Casablanca’s stock market has endured two weeks of turbulence after the outbreak of the war in the Gulf triggered fears of soaring oil prices and a return of runaway inflation. Newly listed firms and construction companies were hit hardest, market analyst Adil Hlimi told L’Opinion. In this respect, construction companies such as TGCC has shed about 30% of its value since the start of the year, while SGTM is down 25%. Much of the volatility has been driven by retail investors, whose market presence has grown markedly. Underlying the panic is the memory of 2022, when Russia’s invasion of Ukraine sent oil prices above $100 and pushed Morocco’s inflation to an historic 8.3%.

Source: The North Africa Journal March 17, 2026 14:05 UTC