Top 10 BVMT Tunisia Stocks to Buy in 2026

Last updated: October 2, 2026 | Reading time: ~7 minutes

The Tunis Stock Exchange has been one of the stronger stories in North African equities, extending a run of winning years into 2026. The BVMT lists close to 80 companies, which makes it one of the deepest boards in North Africa.

What's driving it? Bank profits lifted by high Tunisian interest rates, a resilient consumer sector led by consumer services and food and beverages, dinar stability, and a market that entered the rally cheap after years of political discount. Valuations remain modest by emerging-market standards, and BVMT blue chips still pay real dividends. Here are the ten Tunisian stocks we would shortlist for 2026.

Dividend figures are the most recent recorded payouts in our BVMT dividend records. Check current prices with your broker before trading.

1. BIAT, Banque Internationale Arabe de Tunisie (BIAT)

Banking

BIAT is Tunisia's largest private bank and the bourse's bellwether. High policy rates have super-charged net interest income, and BIAT's deposit franchise (the country's largest) means it funds that book more cheaply than any rival.

Dividends have grown every year in our records: TND 6.00 per share in May 2025, up from 5.25 in 2024 and 5.075 in 2023. Scale, payout growth and rate leverage make BIAT the natural first buy on the BVMT.

2. SFBT, Société Frigorifique et Brasserie de Tunis (SFBT)

Beverages

SFBT is Tunisia's beverages monopoly in all but name: beer (Celtia), soft drinks (Coca-Cola bottling), water and juices, and one of the most consistently profitable companies in North Africa. Food and beverages has been among the best-performing BVMT sectors, and SFBT is that sector.

The company has paid a rising dividend every year in our records (TND 0.80 in 2025, from 0.74 in 2024 and 0.68 in 2023). A defensive compounder with pricing power, ideal ballast for the banking-heavy tilt of most Tunisia portfolios.

3. Poulina Group Holding (PGH)

Diversified Conglomerate

Poulina is Tunisia's largest private conglomerate (poultry and food processing, ceramics, steel, packaging, real estate) and the closest thing the BVMT offers to buying the Tunisian economy in one line.

The payout (TND 0.45 in July 2025, up from 0.36) is modest because Poulina reinvests: this is the growth-compounder pick, not the income one. Diversification across a dozen business lines cushions any single-sector shock, a genuine quality asset that rarely gets cheap.

4. Amen Bank (AB)

Banking

Amen Bank has been one of the rally's standout names, and the dividend story explains why: TND 3.30 per share in May 2025, up from 2.79 in 2024 and 1.55 in 2023, more than doubling in two years as profitability normalised.

The private-sector lender still trades at an undemanding multiple of book value. If Tunisian rates stay elevated through 2026, Amen's earnings momentum has room left, and the growing payout pays you to hold through the volatility.

5. Banque de Tunisie (BT)

Banking

The oldest bank in the country (founded 1884) is also its most conservatively run, with historically the best cost-to-income ratio and cleanest loan book among Tunisian lenders, and a long-standing favourite of retail investors.

Dividends step up steadily (TND 0.35 in 2025, from 0.29 in 2024 and 0.28 in 2023). BT is the sleep-at-night Tunisian bank: less upside torque than Amen or BNA, materially less risk.

6. BNA, Banque Nationale Agricole (BNA)

Banking

The state-anchored agricultural bank is the value-and-income outlier. BNA trades at one of the lower earnings multiples on the exchange and pays one of the board's most generous bank dividends: TND 1.00 in June 2025, up from 0.90.

The discount reflects real things: state influence and legacy agricultural-loan exposure. But with provisioning improving and rates high, the market has been steadily re-rating BNA. For investors comfortable with state-linked banks, the risk-reward remains compelling.

7. Délice Holding (DH)

Food and Dairy

Délice is Tunisia's dairy champion, the Danone-partnered producer of the country's leading milk, yoghurt and juice brands. Consumer staples with entrenched brands are exactly what has led this bull market.

The dividend is growing fast off a modest base: TND 0.50 in July 2025, from 0.30 in 2024 and 0.20 in 2023, more than doubling in two years. It is not an income stock yet, but the direction of travel and the defensiveness of dairy demand earn it a top-ten slot.

8. SAH, Société d'Articles Hygiéniques (Lilas) (SAH)

Consumer Goods (Hygiene and Paper)

Lilas is the brand on Tunisian shelves for diapers, tissues and feminine care, with growing exports across the Maghreb and sub-Saharan Africa. It has lagged the wider rally, which is precisely the setup: a household-name staple left behind while the rest of the board re-rates.

Our records show TND 0.40 paid in June 2025, up from 0.35. Watch input costs (pulp, plastics): margin relief there plus export growth is the 2026 bull case for a catch-up trade.

9. One Tech Holding (OTH)

Technology and Manufacturing

One Tech is Tunisia's export machine: cables, mechatronics and telecom equipment supplied into European automotive and industrial supply chains, giving it euro revenues against dinar costs.

The dividend (TND 0.26 in June 2025, from 0.25) is modest, because this is an industrial growth story tied to European nearshoring. As EU manufacturers pull supply chains closer, Tunisia's engineering base is a structural winner, and OTH is its listed proxy.

10. Ennakl Automobiles (NAKL)

Automotive Distribution

Ennakl, distributor of Volkswagen, Audi, Seat, Skoda and Porsche in Tunisia, is the discretionary-consumer pick. Vehicle import quotas keep supply tight and margins healthy.

It is also a proper income stock for the sector: TND 0.88 per share paid in June 2025, up from 0.70 in 2024. Car demand is cyclical and import policy is a permanent swing factor, but Ennakl's franchise strength and payout record make it the strongest of the BVMT's auto names.

## Risks to Keep in Mind

• Macro and sovereign stress. Tunisia's public finances remain fragile; an external-funding shock would hit the dinar, rates and bank asset quality simultaneously, and banks dominate this list.
• A fast rally can reverse. Strong recent gains have pulled forward a lot of good news; expect corrections and size accordingly.
• Rate reversal. Much of the banks' earnings surge is rate-driven; central-bank easing would compress margins.
• Currency and repatriation. The dinar is not fully convertible; foreign investors should understand central-bank repatriation procedures before committing capital.
• Corporate actions. Some Tunisian counters have splits and rights issues that make historical comparisons tricky; check them with your broker before executing.

## How to Buy BVMT Stocks

Tunisian shares are bought through licensed intermediaries (sociétés de bourse) in Tunis; foreign investors can generally buy most listed stocks freely, with repatriation handled through the central bank's investment-declaration process. Compare firms on our Tunisia brokers directory, get current prices from your broker, and check payout calendars on the dividends page. For the wider continent, read our complete guide to African stock markets.

This article is for informational purposes only and does not constitute investment advice. Dividend figures are from Mansa Markets records; verify current prices with your broker before trading.