Israel Stocks Rise as Various Sectors Propel Market Higher
Israel stocks closed higher on Tuesday, driven by gains in multiple sectors. The Tel Aviv index saw a 0.55% increase at the end of the trading day. Israel Corp was one of the top performers, rising 4.23% to trade at 88,700.00. Ashtrom Group Ltd also saw significant gains, adding 3.39% to close at 5,277.00. Mizrahi Tefahot rounded out the top performers, ending the day with a 3.35% increase to reach 13,590.00.
However, Tower Semiconductor Ltd experienced a decline of 4.25% to trade at 10,600.00, making it one of the worst performers. Ormat Technologies also saw a decrease of 2.99% to close at 23,660.00, while Nova fell 2.56% to 56,340.00.
The Tel Aviv Stock Exchange saw more rising stocks than declining ones, with a ratio of 257 to 208, and 70 stocks remained unchanged.
In commodities trading, crude oil for March delivery increased by 0.72% to $77.47 a barrel. Brent oil for delivery in April rose by 0.55% to $82.45 a barrel. Unfortunately, the April Gold Futures contract fell by 1.38% to $2,004.85 a troy ounce.
The exchange rate also saw some changes, with USD/ILS increasing by 0.49% to 3.67, while EUR/ILS remained unchanged at 3.94. The US Dollar Index Futures rose by 0.61% to 104.68.
Analyst comment
Positive news. Israel stocks rose, driven by gains in multiple sectors. The Tel Aviv index increased by 0.55%. Israel Corp, Ashtrom Group Ltd, and Mizrahi Tefahot were the top performers. Tower Semiconductor and Ormat Technologies experienced declines. The ratio of rising to declining stocks was 257 to 208. Crude oil and Brent oil prices increased, while gold prices fell. USD/ILS increased and EUR/ILS remained unchanged. The US Dollar Index Futures rose. The market is likely to continue its positive momentum with some sectors outperforming others.
