נעילה אדומה - ירידות של 1% במדדי הדגל בלחץ של מניות ה'טנק': רני צים התחזקה ב-5.5%

The Tel Aviv Stock Exchange closed with losses after a volatile trading day, with significant weakness appearing towards the end. The TA-35 index, which traded higher earlier and even climbed around 4 PM, reversed direction and lost about 1.1% at closing. The TA-90 index fell by approximately 0.4%, showing relative resilience compared to the larger stocks. Pressure intensified in the last hour of trading, with the indices moving away from their intraday highs and closing near their daily lows.

The owner is increasing his stake in his shopping center company by purchasing 7.5% of the shares from the company for NIS 75 million. This transaction values the company at NIS 1 billion, a premium of about 30% over the market price, though it aligns with the book value. The owner also has an option to purchase an additional 7.5% at a higher price, which could lead to the end of joint control with Haggag, subject to agreement terms. Haggag aims to realize part of its investment, reduce debt, and free up cash, while the owner is willing to pay a premium to increase his exposure to the company's developing assets and future growth, potentially to regain control. Haggag initially invested about NIS 195 million when the owner faced difficulties, and their holding is now worth around NIS 300 million.

A Bank of Israel survey indicates a further decrease in demand for credit from construction and real estate companies in the third quarter, with banks increasing their credit margins for them. Conversely, banks are easing credit for small businesses and households seeking consumer loans. Banks are distancing themselves from real estate, and credit for developers is becoming more expensive.

Eye-Third, a defense company, saw its stock fall by 3.7% after recent positive reports. The company reported memorandums of understanding with the American company Aelyon for developing autonomous systems, with a potential for orders up to $40 million, contingent on the partner's fundraising and product sales. It also received a follow-on order of about NIS 5.2 million from a defense client, which is still subject to cancellation, and a memorandum of understanding with a European defense manufacturer for equipping hundreds of systems by 2029. These potential deals have significant caveats.

Bazan, an oil refinery, saw its stock drop after the company changed its tone regarding the benzene pollution incident in Haifa Bay. Initially, Bazan stated there was no change in its estimates for the duration and cost of maintenance work at the Gadiv plant. However, following the Haifa Municipality's announcement that it is considering not renewing the operating licenses for the group's plants and may order a halt to their operations, Bazan is now warning of a "potential material adverse effect on its operations." This marks an escalation from a localized impact on maintenance to a broader threat to the company's continued operation.

Other notable stock movements include Max Stock rising 5.2% and Malam-Team adding 4.8%. Qualitao, however, fell by 5.7%. Generation Capital's stock fell 0.3% after The Phoenix Brokers initiated coverage with a target price of NIS 2.93, valuing the fund's holdings at approximately NIS 6.75 billion against a market cap of about NIS 5.2 billion. Menora Mivtachim was fined NIS 256,000 by the Privacy Protection Authority for a delayed report of personal information exposure for 138 policyholders to an unauthorized insurance agent. Elron's stock rose 4.5% amid a change in its board leadership, with Dan Hoiz returning as interim chairman. Partner's stock fell 0.7% after expanding its fiber optic line agreement with IBC (Unlimited), committing to purchase up to 70,000 lines by 2030, with an annual payment of at least NIS 39 million. Institutional investors in Eretz and Reshef are facing significant losses, with Eretz's market cap dropping by about 60% this year, and Reshef's unrealized accounting loss nearing NIS 400 million.