The second quarter of 2026 was marked by a sharp acceleration in the Tunis stock market. The Tunindex rose 29.3% and ended June at 19,863.75 points, a level the Central Bank of Tunisia (BCT) described at the time as a record.
Meanwhile, the total value of trades on the market reached 1,472 million dinars, up 78.2% from the first quarter. The daily average of trades thus rose from 13.3 to 24.9 MDT.
But on the primary market, the move was exactly the opposite. Tunisian companies raised only 10 million dinars per public offering (APE) in the second quarter, through a single bond issue carried out by the microfinance company DAAM Tamweel. No equity issues were registered.
Between the first and second quarters of 2026, corporate fundraising via APE fell by 96.3%, from 270 MDT to 10 MDT, while trades on the exchange increased by 78.2% over the exact same period. TN calculation based on BCT data.
The essentials
- Tunindex: +29.3% in the second quarter of 2026, after +14.2% in the first.
- Trades on the market: 1,472 MDT, i.e. +78.2% in one quarter.
- Company fundraisings via APE: 10 MDT, against 270 MDT in Q1, i.e. −96.3%.
- No equity issues in Q2.
- Market capitalization: 48 778 MDT at end of June, i.e. 28.8% of GDP, versus 16.3% a year earlier.
How can the stock market experience such trading acceleration when financing for companies via the primary market is almost at a standstill?
