Plus500 Reports 150% Revenue Increase

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PLus500's customer base is growing rapidly because people like to gamble on the New York Stock Exchange.Credit: Bloomberg

Plus500 reports 150% revenue increase

Plus500, an Israeli firm that offers online trading services and is traded in London, reported yesterday that for the first nine months of this year its revenues increased by 150%, to $162 million, in the same period last year. It also reported double-digit growth in both revenues and net profits, with third-quarter revenues totaling $56 million, a 180% increase over last year. The number of active customers jumped by 35% in the first nine months of the year, to 85,000 in total, the company said. (Dror Reich)

Housing & Construction plans to raise $300m

Housing & Construction, one of the country’s largest construction and infrastructure companies, intends to raise $300 million in London and the United States. The company, which is controlled by Arison Investments, has prepared a marketing document in advance of the financing round, which is to begin late this year and go into early next year. The firm plans to issue dollar-denominated bonds with an average life of about seven years to be traded over the counter. Investors are not to be provided security but they will be provided covenants, the terms of which have yet to be set. About 75% of the sums raised are to be sought from foreign investors. A provision in Israel’s economic concentration law, which limits the extent of holding groups structured as pyramids, could drive up the cost of the financing by limiting the net credit of non-financial firms. It is not yet clear which foreign banks will lead the effort, although both Goldman Sachs and Deutsche Bank are in the picture. (Michael Rochvarger)

Mixed results on TASE after Egypt border shooting prompts dip

The Tel Aviv Stock Exchange finished yesterday’s trading session with mixed results, as shares gained in Europe. The benchmark indexes had been trading up by as much as 0.5% but reversed course after a shooting incident yesterday near the Israel-Egypt border. The blue-chip Tel Aviv-25 Index gained 0.02% to close nearly unchanged at 1,444 points, while the broader Tel Aviv-100 Index gained 0.2% to close at 1,290 points. Biomed shares lost 0.2%, while real estate shares lost 0.5%. Total turnover was 962 million shekels ($257 million). Notable shares included IDB Development, which was off 4.8%, and food manufacturer Strauss, down 2%. Notable gainers included Teva Pharmaceuticals, up 3%. (Eran Azran)

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