Tel Aviv Stock Exchange Sees Mixed Trading Amid Bond Issuance
Translated & summarized from Ice by baba
The Tel Aviv Stock Exchange closed Monday with declines in its main indices, TA-35 and TA-125. Elbit Systems was the top gainer, with its stock soaring over 9%, while Doral Energy saw the largest drop of nearly 7%. The Ministry of Finance successfully completed a 2.8 billion shekel bond issuance, and currency exchange rates remained stable. Wall Street is anticipated to open positively, with investors focused on upcoming tech earnings reports.
The story in 6 lines · by baba
- Elbit Systems stock surged 9.52% on the Tel Aviv Stock Exchange Monday.
- The TA-35 and TA-125 indices fell by 0.45% and 0.47% respectively.
- Doral Energy's stock dropped 6.86%, marking the day's biggest decline.
- The Ministry of Finance raised approximately 2.8 billion shekels in a bond issuance.
- Government bond indices saw moderate gains, while corporate bonds were mixed.
- US markets are expected to open positively, with focus on tech earnings.
The Tel Aviv Stock Exchange closed Monday with declines in its two main indices. The TA-35 index fell by 0.45% to 4,205.72 points, and the TA-125 index dropped 0.47% to 4,072.11 points.
Among the day's top performers, Elbit Systems stood out with its stock price surging 9.52% to 1,518 agorot. Veridis followed, growing 5.84% to 4,968 agorot, while El Al Airlines saw a 4.34% increase to 1,925 agorot. Navitas Petroleum rose 3.73% to 12,500 agorot, and Azorim decreased by 3.22% to 1,605 agorot.
On the downside, Doral Energy experienced the largest drop, with its stock plummeting 6.86% to 4,890 agorot. Palo Alto Networks fell 6.13% to 108,300 agorot, and Nofar Energy declined 5.72% to 13,680 agorot. Enlight's stock disappointed investors with a 4.45% decrease to 21,260 agorot, and Electra Real Estate was down 3.79% to 1,802 agorot.
In the government bond market, moderate gains were recorded. The Tel Bond-General index rose 0.09%, the Tel Bond-Shekel index strengthened by 0.16%, and the Tel Bond-Linked index added 0.04%. The corporate bond market showed mixed results, with the Tel Bond-Shekel index down 0.07% and the Tel Bond-Linked index up 0.02%.
The Ministry of Finance completed its third of four planned bond issuances for October, raising approximately 2.8 billion shekels. The fourth and final issuance, of a similar size, is scheduled for October 26. This issuance included seven series with varying maturities and expanded the fundraising to longer-term bonds, unlike the previous week's issuance. High demand was noted, with coverage ratios increasing across five series. Auction prices remained close to market levels, indicating strong demand and the Treasury's ability to raise funds under favorable conditions.
In currency markets, the dollar stood at 3.11 shekels, the euro at 3.49 shekels, and the pound at 4.15 shekels. Looking ahead, Wall Street is expected to open the week positively, led by technology stocks, following a week of sharp declines due to concerns about AI infrastructure investment and debt financing. Attention now shifts to the earnings season, with Meta, Texas Instruments, and Lam Research scheduled to report this week, as investors seek signs of AI's contribution to revenue and profit growth, alongside indications of demand in the chip industry.
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