Business in Brief: Tel Aviv Stock Exchange Loses Ground Amid Brexit Uncertainty

Report: Israeli exporters facing higher risk; Mazor Robotics share price rises; Matomy Media disappoints with forecast.

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The Tel Aviv Stock Exchange (TASE) building in Tel Aviv.
The Tel Aviv Stock Exchange (TASE) building in Tel Aviv.Credit: Bloomberg

Report: Israeli exporters facing higher risk

International insurance company Coface raised its export risk ratings for the United States and China, which are two of Israel’s main export markets. Some 24% of Israeli exports are bound for the United States – totaling $4.5 billion between January and May this year – while China is a growing market for Israel. Israeli exporters are facing the highest level of risk they’ve faced since 2000, stated Coface. It currently rates global risk at B, it stated. It raised the level of risk Israeli exporters face in the United States to A2, citing slowing growth and increasing bankruptcies among U.S. companies. It raised its level of risk of exporting to China to B. (Ora Coren)

Mazor Robotics share price rises

Biomed company Mazor Robotics saw its share price jump 6% after announcing it had received orders in the second quarter for 11 systems that assist surgeons in spine and brain procedures. Six of the orders for the Renaissance system were from the United States, three were from China, one was from Italy and one was from Australia, the company said. This is the company’s second-best quarter for sales, said CEO Ori Hadomi. As of the end of the quarter, the company had 122 of the systems installed, including 74 in the U.S., it said. (TheMarker) 

Matomy Media disappoints with forecast

Matomy Media Group saw its share price drop 4.4% on Wednesday after disappointing investors with its revised revenue and EBITDA forecasts for the year. Matomy lets its customers reach consumers with personalized advertisements. The company added that it expects to see revenue of $265 million to $300 million for 2016, and EBITDA between $17 million to $21 million. Revenues for 2015 were $271 million, while EBITDA was $25.7 million. CEO Ofer Drucker said that he did not think projected revenues were disappointing. (Shelly Appelberg)

TASE loses ground amid Brexit uncertainty

The Tel Aviv Stock Exchange lost ground along with world markets on Wednesday. The blue-chip Tel Aviv-25 Index lost 0.5% to close at 1,398 points, while the broader Tel Aviv-100 Index lost 0.4% to close at 1,216 points. Bank shares lost 1.2%, completing a 3.5% decline over the past three days. Real estate shares were down 0.2% while biomed shares gained 0.3%. Total turnover was 1.413 billion shekels. Trading was influenced by uncertainty after the results of the Brexit vote in England, as it has been for the past several trading sessions. Notable shares included Israel Corp, which lost 3%, and Bank Leumi, down 2.2%. (Omni Zerachovitz)

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