The session of November 12, 2026 resembles, from afar, an ordinary day. The Tunindex gains 0.16% and ends at 18,841.89 points, the Tunindex20 rises 0.14% to 8,280.42 points, and the capitalization reaches 46.5 billion dinars. Nevertheless, behind this discreet rise lies a subtler dynamic that changes the reading of the market.
A session played behind the scenes
On 74.1 million dinars traded, 66.2 million, or 89.39%, come from only eight block transactions. The central order book, where investors meet daily, moved only 7.9 million dinars across 1,948 trades.
Delice Holding alone captures 63.8 million dinars. On the sellers’ side, the “Foreign” category accounts for 85.48% of the capital, while buyers account for 84.61% of the free float holders. All indications point to a block transfer from a foreign investor to domestic players, a movement that weighs more on volumes than on prices.
A market narrow in its trades
Among 75 listed companies, 21 rise, 31 fall, 10 remain unchanged, 11 are not listed today and 2 are suspended. Declines are therefore more numerous than advances, even as the index moves higher: performance rests on a few heavyweight stocks.
The banks, which represent 46.34% of the capitalization, gain 0.35%. Basic materials register the strongest sectoral gain, at 2.77%, while the food and beverage sector falls 0.76%. TPR gains 5.68%, Assad 4.47%, while Hannibal Lease drops 4.50%.
An index far from its peak
Since January, the Tunindex has gained 40.09% and capitalization 34.10%. Yet the index remains about 12.6% below its record of July 17, at 21,552.73 points. The market has thus cleared a hurdle and then consolidated, without recovering the summer’s euphoria.
Monthly capital confirms it: after the April peak at 733 million dinars, fueled by a foreign block of 211 million, the August to November months oscillate between 146 and 171 million.
Liquidity, the real issue for the next phase
Over the year, traded capitals reach 4.97 billion dinars, up 18.17%. Equities, at 3.15 billion, jump 84.90%, while the bond segment declines 32.73%, to 494 million dinars, dominated at 97.58% by the Treasury.
The blocks accumulate 861 million dinars, i.e., nearly 29% of the equity market’s capital. Only 17.40% of the capitalization is held by foreigners, and the Tunindex’s free float capitalization represents only 23.69% of the total, or 11 billion dinars.
The message of this session is clear. The Tunis Stock Exchange has gained value, but its depth remains its weak link. As long as the central order book remains so thin in the face of blocks, every large transaction will weigh on the market’s interpretation. Expanding the investor base and the free float will be, more than rising indices, the real test in the coming months.
