Tel Aviv Stock Exchange Opens Higher Amid Mixed Company Performance
Translated & summarized from Calcalist by baba
The Tel Aviv Stock Exchange opened higher on Monday, with the TA-35 and TA-125 indices gaining 0.5%. OPC Energy shares jumped 4.8% after reporting strong revenue growth. Azrieli Group stock dropped 4.2% due to a temporary halt in Norwegian data center capacity allocations, while Tharaz shares fell 11% following a slowdown in its core business growth.
The story in 5 lines · by baba
- Tel Aviv Stock Exchange indices TA-35 and TA-125 opened up 0.5% on Monday.
- OPC Energy shares climbed 4.8% after reporting a 119% revenue increase in Q3.
- Azrieli Group stock fell 4.2% on news of a Norwegian data center capacity freeze.
- Tharaz shares dropped 11% after reporting slower organic growth and modest profit increase.
- The 10-year Israeli government bond yield was 4.10% at market open.
The Tel Aviv Stock Exchange began trading positively on Monday, with the TA-35 and TA-125 indices rising by 0.5% and the TA Banks index climbing 0.4%. The 10-year Israeli government bond yield stood at 4.10% at the opening.
OPC Energy was a top performer, surging 4.8% on the TA-35 index following its financial reports. The company announced third-quarter revenues of $575 million, an 119% increase year-over-year. EBITDA grew by 54% to $492 million, and net profit rose 121% to $133 million. Other gainers included Enlight, up 2.5%, Oramat at 2%, and Doral at 1.8%. The TA Energy Infrastructure index led sectoral gains, climbing 2%.
Conversely, Azrieli Group saw its stock fall 4.2% on the TA-35. The company reported that Norway's national electricity grid operator has temporarily halted new capacity allocations for data centers. While Azrieli's data center operations are primarily in Norway, the company stated in a filing that its initial assessment suggests this freeze is unlikely to significantly impact its Norwegian operations or ongoing projects.
Tharaz plunged 11% to the bottom of the TA-125 index after releasing its earnings. The company's core business organic growth slowed to 5.6%, down from 11.6% in the same quarter last year. Net profit increased by only 9.4% to $6.6 million.
