Israel's Stock Market Awaits Opening Amidst Global Gains and Corporate Uncertainty
Translated & summarized from Calcalist by baba
Israel's stock market is preparing to open after Wall Street indices hit record highs, with oil prices also recovering. Meanwhile, a major $6.7 billion gas deal between Dalia Energy and partners NewMed and Ratio faces cancellation disputes. Melisron is also seeking a new CEO, with Liora Ofer considering Moshe La'ari for the role. Over the past three years, the Israeli stock market has seen significant gains despite the ongoing war.
The story in 5 lines · by baba
- Israel's stock market is set to open following record highs on Wall Street.
- A $6.7 billion gas deal between Dalia Energy and NewMed/Ratio is facing cancellation disputes.
- Melisron is searching for a new CEO, with Moshe La'ari reportedly considered for the position.
- The Israeli stock market has seen substantial gains over the past three years despite the war.
- Oil prices are recovering, with Brent and WTI crude showing increases.
The Tel Aviv Stock Exchange is set to open following a strong performance on Wall Street, with major US indices closing at record highs. The Nasdaq and S&P 500 both saw gains of 0.5% and 0.6% respectively, with the S&P 500 surpassing 7,800 points for the first time. Oil prices are also recovering, with Brent crude up 1% and WTI up 0.8% after recent declines.
However, uncertainty surrounds a significant gas deal between Dalia Energy and NewMed Energy and Ratio. Dalia announced that the $6.7 billion agreement to purchase natural gas from the Leviathan field would take effect, a statement also sent to partners NewMed and Ratio. This is considered a unilateral announcement, as NewMed and Ratio had previously declared the deal canceled, and Dalia confirmed NewMed's insistence on the cancellation.
In corporate news, Melisron is searching for a new CEO to replace Ofir Sarid, who passed away. Liora Ofer, the controlling shareholder and chairwoman, has reportedly approached Moshe La'ari, CEO of Mizrahi Tefahot Bank, about the position. Ron Avidan is also a candidate, and a placement company owned by Maya Aviran has been tasked with recommending candidates to the search committee, which includes Ofer, deputy chairwoman Smadar Barber-Tsadik, and Aviran.
Despite the war's impact, the Israeli stock market has shown resilience over the past three years, with the Tel Aviv Stock Exchange index soaring 120%, outperforming the S&P 500. The insurance sector saw a remarkable 490% jump, and the stock exchange's own shares rose 635%. Concurrently, the dollar has depreciated by nearly 20% against the shekel.
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