Euphoria in markets: Bank index jumped 3% and oil index 6.5% • Delek share jumped almost 16% following agreement with Tshuva's creditors

• Photo: 

  Joshua Joseph

Trading Week opens sharply on the Tel Aviv Stock Exchange. The various TA indices jumped more than 3%, surpassing all of the TA 90s with a 3.64% increase.

The banks index rose almost 3% and the oil and gas index climbed 6.5%, as WTI's June contract price approaches $ 30 a barrel and completes a 55% jump from the beginning of the month. However, the barrel price is still 50% lower than at the beginning of the year. Brent traded at $ 32.84 a barrel, completing a weekly increase of 5.5%, but an annual change of 54%.

Delek's stock was particularly noteworthy yesterday with a 15.8% jump, but it's still about 40% off its price in early May and more than 80% since the beginning of the year. The jump in its share price was recorded following agreements between Delek owners Yitzhak Tshuva and the company's bondholders. Teshuva can repay a debt of up to $ 50 million and, in return for securing bond holders not to repay the company's debt immediately, will have to subjugate 40% of its drilling fuel units to bond holders. As announced, Delek will raise NIS 400 million in capital by the end of the year and half will need to be raised by the end of the month. The company's raising of capital was postponed today, following the demand from the Delek Securities Authority to publish its agreement with the bondholders earlier. Delek also negotiates sale of shark crocodile gas royalties for about NIS 300 million, after repaying a third This amount is a debt to National Bank. 

Fattal is recovering

Fattal shares also recorded a slight recovery with more than 13% yesterday, in light of the decision to upgrade to leave the company's bond rating up (A3). However, the rating warns that Fattal may not meet financial benchmark criteria Debt. "The company's stock has plunged 70% since the beginning of the year before the Corona crisis erupted. 

Meanwhile, China reports that the country's unemployment rate remained high at 6% in April, despite the gradual opening of the economy in the country of origin of the Corona. In March the official unemployment rate was 5.9% and in February it reached a record 6.2%. In addition, there was a 30% decrease in the volume of businesses opened in the first quarter, compared to the same period last year.