At a Glance
- Banking giants dominate valuations, reflecting strong earnings visibility and expanding pan-African footprints.
- Energy, mining and telecom firms reinforce Morocco’s strategic industrial and resource positioning.
- Infrastructure leaders anchor trade growth, logistics expansion and long-term capital formation.
Morocco’s Casablanca Stock Exchange has emerged as one of Africa’s most sophisticated financial markets, underpinned by a diverse group of multi-billion-dollar companies spanning banking, telecoms, mining, energy and infrastructure. The top 10 listed firms by market capitalization totals $72.14 billion, reflecting Morocco’s economic depth, disciplined corporate governance and growing appeal to global investors.
Banking remains the backbone of the exchange, led by continentally active lenders such as Attijariwafa Bank, Banque Centrale Populaire, and Bank of Africa, whose operations stretch across North, West and Central Africa. These institutions provide liquidity, trade finance and capital access critical to regional economic growth.
Beyond finance, industrial champions strengthen the market’s sectoral balance. Managem Group anchors mining exposure with strategic metals, while TAQA Morocco dominates power generation, benefiting from long-term contracts and rising electricity demand. Maroc Telecom delivers stable cash flows across mobile and data services, supported by a strong footprint in francophone Africa.
Infrastructure and construction leaders such as Marsa Maroc, LafargeHolcim Maroc, TGCC, and Ciments du Maroc reflect sustained investment in ports, housing and logistics. These companies play a vital role in employment creation and export growth.
Together, Shore Africa profiled the top 10 companies on the Casablanca Stock Exchangewhich makes up over 68 percent of the Casablanca Bourse Morocco’s position within Africa’s investment landscape.
1. Attijariwafa Bank
Sector: Banking
Market Capitalization: MAD148.21 billion ($16.17 billion)
Attijariwafa Bank is an international financial services group headquartered in Casablanca, Morocco. Its scale, profitability, and regional expansion underpin its position as the exchange’s most valuable company. 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. Managem Group
Sector: Mining
Market Capitalization: MAD96.1 billion ($10.48 billion)
Managem Group is a Moroccan mining company established in 1930. A flagship mining group with exposure to gold, cobalt, copper, and silver. Backed by diversified assets and global demand for critical minerals, Managem remains a strategic pillar of Morocco’s resource economy.
3. Maroc Telecom
Sector: Telecommunication
Market Capitalization: MAD95.78 billion ($10.45 billion)
Overview: Itissalat Al Maghrib SA (known as: Maroc Telecom) is a public company, listed on Casablanca Stock Exchange since December 2004. Maroc Telecom is based in Rabat, Morocco and was established in February 1998. The country’s leading telecom operator delivers stable cash flows through mobile, fixed-line, and data services, with a growing footprint across francophone Africa supporting long-term earnings resilience.
4. Marsa Maroc
Sector: Transportation
Market Capitalization: MAD68.18 billion($7.44 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. As Morocco’s primary port operator, Marsa Maroc plays a critical role in trade logistics, benefiting from rising container volumes and the country’s push to become a regional maritime gateway.
5. Banque Centrale Populaire (BCP)
Sector: Banking
Market Capitalization: MAD56.72 billion ($6.19 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. BCP combines cooperative banking roots with a strong pan-African presence, serving SMEs, retail clients, and governments while maintaining solid capital buffers and steady profitability.
6. TAQA Morocco S.A.
Sector: Energy
Market Capitalization: MAD50.24 billion ($5.48 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 percent of coal imports and supplies Morocco’s electricity grid. TAQA Morocco benefits from long-term contracts and rising energy demand, anchoring investor confidence in the utilities sector.
7. Bank of Africa (BOA)
Sector: Banking
Market Capitalization: MAD47.14 billion ($5.14 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. BOA’s diversified African footprint and balanced loan book position it as a growth-driven lender, leveraging regional trade flows and financial inclusion across multiple markets.
8. LafargeHolcim Maroc
Sector: Construction
Market Capitalization: MAD42.64 billion ($4.65 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 a global presence spanning Europe, the Americas, Africa, the Middle East, and Asia. Its main shareholder is Lafarge Maroc SA. A dominant cement producer, LafargeHolcim Maroc gains from infrastructure expansion, urban housing demand, and industrial projects across Morocco’s fast-growing construction sector.
9. Travaux Généraux de Construction de Casablanca(TGCC S.A)
Sector: Construction
Market Capitalization: MAD30.41 billion ($3.32 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.
10. Ciments du Maroc
Sector: Construction
Market Capitalization: MAD25.84 billion ($2.82 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.
