Mixed Trading on Tel Aviv Stock Exchange as Banks Rise, Tech Falls

The Tel Aviv Stock Exchange closed with mixed results on Tuesday, marked by a slight uptick in the TA-35 index and a marginal decline in the TA-90 index. Trading volume was robust, reaching approximately 3.2 billion shekels. The financial sector, particularly banks, insurance, and finance indices, saw gains of around 1.2%, driving the market upward. Conversely, the cleantech sector was the primary drag, plummeting 2.2%, followed by energy and technology sectors which fell 1.4% and 1.3% respectively.

Erit Industries was a standout performer, surging over 12% after its subsidiary, Reshef Technologies, announced two business developments totaling approximately $32 million. These include winning a tender for artillery fuses for a North American client and securing an operational order from an Indian company, with production to be fully conducted in Israel due to delays in India. Additionally, Teva Pharmaceuticals completed its transition to direct trading of its ordinary shares on the New York Stock Exchange, a move expected to support its inclusion in major US indices.

Other notable company news included Cellebrite's announcement of a corporate restructuring and relocation of its incorporation to the U.S. to accelerate growth, and Arbe Robotics' expansion into the defense market with anti-drone radars. Palo Alto Networks, Nice, and Opko Health also contributed to the day's gains. On the downside, Electra Real Estate experienced sharp declines, alongside chip stocks Tower and Nova, reflecting global trends.

The foreign currency market saw a significant strengthening of the U.S. dollar against the Israeli shekel, with the dollar climbing approximately 0.82% to trade around 3.055 shekels, having touched a daily high of 3.06 shekels during trading hours.