Five things to know ahead of the market open
Trading on the Tel Aviv Stock Exchange is in negative territory, following declines on Wall Street and a wave of sell-offs in technology stocks: the TA-35 index is down about 1% and the TA-90 about 0.3%. The Energy Infrastructure index leads the declines with about 1.7%. Tower Semiconductor drops to seventh place in market cap, overtaken by Mizrahi Tefahot.
Trading on the Tel Aviv Stock Exchange on Friday is in a negative trend, following the sharp declines recorded yesterday on Wall Street and reports of a wave of sell-offs in technology stocks. The TA-35 index is down about 1% and the TA-90 about 0.3%. The Energy Infrastructure index leads the declines, falling about 1.7%, followed by the Technology index (1.5%), Cleantech (1.4%), and the Industry and Dual-Listed indices (about 1.1% each). In contrast, the Foreign Real Estate index is up 1.2%, the Oil and Gas index up 0.3%, and the Food index up 0.2%. Tower Semiconductor's stock leads the declines, dropping to seventh place in market cap, making way for Bank Mizrahi Tefahot in sixth place. Green energy stocks Nofar Energy and Econergy also stand out negatively. In the forex market, there is stability with a slight upward trend, and the dollar is trading around 3.11 shekels. In the background, Fimi Fund, managed by Yishai Davidi, submitted an offer to acquire 50% of Mitronics for an investment of 200 million shekels, with an option to purchase additional shares; the company is currently controlled by Kibbutz Yizre'el. Mosh Energy reported that the Dalia power plant approached the International Court of Arbitration in London to enforce a gas purchase agreement from the Leviathan reservoir, estimated at $6.7 billion, after NewMed and Ratio announced its cancellation. Yesterday, trading in Tel Aviv closed with declines, with the TA-35 down about 1.1% and the TA-90 about 0.4%. The Bank of Israel left the interest rate at 3.25% this week. Elections in Israel will take place next Tuesday, and no trading will be held on the stock exchange that day.