion)
Travaux Généraux de Construction de Casablanca(TGCC S.A) is a construction and public works group structured primarily around 2 areas of business activity: – building development: schools, banks, showrooms, shopping malls, hotels, holiday resorts, residential buildings, stadiums, hospitals etc.; – infrastructure development: roads, highways, airports, railroads, bridges, factories, maintenance centers, desalination plants etc.
11. Cosumar
Sector: Consumer Goods
Market Capitalization: $21.75 billion ($2.35 billion)
Overview: Cosumar is Morocco’s leading producer and seller of white sugar, offering sugar loaves, blocks, lumps, and granules under the La Panthère brand. It also produces pellets and molasses, distributing through 12 sales points nationwide as of end-2021.
12. Akdital
Sector: Healthcare
Market Capitalization: MAD20.53 billion ($2.22 billion)
Overview: Akdital is a public company, listed on Casablanca Stock Exchange on December 2022. It operates within companies who manufacture health care supplies or provide health care related services, including distributors of health care products, providers of basic health-care services, and owners and operator of health care facilities and organizations. Akdital is based in Casablanca, Morocco and was established in August 2016.
13. Wafa Assurance
Sector: Insurance
Market Capitalization:MAD17.94 billion ($1.94 billion)
Overview: Wafa Assurance SA is a public company, listed on Casablanca Stock Exchange since July 1998. It operates within the insurance sector focusing on multi-line insurance. Wafa Assurance is based in Casablanca, Morocco and was established in October 1972.
14.TotalEnergies Marketing Maroc
Sector: Energy
Market Capitalization:MAD17.34 billion ($1.88 billion)
Overview: TotalEnergies Marketing Maroc is a public company, listed on Morocco (CSE) since May 2015. It operates within the Energy sector focusing on Oil and Gas Refining and Marketing.TotalEnergies Marketing Maroc is based in Casablanca, Morocco and was established in January 1927.
15. Afriquia Gaz
Sector: Energy
Market Capitalization: MAD14.59 billion ($1.58 billion)
Overview: Afriquia Gaz SA, listed on the Casablanca Stock Exchange since 2010, refines and markets LPG across Morocco. Founded in 1992, it’s majority-owned by Akwa Group, led by billionaire Aziz Akhannouch with an estimated net worth of $1.6 billion, and delivers advanced energy solutions for both domestic and professional use.
16. Douja Prom Addoha
Sector: Real Estate
Market Capitalization:MAD14.49 billion ($1.57 billion)
Overview: Douja Promotion Groupe Addoha SA (known as: Groupe Addoha) is a public company, listed on Casablanca Stock Exchange since July 2006. Addoha, with its real estate projects spanning across Casablanca, Rabat, Tangier, Marrakech, and Fes, has been a key player in Morocco’s housing sector, drawing both local and international investors. Anas Sefrioui, the founder with a networth of $1.5 billion and majority shareholder of the Casablanca-based real estate firm, holds a 64.78 percent stake—equivalent to approximately 260.8 million shares. Groupe Addoha is based in Casablanca, Morocco and was established in April 1988.
17. Label Vie
Sector: Retail
Market Capitalization:MAD13.5 billion ($1.46 billion)
Overview: Label Vie SA, formerly Hyper SA, is a Moroccan retail group operating supermarkets and hypermarkets under the Label’Vie and Carrefour brands across major cities. A subsidiary of Retail Holding, it also owns HLV and Metro Cash & Carry Maroc, expanding its national presence through a strategic alliance with Carrefour.
18. CIH Bank
Sector: Banking
Market Capitalization: MAD12.6 billion ($1.36 billion)
Overview: CIH Bank S.A. is a bank based in Casablanca, Morocco. It is part of the government-owned Caisse de dépôt et de gestion group, concentrating especially in the real estate and tourism sectors. It also provides retail banking services. It is one of the main retail banks in Morocco.
19. Crédit du Maroc
Sector: Banking
Market Capitalization: MAD11.83 billion ($1.28 billion)
Overview: Crédit du Maroc is a Moroccan bank, established in 1929 as the Moroccan subsidiary of Paris-based Crédit Lyonnais and known under its current name since 1966.
20. SOTHEMA
Sector: Pharmaceuticals
Market Capitalization: MAD10.73 billion ($1.16 billion)
Overview: Sothema, a 100 percent Moroccan pharmaceutical company, produces about 60 million pharmaceutical units each year and partners with 35 multinational laboratories. Its products are distributed across Europe, the Maghreb, Sub-Saharan Africa, and the Persian Gulf, reflecting its key role in the region’s healthcare supply chain.
