Significant Transactions on Listed Company Shares Multiply at the Tunis Stock Exchange
There have been numerous declarations of significant transactions on listed company shares at the Tunis Stock Exchange in recent days, with seven such declarations in less than a week. It is expected that this frequency will continue in the coming weeks as we enter the final stretch of the year.
A Familiar Phenomenon Driven by Fiscal, Regulatory, and Patrimonial Logics
This phenomenon is not new and is driven by fiscal, regulatory, and patrimonial logics. By realizing a capital gain or loss before December 31, a shareholder can offset it against their other results for the year or use annual deductions. This planning is crucial for personal wealth management.
Strategic and Personal Motivations
Strategic and personal motivations also come into play. For a director, increasing their stake in December can be a signal of confidence sent to the market for the upcoming year. On the other hand, a sale may be driven by a need for liquidity for personal projects or a desire for patrimonial diversification before the new year. Some individuals choose this period to subscribe to a life insurance contract and require liquidity. Estate planning, often considered at the end of the year, can also motivate certain sales.
A Concentration of Transactions Driven by Rationalization
This concentration of transactions is not due to chance, but rather a rationalization by actors seeking to align their investment decisions with the fiscal and regulatory calendar.
Window-Dressing Operations
The end of the year typically also sees window-dressing operations to improve the appearance of one's portfolio just before the end of the year, a practice that affects all stock markets worldwide. However, in recent years, this type of transaction has become increasingly rare in Tunisia, with a regulator closely monitoring all movements. For this year, and given the performance of the Tunindex, we believe that the market has rewarded all investment strategies, and there will be no need to artificially boost returns.
