On November 10, 2026, the Tunindex advanced 0.30% to close at 18,820.56 points. Behind this reassuring figure, the internal snapshot was less unanimous: 22 values finished in the green, 25 in the red. In other words, the rise of the flagship index did not reflect broad momentum but the weight of a few well-placed names.
That is one of the finer lessons of the session: on the Tunis Stock Exchange, the market capitalization, 43,316.28 million dinars, is concentrated enough that a minority can drive the whole market.
Banks, the silent locomotive
The banking sector rose by 0.50%, i.e. more than the market, and is up 47.25% since the start of the year, versus 39.93% for the Tunindex. The Tunindex20 gained 0.35% to 8,269.35 points, with 38.39% since January.
The flows confirm this hierarchy: BNA concentrated 1,305,302 dinars of trades without moving, at 19.90 dinars. BIAT attracted 860,852 dinars at 166.38 dinars, and ATB 833,727 dinars after a 2.79% jump to 3.68 dinars. On a total volume of 8.9 million dinars and 2,475 transactions, these three names alone account for almost one-third of traded capital.
The surprising discount of the financial sector
This is where the analysis becomes stimulating. The market trades at 15.92 times earnings, for 2.61 times net asset value and a dividend yield of 2.74%. Yet the banking sector shows a sector multiple of about 9.84 times earnings.
The BNA illustrates the gap spectacularly: a P/E of 3.07 and a P/BV of 0.35, while the stock has nonetheless gained 64.87% in a year. Conversely, BIAT, priced higher at 12.16 times its earnings, embodies the premium of quality. The market thus does not seem to buy the bank indiscriminately, but arbitrates between yield, solidity and visibility.
The announcement by BIAT of a subordinated bond issue with an initial amount of 100 million dinars reinforces this reading: top-tier institutions are consolidating their capital, a signal that investors have every reason to follow.
Today’s stars: the energy of growth stocks
Away from banks, ICF posted the best performance of the day, up 5.59% to 143.50 dinars, i.e. 73.43% since January, for 488,106 dinars traded. Sotipapier (4.42% at 2.60 dinars), MPBS (3.19% at 10.68 dinars) and STB (2.62% at 5.10 dinars) complete the podium. The latter, with a 28.97% annual rise but a P/BV of 0.39, reminds us that the banking recovery also affects the most discounted stocks.
The losers, a mirror of a selective market
On the downside, New Body Line fell 3.61% to 2.40 dinars and shows an annual decline of 39.74%. Ciment de Bizerte dropped 3.57% to 0.54 dinar, Assad 3.14% to 2.47 dinars, Land’Or 2.70% to 14.40 dinars and Euro Cycles 2.50% to 9.75 dinars. These are mostly illiquid or already weakened stocks: trades on New Body Line did not exceed 1,651 dinars. The market quietly punishes what it deems secondary, and the weakness of volumes amplifies each movement.
