Tunis Stock Exchange (BVMT) Guide 2026: TUNINDEX, 75 Stocks & How to Invest
Guide to investing on the Bourse de Tunis: TUNINDEX performance, 75 listed companies (BIAT, SFBT, PGH), banking and consumer sectors, 17 years of price history, and practical steps for Tunisian and foreign investors.
The Bourse des Valeurs Mobilieres de Tunis (BVMT) is Tunisia's sole stock exchange. Established in 1969 and overhauled by the landmark 1994 Financial Market Act, it serves as the country's organized marketplace for trading equities, bonds, and other securities. Regulated by the Conseil du Marche Financier (CMF), the BVMT became an associate member of the World Federation of Exchanges in May 2019.
As of late 2025, 75 companies were listed on the BVMT, with a total market capitalization reaching a record 34.7 billion Tunisian dinars (TND) — up an extraordinary +30.98% over the year. Total trading volume hit 3,675 million TND in 2024, a +33.2% increase year-on-year. These figures point to a market gaining momentum, even if it remains small by global standards.
A Brief History: From Founding to Post-Revolution Recovery
The story of the Tunis stock exchange unfolds across several distinct eras. After its founding in 1969, the market underwent a decisive modernization with the 1994 reform that created the BVMT in its current form and established the CMF as an independent regulator. The benchmark TUNINDEX was launched in 1998 with a base value of 1,000 points.
The 2011 Tunisian revolution dealt a severe blow: the TUNINDEX lost roughly a third of its value within months. The market languished until 2015, weighed down by political instability and investor caution. Recovery began in 2016, with annual gains of +8.86% in 2016 and +14.45% in 2017, fueled by economic reforms and returning confidence.
TUNINDEX Performance: Five Consecutive Years of Gains
The TUNINDEX has charted a remarkable upward trajectory since 2021. The annual returns speak for themselves:
By mid-March 2026, the index was flirting with all-time highs near 15,414 points, up +42.8% over the trailing twelve months. This exceptional run has been powered by strong earnings from the market's largest capitalizations.
The Tunisian market is dominated by a core group of large-cap stocks. The ten largest companies alone account for 62.7% of total market capitalization.
BIAT — The Largest Market Cap
Banque Internationale Arabe de Tunisie (BIAT) sits at the top of the board with a market cap of 3,828 million TND at end-2024, representing 14.5% of the market. Tunisia's largest private bank, it operates across all banking segments and maintains a consistent dividend payout policy.
SFBT — The Food & Beverage Leader
Societe Frigorifique et Brasserie de Tunis (SFBT) is the second-largest listed company (3,110 million TND, 11.8% of the market). It produces iconic brands including Celtia beer, Ciel water, and Hamoud Boualem soft drinks. SFBT is one of the most actively followed stocks among Tunisian investors.
Attijari Bank and the Banking Heavyweights
Attijari Bank (part of Morocco's Attijariwafa group) holds third place with a 2,163 million TND market cap. Other major banking names include Amen Bank (which broke into the top five in 2025), UIB (Societe Generale group), BH Bank, and BNA.
PGH and Delice — Agri-Food Powerhouses
Poulina Group Holding (PGH) more than doubled its market cap in 2025, driven by revenue growth of +30% in 2024. Delice Holding, a specialist in dairy and frozen foods, is another locomotive of the exchange.
The composition of the Tunis stock exchange reveals heavy sector concentration:
•Financial companies (banks, leasing, insurance): 54.6% of market cap
•Consumer goods (food, beverages): 25.6%
•Industrials (pharmaceuticals, building materials): 9.3%
Sector performance in 2025 was led by distribution (+59.3%) and financial services (+49.8%), followed by agri-food (+42.6%). Construction was the only notable laggard, declining roughly -3.9%.
Trading Hours and Market Structure
The BVMT operates a continuous trading session Monday through Friday, from 9:00 AM to 2:00 PM local time (UTC+1). A fixing session closes the day at 2:05 PM. During Ramadan, hours are shortened with a close around noon.
Settlement operates on a T+2 basis since October 2023. All transactions are denominated in Tunisian dinars (TND). The exchange also runs a supplementary trading session on Friday mornings.
How Foreign Investors Can Access the BVMT
Foreign investors can buy and sell freely on the BVMT. However, they must declare their investments to the Central Bank of Tunisia (BCT) for exchange control purposes. Repatriation of capital and dividends is permitted, subject to standard regulatory procedures.
At end-2024, foreign investors held approximately 19.6% of total market capitalization, predominantly strategic positions in the banking and insurance sectors.
Tax Treatment
•Dividends: 15% withholding tax at source (may be reduced under bilateral tax treaties)
•Capital gains: 10% withholding for non-resident individuals, 20% for non-resident entities
Dividends: A Strong Payout Culture
Tunisia has a pronounced dividend culture. In 2024, 48 listed companies paid dividends totaling 1,383 million TND (+11% year-on-year). The average market dividend yield stands at roughly 5 to 6%, an attractive level compared to peer markets.
Regular distributors include BIAT, STB, Attijari Bank, PGH, SFBT, Delice Holding, and SAH Lilas. Check the BVMT dividend calendar on Afrivestia to track upcoming ex-dates.
Risks to Consider Before Investing
Limited Liquidity
The Tunisian market remains small and illiquid. Total market cap barely exceeds 5% of GDP. Actual free float is narrow, as many companies have controlling public or family shareholders. Bid-ask spreads can be wide, and exiting a position may take time.
Currency Risk
The Tunisian dinar has depreciated significantly in recent years — roughly -45% against the US dollar between 2020 and 2024. For foreign investors, this currency erosion can absorb a substantial portion of equity gains. Monitoring TND/EUR and TND/USD exchange rates is essential.
Macroeconomic and Political Risks
The Tunisian economy still relies heavily on cyclical sectors (tourism, phosphates) and remains sensitive to global developments. Political instability, though reduced since 2020, remains a risk factor. Inflation, while falling to an estimated ~5.4% in 2025 from 7.0% in 2024, remains elevated by international standards.
Economic Outlook and Market Impact
Tunisian GDP growth is estimated at 2.5% for 2025 (up from 1.6% in 2024). Inflation is gradually declining, and foreign reserves, though constrained, provide some buffer. The Central Bank's key rate stands at 7% in 2026.
In this context, the outlook for the BVMT is cautiously positive. A stabilizing monetary environment and moderate recovery in domestic demand could support listed companies' earnings. The recent IPO of BNA Assurances (August 2025) and capital increases (Arab Tunisian Bank) signal renewed activity on the primary market.
Regional Comparison: The BVMT vs. Casablanca and Cairo
Within North Africa, the Tunis stock exchange occupies a middle ground in terms of scale. The Casablanca Stock Exchange (Morocco) lists around 85 companies with a market cap exceeding 1,000 billion dirhams — more than a hundred times the BVMT. The Egyptian Exchange (Cairo) features nearly 200 listed securities and a market cap of roughly 3,356 billion Egyptian pounds as of late 2025.
Paradoxically, the BVMT outperformed both neighbors in 2025: +30.98% for the TUNINDEX, compared to -8.96% for Morocco's MASI on a trailing twelve-month basis. This outperformance reflects the strength of Tunisian banking earnings and a catch-up effect after years of relative undervaluation. Absolute trading volumes remain far below those of Casablanca or Cairo, however, which limits appeal for institutional investors seeking deep liquidity.
Recent Developments and Modernization
The BVMT is pursuing multiple initiatives to broaden its investor base. In 2024, it published its first ESG report (Environmental, Social, and Governance), translated into both Arabic and English. Mobile access has become widespread through the "BT Bourse Mobile" and "BVMT Mobile" apps, available on the App Store and Google Play.
On the regulatory front, the exchange introduced an after-hours trading session on Fridays and is progressively upgrading its trading technology. A futures market on the TUNINDEX is under study for 2026, inspired by a similar initiative at the Cairo exchange. The BVMT is also supporting Tunisia's growing fintech ecosystem, partnering with startups to digitize order execution and promote online investing among younger demographics.
Conclusion: A Niche Market with Strong Upside
The Tunis Stock Exchange offers a distinctive profile for investors seeking African diversification: attractive dividend yields, a sustained five-year bull run, and a pool of well-managed companies in banking and agri-food. The risks — liquidity, currency, macro environment — are real but well-identified, and they reward patient investors.
With 75 listed companies, an average dividend yield of 5 to 6%, and a TUNINDEX that has more than doubled over five years, the Tunisian market deserves attention from anyone interested in the African continent. The challenge for the BVMT going forward will be to widen its investor base, improve liquidity, and attract more IPOs to diversify its offering beyond banks and consumer staples.
To explore Tunisian stocks and their technical indicators, head to Afrivestia.
