Israel Stock Exchange Opens After Wall Street Gains; Key Corporate Deals Reported

The Tel Aviv Stock Exchange (TASE) was set to open following a positive evening on Wall Street, with the Dow Jones up 0.2%, the S&P 500 rising 0.7%, and the Nasdaq gaining 1.1%. Brent crude oil saw a slight increase of 0.4% to $100.8 per barrel.

In corporate news, Fidelity has sold most of its holdings in drone camera manufacturer NextVision, approximately a year after acquiring nearly 10% of the company. Investment bank Goldman Sachs facilitated the sale of 5.7 million NextVision shares, with foreign entities reportedly purchasing shares worth around 1 billion shekels. The shares were sold at a 7% discount to the market price.

Ofer Yanai, who controls Energean Energy and holds a 75% stake in Alumay, has initiated the final stage to delist Alumay from the stock exchange. Yanai has approached Clal Insurance, Alumay's largest shareholder outside of Energean with a 10.8% stake, to begin negotiations for its shares.

Tower Semiconductor is returning to the local market with a positive arbitrage of 2%, while Elbit Systems shows a negative gap of 2%. The yield on 10-year US Treasury bonds rose 4 basis points to 5.31%, reaching its highest level since April 3, 2002. Israeli 10-year bond yields stood at 4.17% this morning, following a 4 basis point increase yesterday.

Yesterday's trading on the TASE saw minor movements, with the TA-35 index closing up 0.1% and the TA-125 index down 0.2%. Ashdod Oil Refineries stock fell 7.5% after a report indicated the Ministry of Energy supports its sale to Shapir Engineering. Navitas declined 3.4% after announcing it is working to replace two contractors on a Falklands project. Other notable stocks included Elbit, which surged 6%; Bazan, down 6.8%; Eretz, down 8.2%; and Israel Canada, down 5.1%.