The trading week on the Tel Aviv Stock Exchange opened with price rises. The Mishtanim index posted a 0.68% rise to 272.83 points, the Ma’of index rose 0.8% to 282.41 points. The TACT index rose more moderately to 92 points. Overall turnover amounted to $30 million (NIS 107 million).
Voting with their feet against CPI estimates
If anything clear arises from today’s behaviour on the capital market, it is a declaration of bankruptcy for the Central Bureau of Statistics. The Israeli capital market voted with its feet against the Bureau’s Consumer Prices Index (CPI) estimates, in that it chose to take almost no notice of them. In times gone by, an index rise double that of forecasts would have dragged shares and shekel bonds down, and led to sharp rises in index-linked bonds. Little of all this was left today.
Shekel bonds fell by a moderate 0.2%, and index-linked bonds rose to a similar degree, that is, not much. Shares ignored the CPI figures completely, with share indices rising moderately, rather than falling.
The only aspect of trading that showed a normal reaction to a disappointing CPI figure was turnover, which faded today to around NIS 100 million only (half the level of last Thursday’s activity), showing the confusion and perplexity prevailing on the market.
Ormat: no purchases today
Ormat was number one among the few shares that succeeded in doing anything interesting. The Wertheimer family’s purchases of the stock on Thursday, and the possibility that a control-harassment struggle may develop in the company, along the lines of the battles the Wertheimer family has waged before in the shares of IDB and Africa Israel - from which the shareholders among the general public, who sold their shares dearly, greatly benefited - lit a fire under the share, lifting it 6% to 670 points, 18% above its price of four days ago.
The Wertheimer family, incidentally, denies it has any hostile intent towards Ormat, and Eitan Wertheimer even announced today that, at current market prices, he has no intention of buying. As far as is known, Wertheimer did indeed seek price quotations for Ormat, but did no deals.
Super Sol’s financial report, which indicated growth in profitability but slight erosion of margins, was received with a cold shower by the market. The share fell 3.5% on large turnover of around NIS 4 million.
Formula, with a positive arbitrage gap from New York, rose 1.5% on turnover of nearly NIS 3 million.
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Israel business stocks shares TASE quotes quotations
Israel business stocks shares TASE quotes quotations
Israel business stocks shares TASE quotes quotations
Israel business stocks shares TASE quotes quotations
Israel business stocks shares TASE quotes quotations
Israel business stocks shares TASE quotes quotations
Israel business stocks shares TASE quotes quotations
Israel business stocks shares TASE quotes quotations
Israel business stocks shares TASE quotes quotations
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