The week’s clearest signal across African stock markets today did not come from Johannesburg or Cairo, but from Tunis. As of Saturday, July 18, 2026, the TUNINDEX stood at 21,552.73, up 1.47% on the day and an exceptional 60.24% in 2026, far ahead of Casablanca’s MASI at 17,578.83, down 6.73% year-to-date, and the BRVM Composite at 478.53, up just 1.7% this year. That divergence unfolded against a macro backdrop dominated by Brent crude at $88.1 a barrel, up 5.8% on the week, and a firmer U.S. dollar against several African currencies, from the Moroccan dirham to the Kenyan shilling.
Key figures
- TUNINDEX: +60.24% in 2026 at 21,552.73
- Brent crude: $88.1/bbl, up 5.8% on the week
- MASI: -6.73% in 2026 at 17,578.83
- BRVM Composite: +1.7% in 2026 at 478.53
- JSE All Share: 109,569.92, down 0.70% on the day
Market context: Tunis extends its lead as Casablanca slips and BRVM stays defensive
The continental pecking order became even clearer this week. In North Africa, Tunis extended an extraordinary run led by financials: the rose on the day and , while the jumped on the session and since January, according to BVMT data. This is not just a technical rebound. It reflects sustained rotation into domestic names seen as better able to pass through inflation, defend margins and benefit from a still-supportive rate environment.