Yohananof Plans Real Estate Spin-Off as Tel Aviv Market Awaits Opening After US Tech Sell-Off

Yohananof is preparing to spin off its real estate operations into a separate independent subsidiary, potentially leading to a future listing on the Tel Aviv Stock Exchange. This move follows three major real estate deals completed by the company in the first quarter of the year. The plan has been discussed among company management in recent weeks but has not yet received board approval, which may come soon.

Meanwhile, the Tel Aviv Stock Exchange is set to open following a sharp decline in US technology stocks, particularly in the semiconductor sector. The Nasdaq fell 1.3%, the S&P 500 dropped 0.7%, and the Dow Jones decreased by 0.2% in the previous session. Ormat and Tower Semiconductor are returning to trading with negative arbitrage of over 2%, Kamtek is down 3.5%, while Elbit Systems shows a positive gap of more than 2%.

US 10-year Treasury yields fell by 2 basis points to 4.69%, while Israeli 10-year bond yields stand at 3.85% after rising 4 basis points the day before. Oil prices for Brent and WTI have increased moderately by about 0.7%. Several companies reported earnings after the Tel Aviv market closed yesterday, including Carasso Motors, Delek Automotive, Veridis, More, Malam Team, and Israir. Additional reports are expected today from Azrieli, Beit Shemesh Engines, Asht, and Castro.