Tel Aviv Stock Exchange Edges Up on Global Rally

Send in e-mailSend in e-mail
Send in e-mailSend in e-mail

The Tel Aviv Stock Exchange is something of a wallflower in the global stock market party, where the Dow Jones closed at a six-year record Tuesday and European markets reached their highest levels since 2008.

The TASE’s TA-25 is 8% below where it was nearly two years ago, but the market nevertheless got some tailwind from rising share prices overseas Wednesday, with the benchmark index edging up a little less than 0.23% to a close of 1,228.23 points. The broader TA-100 added 0.2% to 1,098.72. Turnover was just over NIS 1 billion.

On Wednesday, after a day of new records, European markets were more subdued. The pan-European ESTOXX 50 was flat and the FTSEurofirst 300 slipped 0.1%. In morning trading in New York, the Dow Jones industrial average was up 0.2% at 14,279.57.

In foreign currency trading, the dollar and euro both lost ground against the shekel. The greenback weakened 0.2% to a Bank of Israel rate of NIS 3.726 while the euro was off nearly 0.1% to NIS 4.86.

Clal Industries ended down 3.9% to NIS 14.41 and was the most heavily traded stock of the day, with some NIS 81 million changing hands. Seeking cash for its balance sheet, Nochi Dankner’s IDB Development Corporation sold its last remaining 10.6% in the holding company to institutional investors at a price of NIS 13.30 a share, NIS 1.70 less than its Tuesday closing price.

Ratio led energy shares lower after Ratio fell 5% to 32 agorot after Raz assigned its target price of 29 agorot and tagged it’s a Market Underperform. Avner, which got a Market Perform rating and a target price of NIS 2.50, fell 3.8% to NIS 2.50.

In contrast to the stock market, bond indices continue to set new records, with the Tel Bond 20, 50 and 60 indices all rising about 0.16%.

The Tel Aviv Stock Exchange.Credit: Guy Raivitz

Click the alert icon to follow topics: