Tel Aviv Stock Exchange Ends Mixed as Insurance Stocks Dip

The Tel Aviv Stock Exchange concluded trading with mixed results, experiencing a notable downturn in second-tier stocks. The TA-35 index saw a slight decrease of approximately 0.3%, the TA-125 index lost 0.4%, and the TA-90 index weakened by about 0.8%. This divergence was primarily driven by pressure in the finance and real estate sectors, while technology and energy stocks offered some mitigation.

Within the finance sector, the banks index fell by roughly 0.4%. However, the insurance sector was the main drag, shedding 1.3%, contributing to an overall 0.7% decline in the finance index. The real estate sector also underperformed, with the TA Real Estate index dropping around 1% and the TA Construction index losing 1.1%. Conversely, the oil and gas index experienced a minor dip of 0.2%, while clean tech and renewable energy stocks showed slight gains of 0.2% and 0.1%, respectively. The defense index closed down by approximately 0.2%.

In individual stock performance, Elbit Systems subsidiary Elbit Systems Ltd. saw a significant rise of about 9%, while Doral Energy surged by approximately 4.9% following the presentation of its server farm project's economic potential. Nova also added about 2.3% to its value. On the downside, Teva Pharmaceutical Industries declined by about 0.9%, despite Oppenheimer initiating coverage with an 'Outperform' rating and a $50 price target.

Other notable news included Nice potentially selling its cybersecurity division to Brookfield for around $2 billion, and New-Med Energy integrating artificial intelligence into its gas exploration operations. Additionally, four banks are facing a class-action lawsuit over alleged improper interest on current account balances, while Afcon Holdings secured a NIS 26.3 million contract for an electricity substation.