Two IPOs are expected in 2025, after an absence of two years, said Bilel Sahnoun, Managing Director of the Tunis Stock Exchange, at a press conference organized by the TSE on Wednesday.
Two new companies will be listed on the Tunisian stock exchange: Taraji Holding, which provides the economic and financial structure for Esperance Sportive de Tunis (EST), and BNA Assurances (formerly AMI Assurances), which have officially submitted their applications for listing and are awaiting approval from the CMF.
Stock exchange activity in 2024
The conference also provided an opportunity to take stock of the market activity in 2024. This showed that the Tunis Stock Exchange’s benchmark index, the Tunindex, rose by 13.75% in 2024 as a whole, the fourth consecutive year of growth after 2023 (7.90%), 2022 (14.74%) and 2021 (2.34%). In dollar terms, the Tunindex rose by 9.5%. In euro terms, it rose sharply by 16.3%.
The Tunindex20, which includes the 20 largest and most liquid stocks on the market, also followed this upward trend, rising by 14.59% in 2024.
According to the data published by the Stock Exchange, all indices (sectors and subsectors) achieved a positive return.
Among the sector indices, the ‘Basic Materials’ index was the strongest performer with a rise of 30.76%, followed by the ‘Consumer Goods’ index with a performance of 15.16% and the ‘Financial Companies’ index with a performance of 14.07%.
The Industrials index returned 10.73%, followed by the Consumer Services index (4.19%).
The market capitalization also increased by 2,005 million dinars or 8.2% compared with the end of 2002, despite the delisting of four (small-cap) companies during the year (SERVICOM, ELECTROSTAR, GIF and MIP).
Financials continue to dominate capitalization with 54.6%, followed by consumer and industrials with 25.6% and 9.3% respectively. Total trading volume increased by 33.2% to 3,675 MD, compared to 2,760 MD in 2023.
Data provided by the Tunis Stock Exchange also shows a 2.9% decrease in trading volume on the stock exchange, from 1,819 MD in 2023 to 1,767 MD. The average daily volume reached 7 MD compared to 7.2 MD in 2023.
The “Finance” sector accounted for 33.5% of the trading volume on the list, i.e. 520.6 MD, followed by the “Industry” sector with 33.1% of the volume and the “Consumer Goods” sector with a share of 18.8%.
The market capitalization held by foreigners increased slightly by 2 MD to 5,188 MD in 2024, representing 19.6% of the total market capitalization, compared to 5,186 MD and a share of 21.2% in 2023.
TSE to host annual conference of Arab Federation of Capital Markets
During the press conference, TSE officials also recalled that the annual conference of the Arab Federation of Capital Markets (AFCM) will be held in Tunis on May 13 and 14, at the initiative of the Tunis Stock Exchange in cooperation with the African Securities Exchanges Association.
Eight panels will be led by high-level speakers on the future of markets, with a focus on Tunisia, accelerating climate action (assessing the progress of zero carbon signatories), data management (meeting the challenges of quality, integrity and security), central securities depositories and their role in facilitating cross-border investment flows, the role of derivatives in boosting regional capital markets, the role of sovereign wealth funds in reshaping the IPO landscape, access to capital or bridging the gap for start-ups and SMEs, and the future of market trading platforms.
