Markets & Companies
As of September 4, 2026, the TUNINDEX has risen 44.41% since the start of the year and the Tunis Stock Exchange’s market capitalization stands at nearly 47.8 billion dinars.
But behind these performances lie several realities: activity has clearly accelerated, the market remains highly concentrated, block trades inflate the traded amounts, and signals of liquidity or governance are far less visible in the index.
Tunisie Numérique has aligned intraday data with year-to-date totals to distinguish what the figures actually say.
The Essentials
+44.41% : progression of the TUNINDEX since the start of 2026.
47.8 billion dinars : market capitalization on September 4.
+61.57% : increase in the number of trades on equity shares.
47.66% : share of capitalization concentrated in the five largest constituents.
Approximately one quarter of the capital traded on shares nevertheless comes from block transactions.
Three levels of reading, three different figures
According to the scope considered, the progression of stock market activity in 2026 can be measured at 19.03%, 61.57% or 99.25%. These figures do not contradict each other: they measure three different dimensions of the market.
| Indicator | 2026 | 2025 | Variation |
|---|---|---|---|
| Turnover, all segments | 4,012,216,623 | 3,370,891,733 | +19.03% |
| Turnover, equity securities | 2,644,465,217 | 1,327,192,640 | +99.25% |
| Number of trades, equity securities | 514,077 | 318,183 | +61.57% |
| Quantities traded, equity securities | 206,001,982 | 143,868,154 | +43.19% |
The figure of +19.03% covers all segments. It notably includes segments that contracted sharply: off-market trading fell by 99.28%, auctions by 96.87% and registrations by 31.74%. It thus does not, in itself, measure the vitality of the stock market.
Conversely, the rise of +99.25% in turnover on equity securities is spectacular, but it is influenced by large block transactions.
The 61.57% growth in the number of trades provides another insight. A block trade of several hundred million dinars remains a single transaction: it can heavily inflate turnover, but much less the number of operations. The increase in the number of trades therefore shows that activity has truly intensified beyond the mere large, occasional operations.
The September 4 session illustrates this: the main market registered 2,007 trades for 5.98 million dinars, with no block trade on that day.
47.8 billion dinars of capitalization
The market capitalization reaches 47,778 million dinars, i.e., a rise of 37.82% since the start of the year. The market profile also highlights a foreign participation of 17.91%.
By comparison, the free float capitalization used for the TUNINDEX stands at 11,339 million dinars, i.e., the equivalent of 23.73% of the total capitalization shown by the listing. The two measures do not have exactly the same object, but their proximity provides an indication of the difference between total market size and the index’s float depth.
Nearly seven-tenths of capitalization in two sectors
| Sector | Capitalisation (MD) | Share |
|---|---|---|
| Banks | 21,988 | 46.02% |
| Food & beverages | 11,250 | 23.55% |
| Insurance | 3,063 | 6.41% |
| Distribution | 2,661 | 5.57% |
| Financial services | 2,045 | 4.28% |
| Industrial goods & services | 1,960 | 4.10% |
Banks and food & beverages alone account for 69.57% of market capitalization. The overall market rise thus conceals a sectorally very concentrated structure.
Five stocks concentrate almost half of the index
| Stock | Capitalisation (MD) | Share of the index |
|---|---|---|
| BIAT | 6,585 | 13.78% |
| Poulina Group Holding | 4,959 | 10.38% |
| Attijari Bank | 4,155 | 8.70% |
| SFBT | 3,888 | 8.14% |
| Amen Bank | 3,183 | 6.66% |
| Total | 22,770 | 47.66% |
Five stocks thus concentrate 47.66% of the total capitalization. This concentration gives a few large groups substantial influence on the listing. However, their exact weight in the TUNINDEX depends on their float capitalization and cannot be deduced directly from their total capitalization alone.
The notable moves on September 4
The TUNINDEX fell by 0.93% on the September 4 session. But the raw leaderboard should be read with caution: some moves correspond to thresholds or technical listing mechanics, while a less spectacular variation on a large capitalization can have more impact on the indices.
| Top 5 gains | Displayed price (DT) | Variation | Interpretation |
|---|---|---|---|
| SOTUMAG | 21.000 | +5.00% | The stock reaches its static upward threshold, from a reference price of 20.000 DT. |
| ASTREE | 83.840 | +4.50%* | Stock flagged as reserved upward (“H”) in the official bulletin. |
| SOMOCER | 0.640 | +3.23% | Session rise. |
| SANIMED | 0.340 | +3.03% | Session rise. |
| BEST LEASE | 2.560 | +2.81% | Session rise. |
* ASTREE is signaled “H” in the official bulletin, i.e., an upward reservation. The +4.50% variation is calculated relative to the reference price of 80.230 DT. Its last quoted price before the reservation was 80.700 DT.
| Top 5 declines | Closing price (DT) | Variation |
|---|---|---|
| SITS | 4.490 | −4.47% |
| BTE (ADP) | 6.020 | −4.44% |
| ATTJARI BANK | 83.100 | −3.37% |
| EURO-CYCLES | 11.600 | −3.09% |
| ONE TECH HOLDING | 11.000 | −2.65% |
The movement to watch is not necessarily the strongest: Attijari Bank fell 3.37%. With a capitalization of 4.155 billion dinars, or 8.70% of the index, it is the market’s third-largest capitalization. Its decline occurred in a session where the Banking Index fell by 1.09%. Without the detailed float weighting of each bank, it isn’t possible to quantify precisely its contribution to the index, but its weight gives this move a significantly larger impact than its mere rank on the declines list.
The Top/Flop must therefore be interpreted: SOTUMAG reaches its upward threshold, ASTREE is reserved, while the drop of a large capitalization like Attijari Bank is more meaningful for the overall market interpretation. Despite the session’s dip, the TUNINDEX remains up 44.41% since the start of the year.
OPA SOTUVER: no shares tendered to the offer
The September 4 bulletin published the result of the mandatory public takeover offer on the shares of the Société Tunisienne de Verreries. The offer was proposed at a unit price of 13.390 dinars, from August 5 to August 26, 2026, aiming to acquire 6,843,844 shares, or 17.43% of the capital.
As of the bid submission deadline, set for August 27 at 14:00, no bid had been submitted.
B.A Glass B.V, acting in concert with the Bayahi group, already held a total of 82.57% of the capital at the offer opening. On September 4, a few days after the operation closed, SOTUVER traded at 25.640 dinars, nearly double the price offered within the framework of the offer.
What the dossier’s follow-up examines: Are the 2.64 billion dinars traded on the shares truly equal to that liquidity? What portion comes from block transactions? What does the SOTUVER case reveal for a minority shareholder? And what do the bond market and listing suspensions say about depth and governance of the Tunisian market?
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2.64 billions traded, but what is the real liquidity?
Adel Khelifi
