Algiers Stock Exchange
Algeria's sole organized stock exchange and the marketplace operated by the Société de gestion de la bourse des valeurs.
Last updated August 22, 2026
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Overview
The Algiers Stock Exchange is Algeria's only organized securities exchange. Its market operator is the Société de gestion de la bourse des valeurs, commonly abbreviated as SGBV. The exchange was created during Algeria's transition toward a more market-oriented economic system and began operating in 1997, when six state-owned banks became shareholders in the management company: Banque de Développement Local, Banque Extérieure d'Algérie, Banque de l'Agriculture et du Développement Rural, Crédit Populaire d'Algérie, Banque Nationale d'Algérie and Caisse Nationale d'Épargne et de Prévoyance. The institutional foundations for the exchange were laid during reforms that followed the 1988 economic changes. Early legislation separated state ownership from the role of public authorities and created mechanisms through which public enterprises could be reorganized and partially privatized. A first securities-related company was incorporated in 1990, and its capital was later increased before the entity was renamed the Bourse des valeurs mobilières. Subsequent amendments to the Commercial Code and securities legislation established the legal framework for public offerings, listed securities, market supervision, brokerage and the exchange-management company. The market's regulatory architecture includes the Commission d'organisation et de surveillance des opérations de bourse, known as COSOB, which supervises the securities market. A separate central securities depository and settlement institution, Algeria Clearing, was created in 2001 and began operations in 2004. Banks and licensed investment intermediaries participate in the market, while the exchange provides a venue for equities, corporate bonds and government Treasury securities. The first company to list was the state-owned food producer ERIAD Sétif in September 1999, followed shortly afterward by the pharmaceutical company Saidal and the public hotel operator Société d'Investissement Hôtelière El Aurassi. Private-sector participation expanded slowly. Alliance Assurances became the first Algerian private company to conduct an initial public offering in 2011, followed by NCA Rouiba in 2013 and Biopharm in 2016. NCA Rouiba later withdrew from the market in 2020 after difficulties within the group and a subsequent takeover by Castel. For many years, the exchange remained one of the world's smallest markets by activity and capitalization, with limited trading frequency and low liquidity. The market nevertheless gained major visibility in 2024 when Crédit Populaire d'Algérie became the first bank listed on the exchange. The offering covered 30 percent of the bank's capital and substantially increased total market capitalization. The government and exchange leadership have presented additional listings, including Banque de Développement Local and Djezzy, as part of a broader effort to deepen Algeria's financial market, broaden private and institutional investment, and reduce reliance on bank financing. The exchange operates a periodic trading model rather than a continuous all-day market for equities and corporate bonds. Trading sessions include pre-opening, opening, price-fixing and block-submission stages. Treasury bonds follow a separate schedule during the working week. The exchange also publishes the Dzair Index and a small- and medium-sized enterprise index. Tax incentives, including temporary exemptions for certain securities income and listed-market returns, have been used to encourage participation, although trading volumes have historically remained modest relative to the costs of maintaining the market infrastructure.
History
The concept of an Algerian stock exchange emerged in 1990 amid economic reforms initiated after the country's 1988 shift toward a more market-oriented framework. Initial legislation created a distinction between the state as an owner of enterprises and public authorities as regulators. It also established participation funds and enabled public enterprises to be reorganized in ways that could support securities issuance and eventual privatization. A securities company was incorporated in 1990 with capital held by the participation funds. Its capital was increased in 1992, and the company was renamed the Bourse des valeurs mobilières. At that stage, however, the absence of a sufficiently developed commercial and securities-law framework prevented the market from functioning fully. Further reforms amended the Commercial Code and authorized joint-stock companies to make public calls for savings. These measures also defined securities that could be admitted to listing and formalized rules governing commercial companies. A 1993 decree-law provided the principal legal basis for the securities market. It defined the exchange as the organized setting for transactions in securities issued by the state, public-law entities and corporations. The same framework established a market-supervision body, the exchange-management company, investment intermediaries and a central securities depository and settlement institution. COSOB became the regulator responsible for organizing and supervising securities-market operations. Later laws on public-enterprise privatization and the management of state-owned commercial capital supplied additional mechanisms through which the exchange could be used for disposals of government-held equity. The operational exchange-management company, SGBV, was formed on 25 May 1997 with six public banks as shareholders. The first listing took place on 13 September 1999, when the state-owned food company ERIAD Sétif offered 20 percent of its capital. Saidal, a public pharmaceutical producer, followed on 20 September 1999. The public hotel operator El Aurassi joined the market in February 2000. These early admissions demonstrated the intended role of the exchange in supporting public-enterprise restructuring, although they did not produce a highly liquid market. The next significant phase involved private companies. Alliance Assurances entered the market in 2011, becoming the first Algerian private company to carry out an initial public offering on the exchange. NCA Rouiba followed in 2013, and the pharmaceutical group Biopharm offered 20 percent of its capital in 2016. NCA Rouiba later left the exchange in 2020 after internal group difficulties and a takeover by Castel. Biopharm remained an important listed company and, according to the cited reference material, held the largest exchange capitalization before the major 2024 banking listing. Algeria Clearing, the central securities depository and settlement institution associated with the market, was created in 2001 and began operating in 2004. The exchange also developed a limited but formal trading calendar for shares and corporate bonds, with periodic opening, fixing and block-trading stages, while Treasury securities followed a separate schedule. The market's low transaction volume and limited number of listed issuers kept it among the smallest exchanges globally for much of its history. The most consequential recent development was Crédit Populaire d'Algérie's admission in March 2024. The bank's offering was conducted from January to March and covered 30 percent of its capital. The listing made it the first bank traded on the Algiers exchange and sharply increased the market's aggregate capitalization. Exchange management subsequently discussed prospective listings for Banque de Développement Local and Djezzy, framing new admissions as part of a government-backed effort to expand capital-market financing, attract investors and make the exchange a more important component of Algeria's financial system.
- 2024
Crédit Populaire d'Algérie becomes the first listed bank
[1]The bank's admission in March marked the first banking listing on the Algiers exchange and significantly expanded market capitalization.
- 2020
NCA Rouiba withdraws
[1]NCA Rouiba left the exchange amid group difficulties and a subsequent takeover by Castel.
- 2016
Biopharm offers shares
[1]Biopharm placed 20 percent of its share capital through a public offering of ordinary shares.
- 2013
NCA Rouiba lists
[1]NCA Rouiba opened part of its capital to public investors through an exchange listing.
- 2011
First private-company IPO in a decade
[1]Alliance Assurances became the first Algerian private company to conduct an IPO on the exchange after a long gap in new admissions.
- 2004
Algeria Clearing begins operations
[1]The market's central clearing and settlement institution became operational.
- 2001
Algeria Clearing is created
[1]The central securities depository and settlement institution was established to support post-trade infrastructure.
- 2000
El Aurassi joins the market
[1]The public hotel operator El Aurassi was admitted to the exchange in February.
- 1999
First listings begin
[1]ERIAD Sétif became the first listed company in September, followed by Saidal later that month.
- 1997
SGBV is formed
[1]The exchange-management company was formed on 25 May with six Algerian public banks as shareholders.
Products and positioning
A national securities-market infrastructure institution intended to support capital formation, public-enterprise privatization, corporate fundraising and the development of Algeria's organized financial markets.
Equity securities · 1999
Listed equities
The exchange provides admission and trading facilities for shares in Algerian companies. Listed issuers have included public enterprises, private insurers, pharmaceutical businesses, food companies, hotel operators and banks. Equity trading follows a periodic session structure with pre-opening, opening, fixing and block-submission stages rather than a continuous all-day order book.
Debt securities
Corporate bonds
Corporate bonds form part of the exchange's securities universe and are traded during the scheduled market sessions. The exchange's framework supports the admission and quotation of debt instruments issued by eligible companies, although the available reference material does not identify a complete current list of corporate-bond issuers.
Government securities
Government Treasury bonds
Government Treasury securities are traded through a distinct schedule from equities and corporate bonds. Their presence gives the market a role in organized trading of sovereign debt in addition to its corporate securities function.
Market index
Dzair Index
The Dzair Index is the principal named equity-market index associated with the Algiers Stock Exchange. It is intended to provide a consolidated reference for market performance, although the supplied material does not provide its full methodology or constituent history.
Market index
SME index
The exchange also identifies an index for small and medium-sized companies. It supports visibility for smaller issuers and reflects the exchange's stated role in widening access to organized capital markets.
Brand decisions
2024
Approve Crédit Populaire d'Algérie's market admissionProduct launchBackground
The exchange and Algerian authorities sought to broaden the market beyond a small group of industrial, pharmaceutical, insurance and hotel issuers. The banking listing was also part of a wider effort to increase the role of domestic capital markets.
Action taken
Crédit Populaire d'Algérie offered 30 percent of its capital, equivalent to 60 million shares, for subscription before becoming the first bank listed on the exchange in March 2024.
Aftermath
The admission substantially increased the exchange's aggregate capitalization and was followed by discussion of possible listings for Banque de Développement Local and Djezzy.
Reported exchange capitalization. Approximately DZD 72 billion → Approximately DZD 532 billion (2024 listing)
2020
NCA Rouiba exits the exchange after takeoverM&ABackground
NCA Rouiba experienced a crisis within its corporate group after its listing.
Action taken
The company withdrew from the Algiers market and was subsequently taken over by Castel.
Aftermath
The withdrawal reduced the number of private companies represented on the exchange and illustrated the fragility of the small listed-company base.
Recent events
- 2024
Crédit Populaire d'Algérie becomes the first bank listed on the Algiers Stock Exchange[1]
Product launch · Other
Crédit Populaire d'Algérie completed its market entry after a share sale that offered part of the bank's capital to investors. The listing marked the first banking-sector admission to the Algiers market and materially expanded overall exchange capitalization.
- 2024
Exchange leadership outlines additional listings and market-expansion targets[1]
Product launch
The exchange's general director discussed expected listings involving Banque de Développement Local and Djezzy, presenting them as part of a plan to increase capitalization and encourage roughly two new admissions per year.
- 2020
NCA Rouiba withdraws from the exchange after ownership and group difficulties[1]
M&A · Other
NCA Rouiba exited the Algiers market following a crisis within the group and its subsequent acquisition by the French company Castel.
Sources1 sources
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