Tel Aviv Stock Exchange Opens New Year Amid Complex Global Markets
The Tel Aviv Stock Exchange began the new Hebrew year, תשפ"ז, facing a mixed global market landscape. The opening comes as a significant deal was finalized this morning: Weisur, controlled by Emil Winshel and Zvi Barak, is acquiring a 45% stake in Altshuler Shaham Finances from Altshuler Shaham Ltd., owned by Gilad Altshuler and Kalman Shaham, for NIS 800 million. Concurrently, Altshuler Shaham Finances CEO Yair Levinstein will purchase an additional 10% of the company's shares for approximately NIS 180 million.
Globally, oil prices saw strong gains, with Brent crude up 2.8% and WTI up 2.9%, a trend that could benefit local oil and gas stocks. This contrasts with a mixed performance in Asian markets, which saw declines in chip and technology stocks, with futures on the Nasdaq down 1.2%, S&P 500 down 0.5%, and Dow Jones down 0.1%. This downturn follows statements from leading AI industry figures, including Dario Amodei of Anthropic, Sam Altman of OpenAI, and Elon Musk of SpaceX, who called for a slowdown in the development of advanced AI models.
On Friday, Wall Street experienced significant gains, with the Dow Jones and Nasdaq rising 1%, and the S&P 500 up 0.9%. However, pre-market trading on Monday indicated a shift, with futures showing declines. In terms of individual stock performance on the Tel Aviv exchange, Ormat is trading with a negative arbitrage of 3.8%, Palo Alto with a 2.7% decrease, while Camtek shows a positive gap of 3.2%, and Teva has a positive gap of over 1%.
Bond yields remained stable, with US 10-year Treasury yields unchanged at 4.97%. Israeli 10-year government bond yields opened the year at 3.98%.
