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Sometimes luck plays a part in the capital market. The funds management company Gmul, belonging to Excellence-Nessuah, evidently has such luck. In an astonishing coincidence, six broad-market stocks in which Gmul's funds have invested shot up in the last day of May, Thursday the 31st.

Even more strange: the absolute majority of the transactions took part in the last trading hour of that last day of May, significantly improving the performance of the Gmul funds that month.

The shares are:

Hilan Tech (TASE:  HLTC), in which Gmul owns 13.4%. It rose 3.9%. That day, there were all of nine transactions in the share, one at 13:30 and the rest between 16:38 to 16:46.

Malam Systems (TASE:  MLAM), in which Gmul owns 8.1%. It rose 8.1%. That day, there were 13 deals in the share, two at 12:10 and the rest between 16:00 to 16:52.

Brimag Digital Age (TASE:  BRMG), in which Gmul owns 11.18%. It rose 6.3%. That day, there were six transactions in the share, two at 13:00 and the rest between 16:39 to 17:05.

Isracolor Labs (TASE:  ISCO), in which Gmul owns 7.7%. It rose 2.9%. That day, there were more than 60 deals in the share, three at 11:30 and all the rest between 16:40 to 17:13

Dan Vehicle and Transportation (TASE:  DARE), in which Gmul owns 12.88%, rose 4.1%. That day, there were about 70 deals in the share, two at 11:30 and all the rest between 16:40 to 17:13

And finally, New Kopel (TASE:  NKPL). Gmul owns 9.95% of the company, which gained 2.7% on 28 transactions, of which three miniscule ones were closed before 14:30 and the other 25 were done between 16:36 and 17:15.

Coincidence? Maybe, one that did well by Gmul's funds. Every fraction of a percent counts in today's fiercely competitive markets.

At first Gmul declined to respond. Later it provided a response that seems to indicate that it feels it was being obliquely and unfairly attacked by a third party. It also argues that it is a long-term shareholder in the six companies, which it picked based on anticipation of future betterment.

It provided the following response, (translated literally):"The situation as depicted in the article is a false representation by capital market parties with vested interests, who choose to smirch as a method of coping.

"Excellence acts and shall continue to act in securities according to high ethical standards, on an economic basis and for the greater good of its clients. Excellence has been buying the said shares over a long time, and over the years became an interested shareholder in them, in anticipation of growth in profits and the attractive economic value at which they trade."