The Tunis Stock Exchange delivered, from November 9 to 13, a session in two stages. On the surface, a steady advance: the Tunindex closes at 18,989.99 points (+1.43%), the Tunindex20 at 8,347.45 (+1.60%), and capitalization reaches 46.846 billion dinars (+1.50%). In depth, a shift in ownership weighed more than the trend itself.
A prudent rise, an extraordinary volume
The capital traded on the market amounts to 158.6 million dinars, versus 32.4 million the previous week, i.e., nearly five times higher (+389.85%). The shares traded jump by 306%, to 9.65 million, while the number of transactions only grows by 20.79%, to 10,207. The volume has therefore expanded much faster than actual activity, a sign that a small number of operations did the bulk of the work.
The block market, the real conductor
Ten block transactions drew 104.8 million dinars, or 66.11% of the capital, compared with 53.7 million for the central order book. The latter nonetheless alone exceeds the total for the previous week, which nuances the optical effect. Delice Holding concentrates 71.7 million, ahead of Sotuver (28.7 million) and SFBT (17.8 million).
On the investors’ side, the reading is clear: foreigners sold 63.7 million dinars, i.e., 40.20% of sales, and bought only 0.48 million. Their stake in Delice Holding drops from 3.06% to 0.03%, after the sale of 3.48 million shares.
The buyers were free-market investors (69.57% of purchases), proprietary accounts (23.19%) and UCITS funds (5.03%). Foreign participation in capitalization stands at 17.32%, versus 18.89% at the end of 2025.
Basic materials and banks push the pace
Sectorally, basic materials chalk up the best performance with 8.64%, ahead of banks (+2.27%), financial companies (+1.91%) and industries (+1.14%). Household products and personal care fall by 0.68%.
In the individual standings, Sotemail rises 13.17% to 3.180 dinars, ahead of TPR (+10.30%) and Essoukna (+7.54%). Hannibal Lease drops 4.50%, followed by STIP (4.40%) and Monoprix (4.39%).
The July peak stays far away
The Tunindex shows a 41.19% annual gain, but remains about 12% below its record on July 17 (21,552.73 points). For the year, traded capitals reach 4.99 billion dinars (+18.29%), driven by equity securities (+85.19%), while the bond segment falls 32.75% and has only traded 12,816 dinars this week.
The message for investors is twofold. The stock market gains in value, but its liquidity still depends on a few big hands. The real test in the coming sessions will be to know whether the central book, not the blocks, can take over.
