Tel Aviv Stock Exchange Trades Ahead of Elections; Nice Stock to Draw Attention
Translated & summarized from Ice by baba
The Tel Aviv Stock Exchange is holding its final trading day before elections on Sunday, with Nice shares expected to lead gains. U.S. markets saw mixed results last week, with energy sector gains, while Israeli indices mostly declined. This week brings key interest rate decisions and tech earnings globally. Meitav Dash Technologies saw a significant surge on a potential investment offer, while a dispute over the Leviathan gas agreement continues.
The story in 6 lines · by baba
- The Tel Aviv Stock Exchange holds its last trading day before elections on Sunday.
- Nice shares are expected to lead trading with a positive gap of 5.1%.
- U.S. markets experienced declines on Friday, with the energy sector reaching a record high.
- Globally, this week includes major interest rate decisions and technology earnings reports.
- Meitav Dash Technologies surged on a non-binding investment offer of 200 million shekels.
- A dispute over the $6.7 billion Leviathan gas agreement is proceeding through arbitration.
The Tel Aviv Stock Exchange (TASE) is holding its final trading day on Sunday before the exchange's elections, which will lead to a one-day trading halt. Arbitrage shares are expected to open with a theoretical positive impact of approximately 0.3% on the TA-35 index. Nice shares are anticipated to stand out with a positive gap of 5.1%, while Tower is expected to trade with a negative gap of 0.5%. Palo Alto is projected to see a positive gap of 8.3%.
Globally, the past week saw declines in major U.S. indices: the Dow Jones fell 1.23%, the S&P 500 dropped 0.52%, and the Nasdaq decreased by 0.21% on Friday. The technology sector stabilized after Thursday's drop, but most S&P 500 sectors weakened. Over the week, the S&P 500 and Nasdaq fell 0.5% and 0.7% respectively, while the Dow rose 0.4%. The energy sector surged 2.5% on Friday to a record high, driven by rising oil prices.
This week globally will feature significant interest rate decisions and technology earnings reports. The Federal Reserve is expected to maintain interest rates unchanged on Wednesday, with energy prices and December outlooks likely to be more impactful than the rate decision itself.
On Friday, the TA-35 index fell 1.01%, the TA-125 dropped 0.81%, and the TA-90 decreased by 0.1%. The technology index lost 1.9%, with total stock trading volume reaching approximately 3.7 billion shekels. For the week, the TA-35 declined 1.4%, while the TA-90 gained 2.2%.
In company news, Meitav Dash Technologies surged 15.87% on Friday on a trading volume of about 5.67 million shekels. This followed an indicative, non-binding offer from FIMI for a 200 million shekel investment in exchange for 50% of the company's shares post-allocation. The offer price is about 8% below Friday's closing price, and negotiations are subject to due diligence, a binding agreement, and approvals.
New-Med closed unchanged, and Ratio Oil Exploration fell 0.53%. This occurred after Dalia Energy initiated arbitration in London to enforce the Leviathan gas agreement, reportedly valued at around $6.7 billion. Both Ratio and New-Med deny Dalia's claims, asserting the agreement was legally canceled. A decision is pending.
