BA Glass takes 41.28% of SOTUVER as TUNINDEX stays nearly flat
The TUNINDEX slipped 0.03% to 15,595.53 on April 10, while the TUNINDEX20 fell 0.06% to 6,925.59, in a market described as broadly flat for the week. SOTUVER drove the news flow after the CMF cleared the transfer of 41.28% of its capital to BA Glass B.V., with 16.2 million shares changing hands, according to Business News, La Presse de Tunisie and L’Economiste Maghrébin. The CMF also required a mandatory tender offer following the block trade, African Manager reported, after trading was suspended on March 12 and resumed on March 25, according to La Presse de Tunisie and L’Economiste Maghrébin. On flows, Poulina led turnover with TND 2.19 million, while City Cars jumped 6% on April 8 in a session when the TUNINDEX rose 1.03%, according to analyst notes.
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The TUNINDEX fell 0.26% to 18,517.87 points and the TUNINDEX20 lost 0.23% to 8,110.66 points, while the Basic Materials index dropped 3.12% to 7,978.57 points, according to market data. SOTUVER remained central to the story: its revenue rose 31% at September 30, according to Tustex, after first-half foreign flows jumped to TND 218 million, driven by BA Glass-SOTUVER, also according to Tustex. African Manager reported that an insurance indemnity supported SOTUVER's earnings while operating profitability eroded, extending a more mixed narrative than top-line growth alone. The segment had already shown strain, with SOTUVER listed among sharp decliners on September 23 by webmanagercenter, even as the Building and Construction Materials index rose 1.44% to 814.53 points.
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TUNINDEX slips 0.22% as SOTUVER stays central to flows and disclosures
The TUNINDEX fell 0.22% to 18,565.68 points on October 21, while the TUNINDEX20 lost 0.26% to 8,129.55 points, according to market data. Financial stocks cushioned the decline, with the financial companies index down 0.14% at 15,165.33 points and the insurance index up 0.08% at 29,510.36 points, while household and personal care products dropped 1.43% to 3,289.6 points. SOTUVER stayed at the center of the story, with revenue up 31% at September 30 according to Tustex, after first-half foreign flows jumped to TND 218 million on BA Glass-SOTUVER, also according to Tustex. The stock had also ranked among the sharpest decliners on September 23, according to webmanagercenter, while African Manager reported on October 7 that an insurance indemnity supported earnings even as operating profitability eroded, and the company published 2 calls for candidates on October 21 for 1 minority-shareholder board seat and 1 independent director seat.