The week from November 2 to 6 reveals a paradox that the raw numbers tell only halfway. The Tunindex rose 0.53% to close at 18,721.56 points, while the Tunindex20 advanced 0.61% to 8,216.04 points.
Over one year, the performance stands at 39.19% and 37.50%. The market capitalization stands at 46,155 million dinars, up 0.73% over the week and 33.14% over twelve months.
However, the momentum is misleading. The funds traded on the main market fell by 2.54% to 32.37 million dinars. Volumes dropped by 13.04% to 2.38 million shares and the number of transactions by 12.72% to 8,450. The market is rising, but with fewer participants.
The November of weak liquidity
Placed in the year, this week confirms a gradual slowdown. After the April peak at 733 million dinars, monthly volumes have settled around 150 million in the autumn. November, with 32 million at the end of its first week, starts low. For the year as a whole, equity titles accumulate 3.02 billion dinars, i.e., 81.61% more than in 2025. The annual momentum is therefore solid, but it tires toward the end of the journey.
The session’s movers
SFBT clearly dominates with 6.69 million dinars traded, ahead of BNA (3.95 million), Poulina Group Holding (2.97 million) and Amen Bank (2.84 million). The agro-food and banking trio draws attention. Foreign investors are not mistaken: they bought nearly 39,800 SFBT shares during the week and now hold 66.23% of the company’s capital.
The price gaps mark the other side of the market. Sotemail soars 18.57%, ahead of City Cars (9.17%) and Cellcom (6.72%). Conversely, Ciments de Bizerte falls 17.14% to 0.580 dinar, followed by Wifak International Bank (6.20%) and Astree (4.82%). These dramatic moves concern narrow lines, a sign of a market where a few orders are enough to move a price.
Consumption leading, insurance lagging
Sectorally, distribution and consumer services lead the dance with 1.54% each, followed by agro-food (1.40%) and consumer goods (1.23%). Only insurance (down 0.43%) and construction (0.06%) end in the red. Banks, which weigh 46.02% of capitalization and 58.30% of the Tunindex, rise 0.40%, giving the market its stability base.
A market of professionals
The structure of trades confirms this reading. The A segment concentrates 82.55% of capital and the 11-listed group captures 97.05%. On the participant side, free holders account for 67.58% of purchases, ahead of UCITS funds (20.15%), which also dominate sales with 22.27%. The block market remained empty this week.
The foreign participation, meanwhile, stands at 17.63% of capitalization, against 18.89% at the end of 2025. The decline is modest, but it reminds that the rise in indices is not accompanied by an inflow of external capital.
The bond market registered only two trades, for 396,322 dinars, entirely on Treasury securities. Since January, the segment has accumulated 493.9 million dinars, down 32.68%. The off-exchange totals 26,496 dinars this week, a marginal activity despite a dramatic weekly variation on a tiny base.
