Tunis Stock Exchange — TUNINDEX Gains 0.73% in May 25-29 Week as Industrials Outrun Insurers
The TUNINDEX rose 0.73% in the May 25-29, 2026 week, led by Industrials (+1.44%) and Basic Materials (+1.12%). A 9.0% weekly drop in Brent and a firmer dinar against the dollar improved the macro backdrop, even as insurers fell 1.09%.
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The Tunis market ended the May 25-29, 2026 week on a firmer footing, with the TUNINDEX up 0.73% at 17,669.81 points and the TUNINDEX20 rising 0.75% to 7,793.76 points. The most important takeaway was not just the headline gain, but the leadership of cyclical segments: Industrials rose 1.44% and Basic Materials added 1.12%, even as Brent crude fell 9.0% over the week to $90.63 a barrel.
For Tunisia, a net energy importer, that oil move matters. Lower crude prices can ease pressure on the energy import bill, the trade deficit and subsidy-linked fiscal costs. At the same time, the dinar strengthened against major currencies in the supplied data, with USD/TND at 2.889, down 0.78%, and EUR/TND at 3.3716, down 0.52%. That combination improves the cost outlook for import-dependent manufacturers and helps explain why the Tunisia stock market rewarded industrial names more aggressively than defensive pockets.
Key figures
- TUNINDEX: 17,669.81 points (+0.73% for the week)
- TUNINDEX20: 7,793.76 points (+0.75%)
- Industrials index: +1.44%
- Basic Materials index: +1.12%
- Brent crude: $90.63/barrel (-9.0% for the week)
Market context: broad participation, but clear sector rotation
The weekly picture showed a market with decent breadth: 34 stocks rose, 18 fell and 23 were unchanged, out of a total of . That matters for any serious , because it suggests the advance was not driven by only one or two heavyweight stocks. Still, the rally was selective, with money rotating toward industrials, financials and a handful of consumer-linked names.
Sector data underline that point. The Banks index rose 0.83% on the day and is up 33.18% year-to-date, while Financial Services gained 0.75% on the day and stands 30.6% higher in 2026. Distribution is up 41.14% year-to-date, matched by Consumer Services at 41.14%, making them the strongest-performing segments on the board. By contrast, the Insurance index fell 1.09% on the day, even though it still shows a strong 28.75% gain year-to-date.
That divergence is central to understanding the Tunis stock exchange today. The market is not rising indiscriminately. Investors are rewarding sectors that could benefit more directly from lower energy costs, a firmer currency and better margin visibility, while insurers appear to be facing profit-taking after a strong run through the first five months of the year.
Main story: industrials and materials respond to oil and FX relief
The week’s clearest theme was the outperformance of industrial and materials names, a move that fits neatly with the global macro backdrop. Headlines around ongoing U.S.-Iran peace talks and a more bearish oil outlook for 2026 pushed Brent down sharply, improving sentiment toward energy-importing economies. For Tunisia, that potentially means lower logistics costs, less pressure on manufacturing input bills and a somewhat better external-account narrative.
That macro read-through showed up in individual stocks. SOTIPAPIER was the standout gainer, climbing 6.0% to 2.85 TND. ONE TECH HOLDING rose 3.3% to 11.82 TND after, according to Zonebourse Suisse, the company published its annual results for the year ended December 31, 2025. SOTRAPIL added 3.6% to 27.72 TND, while SANIMED gained 3.8% to 0.55 TND and ASSAD rose 2.3% to 3.07 TND.
The contrast with construction-linked names is worth noting. The Building and Construction Materials index fell 0.34% on the day, despite remaining 6.05% higher year-to-date. Not every materials stock moved in line with the broader basic materials theme. CARTHAGE CEMENT slipped 0.5% to 1.94 TND, SOMOCER dropped 2.9% to 0.66 TND, and OFFICEPLAST eased 0.6% to 1.79 TND. That suggests the market is distinguishing between companies seen as able to convert a better cost environment into stronger margins quickly, and those still constrained by balance-sheet issues, weak demand or company-specific execution risks.
Financials remain a core pillar, with BH leading the move
The second major support for the market came from financials, which continue to anchor a large part of the 2026 rally. BH jumped 5.8% to 13.75 TND, making it one of the week’s strongest performers. BEST LEASE gained 4.4% to 2.60 TND, MODERN LEASING rose 3.6% to 4.58 TND, Amen Bank added 1.9% to 71.33 TND, and UIB advanced 1.4% to 31.76 TND.
That strength fits the structure of the Tunis market. Financials remain dominant in index composition and liquidity, and regulatory filings often act as the main catalyst on the BVMT. According to market notices and CMF-driven disclosure practice, investors rely heavily on annual reports, audited statements and corporate updates to reprice banks, leasing firms and investment vehicles. This is especially true in Tunisia, where analyst coverage is thinner than in larger regional markets.
This week was busy on that front. Official announcements included filings related to UIB, STB, Tunisie Leasing, Tunisie Valeurs and several funds, alongside financial statements for CITY CARS, LAND’OR, TPR and TUNISAIR. That steady flow of disclosures helped keep financial and consumer names active, even without a major domestic policy shock.
Supporting stories: issuer filings drive autos, food and transport narratives
The regulatory calendar provided the most concrete angle for the week. ENNAKL Automobiles published a press release on May 26, while CITY CARS and Groupe City Cars released financial statements for the year ended December 31, 2025 on May 25. In a market where household demand remains sensitive to credit conditions, exchange rates and import costs, those filings matter because they offer a direct read on domestic consumption and margin resilience in the auto distribution business.
In food, LAND’OR also published year-end 2025 financial statements on May 25. The broader segment remains one of the market’s strongest, with the Food and Beverage index at 18,561.03 points, up 0.69% on the day and 31.98% year-to-date. Even so, stock performance was not uniform: Délice Holding slipped 0.2% to 18.71 TND. That again points to selectivity, with investors balancing already-rich valuations against earnings delivery.
The most fragile story remained TUNISAIR, which published both group and company financial statements for the year ended December 31, 2023 on May 25. The reporting lag itself is a reminder of the airline’s operational and financial challenges. In theory, a sharp drop in oil prices should help carriers through lower fuel costs. On the BVMT, however, investors are also focused on balance-sheet quality, restructuring visibility and whether macro relief can translate into a durable operating improvement.
Other movers: insurers retreat, SOTUVER stays in focus
Insurance names were the main drag on an otherwise positive week. Assurances Salim fell 4.5% to 54.73 TND, ASTREE also dropped 4.5% to 81.18 TND, and Tunis Re edged down 0.2% to 12.47 TND. Given the sector’s 28.75% year-to-date gain, the move looks more like profit-taking than a broader rejection of financial stocks.
By contrast, SOTUVER rose 1.4% to 29.42 TND as the stock remained in focus after press reports, carried by MSN on May 24, that BA Glass had acquired 41.28% of the company’s capital. While that was not part of the week’s official exchange announcements, it helps explain why the stock continues to attract attention: a shareholder change of that size can alter expectations around governance, capital spending and strategic direction.
Elsewhere, Monoprix gained 1.9% to 10.99 TND, TELNET Holding rose 2.1% to 10.50 TND, and Atelier Meuble Int added 3.5% to 5.56 TND, showing that the advance reached beyond banks and heavy industry. On the downside, Hannibal Lease fell 4.4% to 7.41 TND, SIPHAT lost 4.4% to 4.11 TND, and STA dropped 2.2% to 88.00 TND.
Outlook: CMF filings and oil remain the key variables
For the coming week, the Tunis market is likely to remain driven first by regulatory disclosures and CMF-related filings, which often provide the clearest pricing triggers on the BVMT. Investors will also continue to parse the documents released this week by ENNAKL, CITY CARS, LAND’OR, TPR, STB, UIB and TUNISAIR for clues on margins, leverage and sector demand. For background, readers can revisit our earlier piece, Bourse de Tunis — Le TUNINDEX gagne 1,38%, les financières propulsent le marché malgré le repli de l’énergie.
The second variable remains external. After a 9.0% weekly drop in Brent, any further easing in oil would matter directly for Tunisia’s macro balance as a net energy importer. Currency moves will also be important: with USD/TND at 2.889 and EUR/TND at 3.3716, a firmer dinar improves the imported-cost picture, though the impact on exporters will vary by company. The May 25-29, 2026 week ultimately reinforced a familiar lesson for the TUNINDEX index: global macro sets the backdrop, but issuer disclosures are what turn that backdrop into stock-specific performance.
