June 24, 2010 / 7:45 PM / 9 years ago

STOCKS NEWS AFRICA-Morocco's Maroc Telecom up on share sale talk

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1941GMT 24June2010 - Morocco index flat, Telecom rises on share sale talk


Morocco’s bourse closes barely changed but Maroc Telecom (IAM.CS) rises slightly on market talk the government is planning to sell a stake in the telecoms firm.

The Casablanca benchmark index .MASI ticks up 0.06 percent, or 6.7 points, to close at 12,062 points while Maroc Telecom gains 0.25 percent.

“The market is calm and the focus was on Maroc Telecom because of the (talks that) government is planning to sell (an) 8 percent stake in the firm,” a CFG brokerage trader says.

The government, which owns 30 percent stake in Maroc Telecom, has yet to make an announcement of the share sale.

French media group Vivendi (VIV.PA) controls 53 percent of Maroc Telecom, with the rest floated on the bourse.

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