Israeli global equities, as measured by BIGI® continued their upward move in May, almost reaching another all-time high before falling off slightly during the last week of the month.
Israeli equities continued their upward move in April, reaching new highs in both ILS and USD terms, before pulling back slightly at the end of the month. BIGI® rose 2.70% during the month, most of which was attributable to the sharp rise in Perrigo shares after US rival Mylan made an unsolicited takeover bid well above the market price.
Israeli equities continued their upward move in March, buoyed by ample domestic liquidity in the current near-zero interest rate environment, a post-election “relief” rally and continued strength in global developed market equities.
Investor sentiment was buoyed by positive European economic data, a temporary reprieve in the ongoing Greek financial saga and strength in major global equity markets.
Israeli equity market returns were primarily driven by exogenous factors, including the continued decline in global energy prices, the continued strength of U.S. dollar and the long anticipated announcement of a new European quantitative easing program.
Global financial volatility, coupled with domestic uncertainty and a gradual recovery from the negative impact of the summer 2014 war in Gaza, will continue to be the key drivers for Israeli equities for the next several months.
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