Tel Aviv Stock Exchange Surges on New Strategy, Closes Green Before Yom Kippur
The Tel Aviv Stock Exchange (TASE) concluded its trading week with significant gains, with the TA-35 and TA-125 indices rising 1% and 1.5% respectively, before closing for the Yom Kippur holiday. The TASE's own stock experienced a remarkable 15% surge, reaching a daily turnover of NIS 456.7 million, its highest ever. This jump followed the announcement of a new strategic plan and an upgraded forecast, projecting 15%-18% revenue growth by 2031, up from the previous 10%-12% target. The plan also includes restructuring TASE into a public holding company by 2031, separating its exchange, clearing, index, data, and technology operations to facilitate acquisitions and partnerships.
Other notable performers included Nice, which jumped 6%, and Mega Or and Kamatech, up 5.6% and 5.5% respectively. The energy sectors also saw strong gains, with TA Energy Infrastructure up 3% and TA Renewable Energy up 2.8%. Companies like Nofar Energy, Enlight, Doral, and Ormat Technologies all posted gains between 4.2% and 4.9%. In contrast, the TA Banks index fell by 1.5%, with Bank Hapoalim and Bank Leumi leading the decline.
Over the full trading week, the TA-35 index rose 1.6% and the TA-125 index increased by 1%. The insurance and financial services sector was the week's top performer, gaining 3.9%. Palo Alto Networks recorded over an 11% weekly increase, leading the TA-35. Conversely, companies like Mivne and Sela Real Estate experienced eight consecutive days of declines, while Na'ayik had seven negative days.
Trading will be suspended on Friday, October 7, due to the eve of Yom Kippur, and will resume on Tuesday, October 11. The market opened positively despite recent interest rate hikes by the US Federal Reserve and a downturn on Wall Street, where the Dow Jones fell 1.2% and the S&P 500 lost 0.5%. The Nasdaq closed unchanged. US stock futures showed a 0.7% increase on the morning of the report, while Asian markets traded mixed.
