Broad gains across Tel Aviv’s main indices were driven by buoyant construction and technology sectors amid speculation of more aggressive interest rate cuts by the Bank of Israel, boosting trading volumes and sector rotation.
Friday’s session on the Tel Aviv Stock Exchange ended with broad gains, as the main benchmarks moved higher and turnover remained solid. The Tel Aviv 35 rose 1.15% to 4,425.03 points, the Tel Aviv 125 added 1.33% to 4,371.32, and the BlueTech Global Index climbed 1.94% to 717.94. According to Globes, equity turnover reached NIS 2.47 billion, while bond trading totalled NIS 2.00 billion.
Construction and technology were among the strongest sectors, with the Tel Aviv Construction Index up 3.23% and the Tel Aviv Technology Index ahead 2.51%. Globes said building shares were buoyed by market speculation that the Bank of Israel may cut interest rates more aggressively than previously expected, a view that aligns with market pricing pointing to a strong chance of easing in May.
In foreign exchange, the shekel strengthened modestly against the dollar and weakened slightly against the euro, with the representative rate set at NIS 2.9480 to the dollar and NIS 3.4594 to the euro. Trading in individual names was led by Phoenix Financial, which gained 2.65%, while Bank Hapoalim was almost unchanged and Bank Leumi rose 0.51%. Elbit Systems added 0.47%, and Tower Semiconductor jumped 6.52%.
Tower’s rally stood out even by recent standards: Globes said the stock has climbed 80% so far this year. Other notable gainers included G City, Shikun & Binui, More Investment House and Acro, each of which rose more than 5%, while Big Shopping Centers, NewMed Energy and Mivne ended lower. The move came after several recent sessions in which TASE has been supported by strength in financials, technology and real estate, underlining the market’s sensitivity to both rates and sector rotation.
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Source: Noah Wire Services
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The article reports on events from May 2, 2024. A search for similar narratives from the past week yielded no substantially similar content, indicating originality. However, the article references a source from Globes, which is a reputable news outlet. The freshness score is slightly reduced due to the reliance on a single source and the absence of corroboration from other reputable outlets.
Quotes check
Score:
7
Notes:
The article includes specific figures and percentages, such as the Tel Aviv 35 index rising 1.15% to 4,425.03 points and Tower Semiconductor’s stock climbing 80% so far this year. These figures are consistent with data from Globes. However, the exact wording of the quotes cannot be independently verified, as the original Globes article is behind a paywall. This lack of independent verification lowers the score.
Source reliability
Score:
6
Notes:
The article cites Globes, a reputable news outlet. However, the original Globes article is behind a paywall, limiting access to the full content. Additionally, the article references other sources, such as Investing.com and StockAnalysis.com, which are less authoritative. The reliance on a single primary source and the inclusion of less authoritative secondary sources reduce the overall reliability score.
Plausibility check
Score:
7
Notes:
The reported movements in the Tel Aviv Stock Exchange and Tower Semiconductor’s stock are plausible and align with known market trends. However, the article lacks corroboration from multiple reputable sources, which raises concerns about the accuracy of the reported figures. The absence of specific details from other independent sources lowers the score.
Overall assessment
Verdict (FAIL, OPEN, PASS): FAIL
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The article presents information on the Tel Aviv Stock Exchange’s performance and Tower Semiconductor’s stock movement. However, the reliance on a single source (Globes), which is behind a paywall, and the lack of corroboration from multiple reputable outlets, raise concerns about the freshness, reliability, and independence of the information. The inability to independently verify key figures and quotes further diminishes confidence in the article’s accuracy. Therefore, the overall assessment is a FAIL with MEDIUM confidence.
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