Tel Aviv Stock Exchange Ends Hebrew Year With 41% Surge
Translated & summarized from Calcalist by baba
The Tel Aviv Stock Exchange concluded the Hebrew year with a 41.5% rise in the TA-35 index. Despite a final day of trading decline, the overall year was positive for investors. The market is now closed for the Rosh Hashanah holiday.
The story in 5 lines · by baba
- TASE's TA-35 index surged 41.5% in the Hebrew year.
- The exchange experienced a daily decline on the last trading day.
- Trading resumed after the Rosh Hashanah holiday.
- 10-year Israeli bond yields reached a May high.
- Altshuler Shaham's controlling shareholders may sell the firm.
The Tel Aviv Stock Exchange (TASE) concluded the Hebrew year with a significant surge, despite a daily decline on the final trading day. The TA-35 index jumped 41.5% and the TA-125 index rose 36% over the Hebrew year. On the final day of trading before the Rosh Hashanah holiday, the TASE experienced a downturn, with the TA-35 index falling 1.2% and the TA-125 index dropping 1.4%. The yield on 10-year Israeli government bonds climbed to 3.94%, a high not seen since May.
Trading volume on the final day was approximately 1.4 billion shekels, with Bank Leumi and Bank Hapoalim seeing the highest turnover. Sector-wise, the software index saw a modest gain, while the clean energy index declined. Among individual stocks, Elbit Systems rose, while Tower Semiconductor fell within the TA-35 index.
In other market news, Altshuler Shaham, an investment house whose controlling shareholders are reportedly considering a sale, saw its stock fall 10% after a significant 14.6% jump the previous day. The negative sentiment from New York markets also contributed to the declines in Tel Aviv.
Additionally, Dori Naoy is stepping down as CEO of Naoy Group after nearly 16 years, to be replaced by Tzachi Artzi. The company is also changing its CFO.
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