Israeli Markets React to Global and Local News: Energy, Real Estate, and Tech Stocks Fluctuate
The Israeli stock market experienced mixed trading, with significant movements in specific sectors. Altshuler Shaham, an investment house, saw its stock price drop by approximately 10% after reports emerged that its controlling shareholders, Gilad Altshuler and Kalman Shaham, were considering selling their stake. While the stock had previously surged on the news, it reversed course, with analysts questioning the timing of such a potential sale.
In the real estate sector, Electra Real Estate's stock fell by 6%. The broader market also closed in the red, with the TA-90 index losing 1.8%. Energy company Energean saw its stock jump by about 9% following the release of its first-half results, which showed a 45% increase in net profit to approximately $160 million, despite an 8% drop in revenue. The company also announced a new 15-year gas supply contract for the Soreq power station, projected to generate about $1.4 billion in cumulative revenue.
On the technology front, the Ministry of Energy and Infrastructure warned that the penetration of electric vehicles in Israel could fall to as low as 10% by 2030, far below the government's target of 90%, without policy changes. This decline could cost the economy billions of shekels. Meanwhile, the merger between Israel Canada and Acro is nearing completion, with a key financing concession from Acro's controlling shareholders to defer a 310 million shekel payment until December 2027, effectively providing Israel Canada with interest-free financing.
In other corporate news, Doron Naoy will step down as CEO of the non-bank credit company Naoy, moving to the role of active deputy chairman. Tzachi Artzi from Bank Leumi is slated to replace him. Additionally, the retail chain Carrefour has submitted a draft prospectus for a potential IPO on the Tel Aviv Stock Exchange, marking a significant move in the local IPO market after a quiet period. Meitav Investments is investing 80 million shekels in Israel Canada Hotels at a valuation of approximately 1.1 billion shekels, reflecting institutional appetite for tourism and hotel assets.
