Haifa Oil Refineries Leads TASE Up Slightly

News of Janet Yellen’s expected appointment as Fed chairman calms some U.S.-caused jitters

Dror Raich
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Dror Raich

The Tel Aviv Stock Exchange began the day with minor losses amid the ongoing stress caused by the U.S. government shutdown, but closed mixed with a positive bias after European indexes led trading into the green.

The blue-chip TA-25 index gained 0.3% to close at 1,286 points, while the broader TA-100 index gained 0.1% to close at 1,160 points. The Banks-5 index gained 0.9%, led by Bank Mizrahi-Tefahot, which gained 2.2%. The Real Estate-15 index gained 0.3%. Total turnover was NIS 1.28 billion.

One of the big stories shaping international financial markets yesterday was the news that President Barack Obama is to nominate Federal Reserve Vice Chairwoman Janet Yellen to head the U.S. central bank, removing some uncertainty. The dollar rose from an eight-month low against major currencies.

In Europe, shares steadied yesterday, outpacing their British and Swiss counterparts as successful debt sales in Rome and Madrid boosted banks and stocks on the region’s periphery. Yet the slow progress in resolving the U.S. fiscal deadlock kept sentiment subdued and boosted volatility.

In Asia, Japan’s Nikkei share average recovered from a five-week low, while Hong Kong shares slipped.

Back in Israel, notable shares included Haifa Oil Refineries, which gained 7.7% after dropping sharply this week over concerns that another debt settlement could be pending within the corporate group.

Dual-listed Ceragon Networks told investors yesterday that it had received a $7 million order from Vodacom Tanzania. Its share was trading up 6% during the day but closed down 2.3%.

Other notable shares included Hadera Paper, up 3.7%; Allot Communications, down 5.5%; and Africa Israel, down 4.4%.

With reporting from Reuters.

President Obama congratulates Janet Yellen after announcing her nomination as head of the Federal Reserve.Credit: Reuters

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