The Tunis Stock Market Index (Tunindex) rose by 1.1% over the week (from August 28 to September 1, 2023) in modest volumes, closing at 8942.58 points, bringing its performance since the beginning of the year to 10.3%, according to the weekly analysis of Tunisie valeurs.
Throughout the week, volumes were low, totalling TND 13.3 million, or a daily average of TND 2.7 million. There were no block trades during the week. GIF, ELECTROSTAR and UADH stocks led the pack with performances of 37.5%, 19.4% and 14.3% respectively.
The public tender offer for these companies was postponed following a ruling by the Tunis Court of Appeal. Trading in these shares resumed on August 25.
Shares in Tawasol Group Holding were among the week's biggest gainers. The holding's share price rose by 11.8% to TND 0.570, attracting a volume of TND 54,000 for the week.
Ciments de Bizerte was the worst performer. The cement company's shares fell by 7.9% to TND 0.930 on a meagre trading volume of TND 5,000. Délice Holding was the most traded stock of the week, losing TND 1.9 million or 14.3% of its value.
Market news
- Banque de Tunisie (BT) reports a 16% year-on-year increase in net profit to TND 76.4 million. The net banking income surged by 11% to TND 227 million at the end of the first half of 2023, according to the bank's financial statements as of June 30, 2023. BT logged a 16% annual increase in net profit, revising its risk cost downward by TND 3.5 million to TND 29.4 million.
- BNA saw an 18.2% decline in its net profit as of June 30, 2023. The half-yearly financial statements of BNA reveal a net banking income increase of 10.8%, nearing TND 500 million. However, the first half of the year was marked by a surge in risk costs, which rose from TND 148.2 million to TND 206 million. Consequently, the net profit dropped by 18.2% to TND 90.2 million.
- SITS recorded a 52.5% decrease in its net profit to TND 192,600 at the end of the first half of 2023. The half-yearly financial statements for 2023 of SITS show a significant drop in revenue, plummeting by 54.8% to TND 976,000. By the end of this first half, the property developer incurred an operating loss of TND 3,600, compared to TND 310,000 in the first half of the previous year.
The net profit decreased by 52.5% to only TND 192,600 at the end of the first semester of this year, down from TND 405,900in June 2022.
- UBCI saw a 9.37% decrease in its net profit to TND 25.2 million as of June 30, 2023. At the end of the first half of 2023, UBCI's net profit stood at TND 25.2 million, marking a decline of 9.37%.
The bank achieved a 5.9% increase in its net banking income, reaching TND 151.8 million compared to TND 143.4 million a year ago.
Source: Agence Tunis Afrique Presse