Coronavirus: United Kingdom, facing worst recession on record, sees GDP drop 20.4% in Q2

The UK has seen its economy, hit by the coronavirus crisis, suffer a "record" contraction of 20.4% in the second quarter, and is officially facing its worst recession on record, agency figures show National Statistics (ONS), published Wednesday 12 August. 
Economists consider that a country enters a technical recession when it accumulates two consecutive quarters of contraction in its economy. According to the ONS, most of the contraction, which began to be felt in March, occurred in April, an entire month of containment and almost total cessation of activity in the country, which saw production collapsed by 20%.

With a very early recovery in construction sites and manufacturing activity, gross domestic product (GDP) rebounded in May by 2.4% (revised figure), followed by an acceleration in June (+8.7 %) thanks in particular to the reopening of all shops. This is the biggest contraction in the UK economy since the ONS began these quarterly statistics in 1955, he said…

Closing: The Casablanca Stock Exchange on the rise

The Casablanca Stock Exchange closed Thursday's session up, driven by the good performance of large caps, in particular Itissalat Al-Maghrib (+ 0.42%), Attijariwafa Bank (+ 0.54%), BCP (+0, 25%), LafargeHolcim Maroc (+ 0.86%) and Bank Of Africa (+ 0.71%).

Closing: The Casablanca Stock Exchange on the rise

At the end of this day, the Masi, a global index made up of all equity-type securities, gained 0.19% to 10,280.98 points, and the Madex, a compact index made up of stocks quoted on a continuous basis, gained 0.20 % at 8,351.88 points.

On the international side, the FTSE CSE Morocco 15 grabbed 0.04% to 9,129.81 points and the FTSE Morocco All-Liquid advanced 0.21% to 8,815.79 points.

The Environment, Social and Governance (ESG) "Casablanca ESG 10" benchmark index appreciated 0.23% to 769.22 points.

On the sectoral level, 8 sectors of the Casablanca square ended in positive territory, while 11 ended this day in the red. Leading the winners, the "transport" index advanced 3.64%, ahead of the "Transport services" sectors with + 0.53% and "Banks" (+ 0.44%).

Also on the rise, the “Telecommunications” sector index, boosted by its single title Itissalat All-Maghrib, posted a gain of 0.42%, that of “Building and construction materials” gained 0.34%, so that the sector of “Holding Companies” took 0.15%.

On the other hand, the “chemicals” sector lost 1.80%, ie the biggest drop of the day, followed by that of “Leisure and Hotels” (-1.76%), of “Electricity” (- 1.7%) and “Engineering and Industrial Equipment” (-1.52%). In the process, the overall volume of securities trading reached more than MAD 92.31 million (MDH), of which MAD 53.6 million was made on the central market (Shares) and MAD 38.72 million on the Block market (Bonds ). For its part, the market capitalization amounted to nearly 530.68 billion dirhams (MMDH).

The largest increases were made by CTM (+ 3.84% to 676 DH), SMI (+ 3.51% to 1.800 DH), CIH (+ 3.20% to 258 DH), Delattre Levivier Maroc (+1 , 97% at 16.05 DH) and Stokvis North Africa (+ 1.04% at 9.75 DH).

The largest decreases were recorded by Stroc Industrie (-3.92% to 13.25 DH), Managem (-3.85% to 769.20 DH), Colorado (-3.62% to 51.85 DH) , Sonasid (-3.20% at 212 DH) and CDM (-2.58% at 415 DH).