Tunis stock exchange : A balance sheet 2018 impacted by the conflicts policies and the escalation of social demands
The stock exchange of Tunis has not escaped in 2018 to the swings in political and social issues which plagued the news. In resilience, she recorded a true effect of resistance to the vagaries of crises, cross-posted by most listed companies. The effort they have made has resulted in an increase of the results in the first half of 2018 in the order of 15%. Also, the Tunindex closed the year increase of 15.76%, compared to 2017.
In the introduction the balance sheet for the year 2018, the stock Exchange of Tunis emphasizes that she has ” been fairly resilient to the tensions observed in 2018 and which have negatively impacted the business climate and disrupted the implementation of reforms is crucial for the future of the country : on the one hand, the conflicts policies which never end and which undermine the morale of the investors, and on the other hand the ball and chain of the social demands become chronic.
In the Face of these constraints, the delicate exercise of balancing the Government have, however, allowed to achieve a growth rate at a respectable 2.6% to confirm a bullish trend and announce a recovery is expected in 2019.
Fears about the rate of inflation have clearly marked the year 2018. It is located to 7.4% (in g. a.) at the end of the first eleven months of the year, but with prospects rather positive for 2019 on a background of more favourable weather conditions, easing on the international markets for metals and raw materials ; even if the pressures on the cost of energy, on the exchange rate of the dinar, or about other products and services to the public are still present.
In 2018, the growth in operating expenses (+11.2 per cent) has led to an imbalance in the public finances, while investment expenditures have been subjected to (+2.9 per cent). The net improvement in own revenue of the State (+17,1%) has helped reduce the deficit to 4.9% of GDP against a deficit of 6.1% of GDP in 2017, but the pressure of the fiscal imbalance has resulted in a public debt stock which amounted to 71.7% of GDP, as compared to 70.3% in 2017.
The year 2018 is also marked by a record trade deficit in excess of 17 billion dinars, despite an improvement in revenues, mainly driven by the price effect of the depreciation of the exchange rate of the dinar. The increase in imports has translated the energy deficit growing, which accounts for one-third of the deficit of the trade balance.
If the tourism activity is markedly enhanced in 2018, this will not be enough to reverse the effect of the trade deficit. External imbalances and the erosion of foreign exchange reserves, have kept the pressure on the dinar, which depreciated, since the beginning of the year more than 20% of its value against the dollar and near 16% against the euro.
The monetary environment was mainly characterized by a level of high inflation and tightening of liquidity, where a high level of refinancing of banks with the BCT, that after you have used the lever of the rate, has oriented its policy towards the instruments for the control of inflation by the rationalization of the use of the refinancing and the tightening of credits to individuals.
Driven by expectations of a general recovery of the economy, although slightly slower than expected, with an improvement in the performance of most listed companies that have posted results in the increase of 15.9 per cent and announced an overall increase of 12.2% of their level of activity in the first three quarters, market activity closed the year 2018 on a note very honourable with a Tunindex up 15,76% after increasing by 14.45% in 2017.
In 2018, the total amount of emissions produced by the companies listed and approved by the Council of the Financial Market has reached 603MD for 25 operations. This number is divided between 12 bonds that brought the total on 451MD, 2 emissions of equity securities, for a total of 22.4 MD and 11 capital increases 129,6 MD.
In 2018, the stock Exchange has welcomed Tunisia Values, the first company of intermediation stock market to make its entry on the Rating, bringing the number of listed companies to 82. “
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