Trade overview: current reports, trends, indices, stock prices, bonds, foreign exchange and commodities and analyst recommendations
17:28
The gains in the stock market strengthened in the last hour of trading. The Tel Aviv 35 index climbed by about 0.9%, the Tel Aviv 90 index rose by 0.6%, the Bank Index jumped by 2%, while the Biomed Index recorded a 1.3% decrease. The trading turnover amounted to approximately NIS 1.54 billion.
Notable increases were registered among others by Protlix, Abujan , Ormed , Ogwind , tower Veridis, Inrom, Delta Galil , nature , in the strain and benign
stock iSure Medical Dropped by 53% after the company announced that it would raise $14.5 million in a stock offering at a price of $1.65 per share. This compares to a price of $2.60 per share at the close of trading last night on Wall Street.
16:15
The government company Apartment for Rent and the Israel Land Authority announced today the successful completion of two long-term rental tenders. The first win is for a company Acro In the tender for the establishment of a project for long-term rent in Ramat Gan. Akro will pay approximately NIS 204 million for the land (including development costs). The project will include 209 units in 15-story buildings for the purpose of long-term rental for 20 years, and approximately 750 square meters of commercial space.
In the bond market, decreases of up to 0.3% are recorded in long-term government shekels and the central Tel Bond indices climb by 0.2-0.3%.
15:00
The gains in the stock market continue with the central Tel Aviv indices climbing by 0.3%-0.4% each, and more significant increases are recorded among the banks, biomed and global-bluetech indices. On the negative side, the construction, real estate and foreign yield indices.
The trading turnover amounts to approximately NIS 830 million, with the highest turnovers centered on Hapoalim, Leumi, I.C.L and discount. Among the real estate stocks, Hanan Mor stands out in decline, Carden Real Estate Rotem Shani, Israel Canada andG City .
In the foreign exchange market, the dollar is now climbing by 0.2% to NIS 3.47 and the euro by 0.6% to NIS 3.69. The pound is also strengthening against the shekel to NIS 4.21.
13:40
I.B.I. workers reported that starting today the name of the company will be changed to IBI Management and Underwriting. in the background – bitter dispute between Bank Hapoalim The executives of the underwriting company IBI works for which he owns, at the end of which the bank informed the company that it is being asked to remove his name from its name. The underwriting company climbs by 3.3% in the stock market, the bank rises by about 2.2%.
● 54 million shekels in 4 years: behind the bomb that the workers dropped on the underwriting company Surgery
Macro Israel: The Bank of Israel announced that the combined index for the month of November rose by a moderate rate of 0.07%, indicating continued growth in economic activity towards the end of 2022, although at a lower rate than in the previous three months. “The combined index was positively affected by the increase in the revenue index in services (October), the revenue index in retail trade (October), salaried jobs (September) and credit card purchases (November). On the other hand, the industrial production index (October), the import of consumer goods (November), The import of production inputs (November), the export of goods (November), the export of services (September), the vacancy rate (November), construction starts (September) and electricity production (November) decreased and had a negative impact on the index,” the report said.
13:15
Apcon holdings announced that it won a tender for the production of electricity on behalf of the Polish government in the amount of 20 megawatts. The cost of the investment is estimated at NIS 50-55 million.
Abujan announced that its subsidiary Biomica, which develops microbiome-based drugs, has signed a definitive agreement for a $20 million funding round, led by Shanghai Healthcare Capital (SHC). The financing is subject to customary closing conditions, including approval from Chinese regulatory authorities.
Acro won a tender by the Israel Land Authority (RMI) and an apartment for rent in the Tel Hashomer and South Ramat Gan complex, which is intended for the construction of more than 200 apartments for long-term rental. The company will pay NIS 175 million for the lease rights and another 30.5 million NIS for development expenses.
12:30
The gains in the stock market continue, with TA 35 advancing by 0.5% and TA 90 by 0.7%. The bank index jumps by 1.6% and the biomed index by 2.9%. On the negative side, the foreign yield index retreated by about 0.4% and the construction stocks index also registered a slight decrease. Stability is recorded in the government bond market, in the corporate – Tel Bond indices register increases of about 0.2%. The trading turnover amounts to about NIS 450 million.
● The interest rate on bank loans already reaches 8%; And what about the terms of the deposits?
Imagest takes off at 18% without background reporting, Silver Castle jumps by 12%. At the head of Tel Aviv 35 Ofco and Energian, at the head of Tel Aviv 90 Nikes which jumps by 5.8%. At the top of the bank index, workers continue to stand out with an increase of 2.2%, followed by national which adds 1.5%.
Midrog leaves the A2 rating intact with a stable horizon for bonds (series third’ , D and-and’ ) of Enlight Energy . In addition, it left the Al issuer rating intact with a stable horizon.
11:10
The positive trend in the stock market is expanding, and the leading stock indices are already climbing by 0.4% to 0.9%. The Biomed index stands out with a sharp jump of 3.1%, led by Sofwave which flew by 18% following the report from this morning and Brainsway, Bonus in Biogroup and Protlix centers of interest. The bank index jumps by 1.6% in the lead the workers which increases by 2.3% and also concentrates the high trading turnover in the stock exchange. Total turnover in Tel Aviv so far amounts to NIS 230 million.
stock Hanan Mor Drops by 8.5% following a sharp drop of 11.8% yesterday and thus completes a drop of more than 20% this week, Rotem Shani Losing 5% after yesterday it jumped almost to 19%. More significant declines are recorded Israel shipyards Ambassador, Sunflower and Top Gum.
Especially sharp increases register Sturgeon Drop which has not published new reports recently, Erica B-Cure, Ogwind and group peaks .
10:01
Stock market trading opened with slight gains. TA 35 adds about 0.4%, TA 125 increases by about 0.3% and TA 90 is almost unchanged. The banks index increases by about 0.7%, the biomed index adds 0.8% while the oil index decreases by 0.1%.
At the top of the Tel Aviv Index 35 prominence is Elbit FDelek Group beside his horizon, Arport City andShafir Engineering while at the bottom of the index Nova andnice .
The dollar also maintains stability against the shekel, while the euro rises by 0.3% to NIS 3.68 and the pound climbs by 0.6% to NIS 4.22.
Orbit reported receiving additional orders from Airbus for the supply of digital audio management systems in the amount of approximately 4 million dollars, to be delivered between the years 2023-2030.
09:25
Elbit Systems reported that it won a framework agreement with a maximum value of 410 million dollars for the supply of Watchkeeper X tactical UAV systems to the Ministry of Defense in Romania.
09:15
Sopwave Updated that it received approval from the Food and Drug Administration of Taiwan to market its SUPERB device for non-invasive treatment in the rejuvenation and firming of the skin of the face and neck. A first order of about 700,000 dollars for the supply of the company’s systems was also added to the approval. This week also reported FDA approval for the use of a device to improve the appearance of cellulite.
Stakeholders: Barak Rosen purchased shares Israel Canada for NIS 1.1 million; Haim Katzman purchased shares G City About 670 thousand shekels; The external director Eliyahu Shahar purchased Norstar bonds (series 12 ) for about NIS 250,000.
07:55
5 things you should know before opening the trade
1. The stock market
The stock exchange in Tel Aviv is expected to open stably, after the moderate increases registered last night on Wall Street and alongside a mixed trend in Asia at this time. The dual shares will contribute a decrease of 0.2% to the Tel Aviv 35 index. Nova You will stand out negatively with a negative gap of about 2% and Nice and Canon will also lose height. on the positive side his horizon with a gap of about 3%. iSure which jumped 281% in Tel Aviv, ended with a “moderate” decline of 177% on Wall Street (when during the trading itself it had already risen by 350%), so it was expected to correct downward. However, the company submitted a preliminary prospectus to the SEC for the issuance of shares to the public and trading in the stock will not open in Tel Aviv until the pricing procedure is completed.
In Asia, as mentioned, the trend is mixed this morning. The Nikkei index falls by 0.6%, although the banks are balancing the declines, and a negative trend is also registered in Shanghai and Seoul. In Hong Kong, on the other hand, the flagship index climbs by 0.3% and in Australia an increase of 1.3% is recorded.
Yesterday trading in the stock market closed in a negative trend. TA 35 fell by 0.6%, TA 90 by 0.8%, the bank index shed 1.3%, the foreign yield index fell by 2.3% and the oil index retreated by 0.3%. Biomed index jumped by 5.2% The trading turnover amounted to NIS 1.88 billion.
On Wall Street, the contracts climb up to 0.5% after a four-day losing streak was interrupted last night and the stock indices finished with slight gains. The Dow Jones led with a 0.3% gain, the S&P 500 advanced about 0.1% and the Nasdaq was unchanged.
Nike Jumped nearly 13% in late trading last night after beating estimates in its fiscal second quarter earnings per share of 85 cents, when expectations were just 64 cents. Revenues also exceeded expectations and amounted to $13.3 billion, a 17% increase compared to last year (forecasts were $12.6 billion). fdx Jumped close to 5% after the reports. The shipping giant announced at the same time that it will reduce costs by an additional billion dollars since the weak demand is expected to hurt its quarterly profit. At the same time, it surpassed forecasts in the line of adjusted profit ($3.18 per share when the expectation was $2.82) but missed in revenues ($22.8 billion and the forecasts were for $23.74 billion).
2. The debt market
The trend in the American bond market is mixed this morning, after long-term government bond yields climbed sharply yesterday. The 10-year bond yield increases by 2 points and now stands at 3.70% and the two-year bond yield drops slightly to 4.26%.
In Israel, the Tel Bond indices recorded decreases of about 0.1% and the government bond market showed a mixed trend, where the fluctuations were only slight.
Yesterday, the Central Bank of Japan decided to allow a fluctuation in the 10-year bond interest rate in the range of 0.5% compared to the 0.25% it had allowed so far, which resulted in the yen strengthening to a three-month record level along with a 2.5% drop in the Japanese stock exchange. Yossi Freiman, CEO L’Perico Risk Management, Financing and Investments, points out that the meeting of energy ministers in Europe this week and the intention to set a price ceiling for the purchase of gas as well “may impose a significant expense on the EU countries, which will be required to subsidize the price of energy significantly, thereby further deepening the scope of the existing national debt Already at record levels.”
3. The commodity and currency markets
There is stability in the commodity market. American oil is trading around 76 dollars per barrel and Brent at the level of 80 dollars per barrel. The crypto market is also stable. Bitcoin is trading at $16.8 thousand and Ethereum at $1,208.
In foreign exchange, the dollar is stable around NIS 3.46 and the euro climbs slightly to NIS 3.68. Yesterday, the dollar fell by about 0.8% against the currency index, while a sharp drop of almost 4% was recorded against the Japanese yen.
In the economic review of the macro department at Discount Bank, it is noted that the dollar reached its peak in September against the background of the crisis in Great Britain, and recorded an appreciation of 19% since the beginning of the year. “However, in recent months the strengthening of the dollar has been restrained, against the background of the moderation of inflation and the decrease in interest rate expectations in the US, the exhaustion of the effect of the widening of the interest rate gap between the US and other developed countries, the easing of lockdowns in China and increases in the stock markets. The chance of another significant move in the dollar is low, however, It is premature to eulogize the dollar in light of the high uncertainty that is expected to continue in the coming months and the role of the dollar as a safe haven. Events such as concerns about the worsening of the economic damage in the world, signs of a renewed increase in inflation and more, will lead to the strengthening of the dollar and vice versa. As long as there is no sign of a change in trend and a stable recovery in the global economy, the dollar will continue to enjoy its status as a safe haven, but the volatility of the dollar exchange rate in the world in 2023 is expected to be higher,” the bank estimates.
4. Macro
Today, mortgage and existing home sales data in the US and inflation data in Canada will be published.
Tomorrow, growth data will be published in Great Britain, the interest rate decision in Turkey (which is expected to remain at a rate of 9%) as well as final growth data in the US, after the preliminary reading indicated a 2.9% expansion in the American economy in the third quarter. The inflation figure derived from GDP will also be published, which is expected to stand at 4.3%
On Friday, the consumer price indices will be published in Japan and Singapore, growth data in the Netherlands, Spain and Canada, and in the USA the price index for private consumption expenditure and new home sales will be published.
5. Forecast
Uri Greenfeld, Beit Psagot’s chief strategist, notes in his review that inflation in Israel has not yet reached its peak “but it seems that this peak is already just around the corner.” According to him, “In a certain sense, the work of the Bank of Israel is easier than that of the Fed or the ECB for two reasons: one is that inflation in Israel is not as high as in the world and the other is that the probability of a deep recession in Israel or something that will ‘break’ in the financial environment is much lower.”
“Not only does the Israeli economy benefit from a consumer whose real income has hardly been eroded, but also that a significant part of exports (which is itself a significant part of GDP) benefits from a comparative advantage that softens the negative fluctuations in it. Even if Europe or the US enter a recession, the firms there cannot simply decide To cancel their cyber policy, for example, so that the demand for the export of Israeli high-tech services is relatively immune,” he explains.
“In addition, to all this, the government’s fiscal situation has greatly improved over the past year thanks to huge tax revenues from the technology and real estate industries. Although it is clear that these revenues will not continue and it is even likely that we will see a decrease in the state’s income from taxes, the fiscal situation is such that it will allow the government to support the economy in the event that the deterioration is more severe than expected. Therefore, the Bank of Israel will continue to raise interest rates in the coming months just like in the world, but will do so without fearing that these increases could lead the economy to a crisis.”
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