Market Report / TA-25 rises 0.5% on hopes of post-election stability
Global markets also rose as U.S. voters went to the polls; Wall Street opened with expectations that the presidential election will remove a major source of uncertainty.
Tel Aviv stocks rose on Tuesday, but volume remained low as investors waited for the results of the U.S. presidential election, hoping the winner is known before trading opens today.
Global markets also rose as U.S. voters went to the polls, and Wall Street opened with roaring optimism on expectations that the election will provide a clear winner and remove a major source of uncertainty. The winner of the close race will set the country's tone for the next four years on spending, taxes, health care and other policies.
The blue-chip TA-25 index rose 0.5% to close at 1,229.66 points, and the broader TA-100 gained 0.6% to end the day at 1,090.66 points. All the major indexes were well in the green, except - once again - the Oil and Gas Exploration index, which fell slightly. The TA-Banks index rose 0.8% and the Real Estate-15 index climbed 1.6%. The TA-Insurance index jumped 2.8% and the Biomed index rose 1.2%. The BlueTech-50 index rose 0.7%.
Turnover was once again low at NIS 876 million as investors waited for the election result. Still, the number was the highest for the week so far.
Large-cap corporate bonds were unchanged to down slightly, while government bonds also fell slightly.
Babylon fell 4% on unusually large volume after the company filed a prospectus for a Nasdaq IPO on Monday night. (See story on Page 11. )
Eliezer Fishman's Jerusalem Economic Corp. led real estate shares up with a 6.1% jump.
Mellanox climbed 4.4% and has now risen 8.2% this week.
Modiin Energy lost 7.2% and Israel Land Development Corp. Energy fell 4.2%. The two stocks have plunged 14% and 17.5% respectively this week, in part due to the recent disappointing results at the companies' offshore fields.
The dollar fell 0.25% against the shekel Tuesday as forex markets were also tense before the vote. The dollar-shekel representative rate was set at NIS 3.894.
The euro fell ever so slightly against the local currency, with the representative rate set at NIS 4.985. In global forex markets, the euro recovered against the dollar to end at $1.2817, little changed on the day, after it fell to a two-month low of $1.2764 earlier.
With reporting by Reuters.
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