Tunindex’s 44.6% Rise: What It Isn’t Telling Tunisian Companies

Since January, the Tunindex has advanced by 44.61%. The figure is spectacular, and it is real. But for a company — whether it is looking to raise funds, to be valued or to place its cash — the index remains an incomplete summary.

Behind this performance lies a market heavily concentrated in a few large names, dominated by two sectors, of which only part of the capitalization corresponds to the float, while the secondary bond market presents a profile radically different from that of equities.

This dossier reads publicly available stock exchange figures not merely to describe the market, but to answer a business question: in 2026, what can the Tunis market truly offer in terms of financing, valuation and market reference?

An exceptional market this year, but down since July

At 19,450.38 points on August 28, the Tunindex maintains a year-to-date gain of 44.61%. But it had closed July 31 at 20,038.09 points and reached an annual high of 21,552.73 points on July 17.

The market has therefore fallen by about 2.93% since the end of July and by nearly 9.75% from its annual peak, according to the editors’ calculations based on index levels published by BVMT.

The last week of July had already marked an inflection: between July 27 and 31, the Tunindex had fallen 3.88%, while the Tunindex20 declined by 4.12%.

First takeaway: the stock market remains extremely positive for all of 2026, but it is no longer in the acceleration phase observed in mid-July. A decision based solely on “the market at +44%” looks at performance since January, not at the most recent momentum.

Capitals have doubled — but not the market’s physical activity

This is one of the most impressive figures of the year.

Since January, capital traded on equities has reached 2.599 bn DT, versus 1.296 bn in the comparable period of 2025, a rise of 100.58%.

But the number of securities traded has increased by only 44.87%, while the number of transactions has advanced by 62.84%.

The monetary value of trades thus rose far faster than their physical volume. The ratio of capital to quantities implies an increase of about 38% in the average value per security traded compared to 2025 — a TN calculation based on BVMT data.

This difference is compatible with securities trading at higher price levels and with a different composition of trades. It does not therefore correspond to a doubling of the market’s physical activity.

April illustrates this phenomenon particularly well. The month concentrated about 30% of the capitals traded in the first seven months of 2026. Of the 732.9 million DT traded in April, around 462.3 million passed through the block market, i.e., nearly 63% of the month’s total.

Some periods and a handful of large operations can therefore weigh very heavily on the annual figure.

For the CFO: a market where listed financing must be prepared with precision