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Tel Aviv's TA 35 Ends Slightly Higher as Financials Outweigh Broader Declines
Israel's benchmark TA 35 index closed marginally higher on Monday, buoyed by a strong performance in the financial sector, even as a majority of stocks on the Tel Aviv exchange posted losses.
Market Performance
The TA 35 gained 0.14% at the close of trading, according to market data. The advance was primarily led by gains in the Banking, Financials, and Insurance sectors.
Despite the index's positive finish, market breadth was negative. Declining stocks outnumbered advancers 284 to 194, while 82 issues ended the session unchanged. This indicates that the day's gains were concentrated in a few large-cap names rather than being a broad-based market rally.
Key Stock Movers
Technology and pharmaceutical stocks showed significant divergence. Notable gainers on the index included:
Ad- Palo Alto Networks Inc (TASE:CYBR): rose 8.58%
- NICE Ltd (TASE:NICE): added 5.62%
- Teva Pharmaceutical Industries Ltd (TASE:TEVA): up 3.78%, reaching a new 5-year high.
On the other hand, the semiconductor and energy technology sectors faced pressure. The session's worst performers were Nova (TASE:NVMI), which fell 6.34%, and Tower Semiconductor Ltd (TASE:TSEM), down 4.84%. Ormat Technologies (TASE:ORA) also declined 4.68%, hitting a 52-week low.
Currencies and Commodities
In the broader markets, energy prices saw a significant jump. Crude oil futures for October delivery climbed 3.54% to $103.59 a barrel, while Brent oil for November delivery rose 3.85%.
In foreign exchange, the U.S. dollar strengthened against the Israeli shekel, with the USD/ILS pair rising 0.73% to 3.05. Gold futures for December delivery fell 2.08%.
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