Tel Aviv Stock Exchange Plunges Amid Defense and Insurance Stock Declines
Translated & summarized from Ynet by baba
The Tel Aviv Stock Exchange saw sharp declines on Wednesday, with the TA-35 index falling 2.4%. Defense and insurance stocks led the downturn, with the defense index dropping nearly 4%. Defense company NextVision shares fell over 9% after a 12% drop the previous day. The US dollar strengthened against the shekel, closing at 3.07.
The story in 6 lines · by baba
- Tel Aviv Stock Exchange indices experienced sharp drops on Wednesday.
- Defense stocks led the market decline, with the defense index down nearly 4%.
- NextVision shares continued a steep fall, dropping over 9% on Wednesday.
- Insurance stocks also contributed to the downturn, with the insurance index down 4%.
- The US dollar strengthened against the Israeli shekel, reaching 3.07.
- No stock in the insurance index saw an increase on Wednesday.
The Tel Aviv Stock Exchange experienced significant declines on Wednesday, with major indices falling sharply. The TA-35 index dropped by 2.4%, the TA-125 by 2.3%, and the TA-90 by 1.9%. The primary drivers of the downturn were defense and insurance company stocks. The defense index plummeted by nearly 4%, following a substantial drop of over 12% the previous day. Specifically, NextVision shares continued their steep decline, falling by more than 9% after yesterday's losses. Other defense stocks also saw significant drops, with Third Eye shares down almost 5% and Beit Shemesh down 4%. The insurance sector also suffered, with the insurance index falling by 4%. El Al shares decreased by over 5%, Libra by slightly less than 5%, and Migdal and Clal by 4%. No stock within the insurance index saw an increase.
In currency markets, the US dollar strengthened by two agorot against the Israeli shekel, closing at 3.07. The Euro remained unchanged, with its exchange rate set at 3.44.
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