Tel Aviv Stock Exchange Profits Surge 37% Amidst Trading Boom
Translated & summarized from Globes by baba
The Tel Aviv Stock Exchange (TASE) reported a 37% increase in net profit for the third quarter, reaching approximately 68 million shekels, driven by a 19% rise in revenues to 175 million shekels. Trading volumes surged 52% in the first nine months, and the IPO market saw 21 new listings. The TASE stock has also seen significant gains.
The story in 5 lines · by baba
- Tel Aviv Stock Exchange profits rose 37% to 68 million shekels in Q3.
- TASE revenues increased 19% to 175 million shekels in the quarter.
- Average daily stock trading volume grew 52% to 5.2 billion shekels in nine months.
- 21 companies completed IPOs in the first nine months, raising 7.8 billion shekels.
- TASE stock price increased 55% year-to-date.
The Tel Aviv Stock Exchange (TASE) reported a significant 37% increase in net profit for the third quarter, reaching approximately 68 million shekels. This surge in profitability occurred despite fluctuating market indices, driven by a 19% rise in overall revenues to about 175 million shekels. The growth in income stemmed from all TASE operational areas, particularly from clearing services and trading and clearing fees.
For the first nine months of the year, TASE's net profit soared by 74% compared to the same period last year, totaling around 225 million shekels on revenues of approximately 544 million shekels, a 31% increase. The exchange attributed the revenue growth to its diverse activities, especially clearing services and trading fees. Increased expenses were mainly due to employee benefits and stock-based payments.
Trading activity also saw a substantial uptick. The average daily trading volume in stocks for the first nine months of 2023 was about 5.2 billion shekels, a 52% jump from 3.4 billion shekels in 2022. Foreign investor participation in trading rose to approximately 40% by the end of the quarter. The market capitalization of shares traded on the exchange reached about 3.1 trillion shekels in late September, up from 1.8 trillion shekels a year prior.
The IPO market also experienced a revival, with 21 companies completing initial public offerings in the first nine months, raising a total of about 7.8 billion shekels. The stock market saw total fundraising of approximately 22 billion shekels, compared to 15 billion shekels last year. The bond market saw 18 new companies raise about 9 billion shekels, with corporate bond fundraising reaching about 136 billion shekels, while the Ministry of Finance raised about 112 billion shekels in debt.
In line with the strong performance, the TASE board approved further stock option grants for senior employees and directors during the quarter. The TASE stock itself has been a popular performer, rising 55% year-to-date and over 840% in the past five years.
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