The Tunis Stock Exchange’s benchmark index, the TUNINDEX, recorded its third consecutive annual increase in 2023, rising 7.9% despite a difficult start.
The TUNINDEX had been on a downward trend since Moody’s downgraded Tunisia’s sovereign rating to ‘Caa2’ on January 27, 2023, taking the index to its lowest point of the year (-1.19%) on March 22, 2023.
Since then, however, the index has recovered, supported by encouraging profits posted by listed companies, particularly financials, whose profits rose by 18.8% in 2022 (banks: +18.5%, insurance: +13.1% and financial services: +29.9%).
Société Atelier Meubles “INTERIEUR” (SAM) was the top performer in 2023 with a 74.1% gain.
In second place, UADH, in the “S” sector, maintained its position with a rise of 66.7%.
In third place was BH LEASING with a gain of 58%. The award for the year went to Amen Bank, which returned to a fairer valuation with a gain of 55%.
At the other end of the scale, AETECH (-59.8%), CELLCOM (-53.2%) and Ciments de Bizerte (-46.3%) all suffered fairly severe corrections.
It should be remembered that AETECH’s performance in 2022 was 90%. Finally, after a turbulent year, Euro-Cycles, punished by its fundamentals, fell by 34.1%.
