Tel Aviv Stock Exchange: Chip Stocks Fall, Financial Sector Rises
Trading in Tel Aviv opened with mixed results as dual-listed chip stocks declined due to arbitrage gaps, while the financial and real estate sectors traded higher amid global market optimism.
The TA-35 index weakened by 0.2%, while the TA-125 index remained stable. The TA-Banks index rose by 1.2%, TA-Insurance jumped by 2.2%, and the TA-Real Estate and Construction indices strengthened by 1.4%.
Market Performance
Within the TA-35 index, Tower fell by 6.8% and Camtek lost 4.1%. Conversely, Nice climbed by 3.9%, Dimri rose by 3.2%, Shapir Engineering added 3%, and Mega Or and Azrieli strengthened by 2.9%.
In the insurance sector, Menora Mivtachim led with a 2.8% rise, while Phoenix and Harel added 2.2%, and Clal and Migdal rose by 2%. Among banks, Discount rose by 1.6%, Beinleumi, Poalim, and Mizrahi Tefahot strengthened by 1.1%, and Leumi climbed by 1%.
Corporate Developments
-
Baran: Signed a memorandum of understanding for a solar electrification project in West Africa valued at over $160 million.
-
Rimon: Acquiring control (40%) of Inter Industries at a 17.3% premium, totaling 67 million shekels.
-
Prime Energy: Signed a framework agreement with Delek Nadlan to establish Edge Data Centers at 60-70 gas stations.
-
Big: Completed the sale of the 'Legends' shopping center in the USA for $103 million and sold logistics subsidiaries in France for 23.4 million euros.
-
Nofar: Increasing its stake in Alumey Capital to 71% by purchasing 25% of shares from institutional investors for 250 million shekels.
-
NewMed Energy: Niv Sarna appointed as the new CEO, effective August 1.
-
Mega Or: Purchased a 15.6-dunam plot in Hadera for 95 million shekels for data center development.
-
Ackerstein: Acquiring an 85% stake in EcoWall for 47 million shekels.
-
Cal: The Competition Authority is expected to approve the sale of the credit card company to Union and Harel shortly.
