Israel’s Currency and Stock Market Surge, Even as War Rages

Israel’s stocks and currency are rallying after almost a week of war with Iran, even as markets elsewhere retreat amid soaring energy prices and mounting concern about a prolonged conflict.

The Tel Aviv 35 was the second-best performer among major stock gauges, closing the week up more than 7% in dollar terms. Energy company Delek Group jumped 22%, while defense firm Elbit Systems — which has the biggest weighting in the index — surged 16% in the period. The shekel appreciated 1.4% against the greenback, its strongest advance in two months and the most among major currencies.