Israeli Stocks Close Higher on Shortened Trading Day; Smart Shooter Soars

The Tel Aviv Stock Exchange concluded a shortened trading day for the intermediate days of Passover with gains, as the TA All-Share Index rose 0.56%. The market saw approximately 2.9 billion shekels in trading volume, with 216 stocks advancing and 157 declining.

Smart Shooter Technologies was the standout performer, surging over 30% following news of a significant framework agreement with the U.S. defense market. Other notable gainers included Abogen, up 13%, and El Al, which climbed about 8% after an incident on a flight from Dubai was perceived to increase its attractiveness. Conversely, Canonic ended the day down approximately 6% after announcing a $450 million investment in a U.S. infrastructure company, which the market viewed as potentially overpriced.

Sector-wise, the insurance industry saw gains exceeding 2%, with companies like All Insurance and Migdal performing well. In contrast, the banking sector experienced a decline of over 1%, with Bank Leumi losing about 1%.

Idan Ofer's investment in the U.S. infrastructure firm VCHINITY marks a strategic shift towards stable U.S. energy infrastructure with inelastic demand and long-term contracts, moving away from the higher risk of shipping.

Looking ahead, market participants are anticipating the U.S. PCE inflation data, which is expected to influence interest rate expectations. Global markets showed mixed signals, with U.S. futures indicating a stable opening, influenced by comments from the New York Fed president suggesting no immediate need for further rate hikes.