Menora Insurance Acquires Stake in Agility Hedge Fund Ahead of Tel Aviv Market Open

Menora Insurance is set to invest in the Agility hedge fund founded by Tal Kedem and Udi Biton, three years after Kedem left his CEO role at Harel Finance. Menora will purchase a 25% to 30% stake in Agility for approximately 75 to 100 million shekels, valuing the fund at around 300 million shekels. Menora, controlled by Eran Griefel and managed by Ari Kalman, had pursued the deal for some time but only recently agreed on valuation terms.

Meanwhile, the Tel Aviv Stock Exchange is preparing to open following modest movements on Wall Street and gains in futures contracts. Nvidia’s strong quarterly report boosted its shares by 4.7% in after-hours trading, while Salesforce and CrowdStrike also posted solid earnings. Nasdaq futures rose 0.9%, S&P 500 futures increased 0.5%, and Dow Jones futures climbed 0.3%. Oil prices saw slight declines, and the 10-year US Treasury yield remained steady at 4.66%, with Israel’s 10-year bond yield at 3.85%.

The earnings season continues at a rapid pace, concluding early Monday morning, with Shufersal’s financial results in focus today. The previous day saw slight gains on the Tel Aviv 35, 125, and Banks indices. Energy sector stocks surged 7.8% after earnings, while Tiv Taam rose 7%, Fattal increased 5.8%, and Gad dairies climbed 2.8%. Harel Investments gained 2%, but Ashtrom Group fell 2.2%, and Rimon dropped sharply by 14.9%.