Bank of Israel Reports Open Tel Aviv Stock Exchange Trading Amid Mixed Market Signals

Meir Shamir Energy, controlled by Meir Shamir, is negotiating to acquire a 30% to 70% stake in a power plant located in the Menashe Regional Council. The plant is currently owned by Ari Nadlan and Tzachi Abu (60%) and Jacky Ben Zaken (40%). The deal, if finalized, could value the plant at up to 1.5 billion shekels. Sources close to Shamir Energy indicate that Tzachi Abu initiated the acquisition move. Meanwhile, Ari Nadlan announced that the National Infrastructure Committee has decided to publish the preparation notice for the Orot Yitzhak power plant and set permit conditions related to access roads and pressure reduction facility locations.

Ahead of the Tel Aviv Stock Exchange opening, the market is reacting to a quiet session on Wall Street and minimal fluctuations in oil prices. The Dow Jones and S&P 500 indices fell by 0.1%, and the Nasdaq declined by 0.3% yesterday. The US 10-year bond yield rose by 5 basis points to 3.71%, while the Israeli 10-year bond yield stands at 3.82% this morning.

Bank Hapoalim is set to release its second-quarter financial results later today, marking the start of the Israeli banks' earnings season. Bank Leumi and Bank International will publish their reports tomorrow. Other companies reporting today include Elbit Systems, Amot, Torpaz, and Max Stock.

Yesterday, the Tel Aviv Stock Exchange closed lower across major indices: TA-35 fell by 0.3%, TA-125 by 0.7%, TA Banks by 2%, TA Insurance by 1.6%, TA Real Estate by 1.8%, TA Construction by 3%, and TA Security by 2.1%. Notably, Tower Semiconductor surged 9.6%, supported by gains in its dual-listed Nasdaq shares. Conversely, Bank Leumi and Bank Hapoalim shares dropped by 2.1% and 2.3%, respectively. Following earnings releases, Next Vision declined 6.7%, Dania Sibbus fell 5.6%, Sela Real Estate decreased by 2.2%, and Mega Or weakened by 2%.