Israel's benchmark stock index closed in negative territory on Wednesday, with the TA-35 slipping 1.07% to register a fresh one-month low at the end of trading in Tel Aviv. Weakness in the Insurance, Biomed and Financials sectors contributed to the overall decline.
Market breadth was tilted heavily to the downside. On the Tel Aviv Stock Exchange, 333 stocks fell versus 135 that advanced, while 83 ended the session unchanged.
Among constituents of the TA-35, Nova (TASE:NVMI) was the session's top gainer, rising 3.62% - an increase of 5,250.00 points - to close at 150,150.00. Ormat Technologies (TASE:ORA) added 3.15%, an uptick of 1,270.00 points, finishing at 41,540.00; the company also reached an all-time high at that price. Delek Group (TASE:DLEKG) climbed 1.86%, or 1,570.00 points, to end the day at 86,110.00.
On the downside, Enlight Renewable Energy Ltd (TASE:ENLT) fell 6.46%, a decline of 1,920.00 points, to close at 27,800.00. Kenon Holdings Ltd (TASE:KEN) dropped 4.90%, or 1,220.00 points, to 23,680.00 and Harel (TASE:HARL) lost 4.35%, a fall of 740.00 points, to finish at 16,260.00.
Commodities trading showed upward movement in crude benchmarks and a retreat in gold. Crude oil for July delivery advanced 1.63%, up $1.53, to $95.29 a barrel. Brent crude for August delivery rose 1.55%, an increase of $1.49, to $97.49 a barrel. By contrast, the August Gold Futures contract declined 0.73%, down $32.78, to trade at $4,487.12 a troy ounce.
Currency markets in the session registered gains for the U.S. dollar against the shekel and for the euro against the shekel. The USD/ILS exchange rate rose 0.80% to 2.87, while EUR/ILS increased 0.60% to 3.33. Separately, U.S. Dollar Index futures were reported up 0.22% at 99.40.
Summary
The Tel Aviv market closed lower with the TA-35 down 1.07% to a one-month low. Declines were driven by the Insurance, Biomed and Financials sectors, with market breadth showing significantly more decliners than advancers. Notable winners included Nova, Ormat Technologies - which hit an all-time high - and Delek Group, while Enlight, Kenon and Harel were among the biggest losers. Energy benchmarks rose and gold futures fell, and the shekel weakened versus both the dollar and the euro.
Key points
- TA-35 closed down 1.07%, marking a new one-month low.
- Decliners outnumbered advancers 333 to 135, with 83 issues unchanged - indicating widespread selling pressure.
- Commodity and FX moves: July crude rose to $95.29/bbl, August Brent to $97.49/bbl, August gold futures fell to $4,487.12/oz, USD/ILS rose to 2.87, EUR/ILS to 3.33.
Risks and uncertainties
- Market breadth risk - With 333 stocks declining versus 135 advancing, there is uncertainty about the durability of the market's direction in the near term.
- Commodity price volatility - Rising crude and Brent prices, alongside a decline in gold futures, add variables that could affect energy-linked and commodities-sensitive sectors.
- Currency movements - The appreciation of USD/ILS and EUR/ILS introduces exchange-rate uncertainty for firms with USD or EUR exposures.