Tunis Stock Exchange Sees Surge in Transactions
The volume of transactions on the Tunis Stock Exchange's equity segment exceeded the 200 million Tunisian dinar (Mtnd) threshold yesterday, reaching 203,796 Mtnd. Since the beginning of the year, the daily average volume has been established at 5,661 Mtnd.
Compared to last year, this represents a significant improvement. The daily average in 2024 was 4,884 Mtnd. However, the same period in 2023 was more dynamic, with 6,199 Mtnd.
Four stocks have recorded two-digit transaction volumes: Amen Bank (20,116 Mtnd), Magasin Général (15,826 Mtnd), Attijari Bank (12,005 Mtnd), and One Tech Holding (10,333 Mtnd). Two other stocks are expected to join this group in the coming days, namely Carthage Cement (9,995 Mtnd) and SAH (9,314 Mtnd). Apart from Magasin Général, which reached this level thanks to block transactions at the end of January 2025 (8,832 Mtnd), and Carthage Cement, which is expected to post a good result that will boost its share price, the other companies are among the most generous dividend distributors.
Investors are therefore clear in their choices during this period. The Tunisian stock market is highly sensitive to valuations based on the price-to-earnings ratio (PER), and only institutional investors closely examine other financial health and risk exposure elements of companies. It is the latter element that should be overweighted in the current context, across all sectors. There are concerns about local consumption, which will add a dose of risk to an already heavily exposed financial sector to the sovereign. We will closely follow the market's reaction to the results announcements to see what level of maturity it has reached.
