Tuesday October 21st 2014

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Tunisia Stock Market Commentary – Week Ending November 25, 2011

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The Tunisian market saw average turnover of TND 32.3m (USD 22.1m) during a week in which the market edged 0.2% lower and the TND depreciated 1.0%. There were 19 advancers and 28 decliners on the market, while 10 shares were flat.

Breweries (+1.5%) and the oil & gas sector (+2.3%) saw relatively heavy trading in the week. The agriculture sector (-1.1%) saw average turnover whilst the rest of the market saw light trading. The top five traders over the week were SOMOCER (-7.2%), Amen Bank (+2.4%), STAR (+2.5%), Monoprix (+0.2%), and Carthage Cement (-1.0%).

Significant gainers were Magasin Général (+6.9%), UBCI (+4.9%), STAR (+2.5%), Amen Bank (+2.4%), and SPDIT (+1.9%). The week’s significant losers were SOMOCER (-7.2%), El Wifack Leasing (-5.0%), Ennakl Auto (-4.2%), Tunisie Lait (-3.2%), and Adwya (-2.8%).

In economic news Tunisia’s GDP grew by 1.5% in 3Q11 but overall growth in 2011 will be close to zero, Central Bank governor Mustafa Kamel Nabli has noted. He added that net foreign currency reserves decreased by 20%, or MUR 2.4bn, as of the end of November 2011 from December 2010, and that unemployment is currently at 18.3%.

In political news, according to Reuters, Tunisia’s new assembly held its first session since elections this week. The assembly, which will sit for a year to draft a new constitution, is dominated by a moderate Islamist party. The party has decided to retain the country’s ministers of defence and finance and the central bank governor when it announces a new government.

Elsewhere in the country Tunisian security forces fired into the air to try to disperse more than 3,000 protesters who were preparing to attack a government building in the provincial town of Kasserine. The protesters took to the streets because they felt the country’s new authorities had failed to recognise local people’s contribution to the revolution.

Source: African Alliance

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