Tel Aviv Stock Exchange Surges 2.7% Led by Banks with Mizrahi Tefahot Up 5.6%

The Tel Aviv Stock Exchange closed with significant gains as the TA-35 index jumped 2.7% and the broader TA-125 rose 2.6%. The banking sector led the rally, with the banks index soaring 5.2%. Mizrahi Tefahot Bank surged 5.6%, Bank Leumi and Discount Bank each climbed 5.5%, and Bank Hapoalim increased by 4.7%. In the telecommunications sector, Cellcom jumped 7.3% following statements by Yuval Cohen, manager of Fortissimo Capital, at the Calcalist conference. Cohen clarified that Fortissimo does not intend to sell its stake in Cellcom, reassuring investors and boosting the stock. Competitor Partner Communications also rose 5.8%.

Cohen emphasized that Fortissimo remains committed to Cellcom, highlighting the company’s strong position in communications with significant differentiation. He noted Cellcom’s diverse services beyond cellular, including a strong presence in business sectors, AI data traffic, and data center connections. Cohen described the telecommunications market as dynamic with high entry barriers and growing investor interest.

On Wall Street, the Nasdaq rose 0.9%, the S&P 500 gained 0.4%, and the Dow Jones closed flat. These movements coincided with the Israeli shekel’s continued strengthening and anticipation of Israel’s June inflation data, scheduled for release at 18:30 local time after the market close. Asian markets also saw gains, with Tokyo up 1.2%, Hong Kong rising 1.5%, and Seoul surging 8%.