Tunis Stock Exchange leaps up
( TUSTEX) – Indexes in bourse leapt up steadily in well spread activity over the compartments. TUNINDEX put on stable gains to reach a new height Friday at 1378.51 points whereas SMART index swung between 855-870 points beating an all-time high Friday at 867.88, up one percent. Leasing and TUNISAIR went into reverse to pare precedent gains. On the back, financials were relatively flat with 0.74 percent while services ended off 0.95 percent.
SOTETEL was firming up over its two lines as volume was boosted on net recovery in demand side in the last introduced line. Aggregate turnover over the week stood at nearly TND four million while share prices advanced sharply by 5.45 percent at TND 148.9 in old shares and by 3.04 percent in new equity ending at TND 142.1. The investors should arbitrate until the gap between the two types is being filled and prices find equilibrium. A session close high of TND 149.9 was reached Friday when the whole market was extending the rally began on Wednesday.
Upbeat mood was shown in UBCI. Prices rose 5.49 percent to close at TND 43.460 after modalities about capital lift were unveiled to the public. Accordingly, it was decided a parity of one for six through bonus shares issues which gave immediately a boost to prices of the already largest listed bank.
The wholesales markets operating company, SOTUMAG, still subject to recurrent buyers posted an impressive upsurge. Prices rebounded from TND 19.200 two weeks ago to TND 23.720 amid a big gain on Thursday of 4.54 percent followed by 2.95 percent the day after.
MAGASIN GENERAL raced up on resumed speculative upward pressures. Friday, its shares ended higher 14.22 percent at TND 16.95. A sign of vigor, the share was unquoted during the last sessions after having exceeded its daily limits, which pushed prices even higher. An increasing lured demand took place because of rumors of a new take-over bid from the CHAIBI group. Activity was sustained though it was twofold suspended in final session totaling a firm TND 0.88. Additionally, about 29,500 shares are on stand-by by the weekend that would more likely exacerbate a speculative sentiment in next sessions.
Leasing seems to run out of steam after early gains. GL, CIL and ATL were crumbling with moderate losses whereas banking is mixed with BH and BIAT progressing hand in hand by less than one percent giving a better image for long term prospects in both shares. STB at the opposite was sagging to finish lower 2.68 percent. We recorded massive inflows over the BH and BNA lines cumulating together about TND 2.6 million in weekly turnover. Some 90,000 shares were traded in either stock reflecting a wide restructuring movement in their capital with new comers.
Trading volume hiked by TND three million up to TND 16.2 million thanks to banking and SOTETEL revival. Daily turnover stood at 105,000 shares versus 75,000 shares last week but about six shares posted trading amounts over TND one million to account for more than 60 percent. We noted also that BTEI was heavily traded compared to last week whereas TUNISAIR has almost halved its effort following an Indexes in bourse leapt up steadily in well spread activity over the compartments. TUNINDEX put on stable gains to reach a new height Friday at 1378.51 points declining demand.
EXCELLENT STOCK PERFORMANCE FOR SPDIT
It was an excellent first half for SPDIT as its pre-tax earnings grew by 61 percent to TD 4.6 million. This is even higher than 1999 full year profits. A significant increase (+44 percent) of dividends paid by SFBT’s group subsidiaries and important capital gains on listed holdings (1.5 million versus 0.09 million in 1999) lifted the company’s revenues. For the first time ever above the TD five million mark, revenues amounted to 5.26 million growing at a stellar 88 percent rate.
SPDIT is taking advantage of the substantial improvement in SFBT group results but is also rewarded for its rashness in its investments in the stock exchange. SPDIT resumed buying back its shares after having sold its entire holdings in 1999. It rebuilt this year a position of over TD one million.
After an excellent stock performance in 1999 (+150 percent), SPDIT has had a roller-coaster movement this year. It has reached a high at TD 41.3 the 28th of January, then fell to TD 30.14 three months later before closing today at TD 35.6.
With a market cap of TD 120 million, a good liquidity and a high quality portfolio, SPDIT became one of the blue chips of the market.