Dual-Listed Stocks Rise on Tel Aviv Exchange Amid Election Uncertainty
Translated & summarized from Globes by baba
Several dual-listed stocks on the Tel Aviv Stock Exchange rose despite a general market downturn following election results. Companies like Palo Alto Networks, Tower Semiconductor, and Ormat benefited from positive arbitrage gaps and U.S. market gains. Biotech firm Pluri surged over 6% on significant company announcements, while the dollar strengthened against the shekel.
The story in 5 lines · by baba
- Dual-listed stocks on the Tel Aviv exchange rose, bucking a general market decline after election results.
- Palo Alto Networks, Tower Semiconductor, and Ormat were among the dual-listed companies showing gains.
- Biotech firm Pluri surged over 6% following loan acquisition and U.S. partnership announcements.
- The dollar strengthened by approximately 1% against the shekel after election day.
- The dual-listed stocks index itself experienced a slight decrease.
While the Tel Aviv Stock Exchange (TASE) experienced sharp declines following preliminary election results, several dual-listed stocks, trading concurrently on Wall Street, bucked the negative trend. These companies, which resumed trading after a holiday with positive arbitrage gaps, benefited from two days of gains in the U.S. driven by chip and technology stocks. However, the dual-listed stocks index itself saw a slight decrease.
Palo Alto Networks, the largest company on the exchange, traded higher after returning with a positive arbitrage gap of approximately 3%. Other dual-listed stocks within the TASE 35 index, including chip industry firms like Tower Semiconductor, and testing equipment manufacturers Nova and Camtek, also saw gains, helping to offset broader market declines. Geothermal energy company Ormat also traded up about 3%, attributed to a positive arbitrage gap.
Outside the TASE 35 index, biotech firm Pluri stood out with a morning rise of over 6%. This surge followed two significant company announcements: last week, Chairman Alejandro Weinstein announced the acquisition of the company's loan from an European investment bank, and recently, the company reported a strategic partnership in the U.S. to expand its manufacturing and commercialization platform.
Other dual-listed companies showing positive movement include Arbe Robotics, a provider of automotive technology, which saw a slight increase. Non-dual listed renewable energy company SunPower, controlled by Keystone, also traded positively. Meanwhile, the dollar strengthened against the shekel by about 1% after weakening on election day, described as purely speculative activity.
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