A multi-polar market: ICL pays billions, Nayax shows confidence, and small firms fight for survival

A multi-polar market: ICL pays billions, Nayax shows confidence, and small firms fight for survival

Capital market divides are exposed: while ICL reveals payments of about ₪1 billion to the state, and Nayax's CEO buys millions in shares, other companies focus on employee retention and some are fighting for survival.

The polarization in the capital market is deepening. On the positive side: chemicals giant ICL reported payments of about ₪1 billion to the state; Beit Shemesh Engines and M.L.R.N strengthen their management ranks; Delek Real Estate Ventures appointed an external director; and Nayax's CEO bought $4.6 million in shares. On the other side, small tech companies are fighting for survival, and insurance giants continue legal house-cleaning.

The polarization in the capital market continues to deepen, and new reports continue to paint a picture of widening gaps. Alongside companies fighting for survival, mature and growing companies are actively working to cement their standing. Seemingly routine moves, such as the appointment of an external director at Delek Real Estate Ventures or the allocation of options to an executive at the credit company M.L.R.N, highlight the gap between those planning for the long term and focusing on internal stability, versus those fighting for tomorrow.

Strength, stability, and corporate governance

In a report filed with the U.S. Securities and Exchange Commission (SEC), ICL (formerly Israel Chemicals) disclosed the scope of payments it transferred to governments in the countries where it operates. Figures for 2025 reveal the company's immense economic contribution: total payments to government bodies in Israel totaled approximately $291 million (about ₪1.07 billion). The report provides a rare glimpse into the financial scale at which industrial giants operate.

In a similar trend of stability, jet engine parts manufacturer Beit Shemesh Engines reported the results of its shareholders' meeting, which approved a series of moves signaling business continuity. The meeting reapproved the tenure of all board members, including Chairman Gillon Beck and controlling shareholder representative (the FIMI Foundation) Yishai Davidi. The highlight was the approval of a retention package for CEO Ram Drori, a move signaling the board's desire to ensure his retention and confidence in current management to lead the company forward.

Joining the stability trend is Delek Real Estate Ventures, which reported the appointment of Binyamin Haddad as an external director. This move, constituting part of routine corporate governance in large companies, reflects a focus on proper corporate governance and ensuring adequate oversight and control over company operations. Similar to the moves at Beit Shemesh Engines, this is also a signal of 'business as usual' and stability.

Similarly, indicating a focus on retention and strengthening management, non-bank credit company M.L.R.N Projects and Trade reported the allocation of 35,000 options to company controller Yaakov Marcus. The move, executed as part of the company's equity-based compensation plan, is intended to incentivize management over the long term. Even if this is a move of significantly smaller scale than the market's mega-moves, it reflects a trend of companies focusing on internal stability and retaining quality human capital.

At the same time, the positive trend in the insurance sector continues. After Harel reported the submission of a settlement agreement in a long-standing class action, Migdal Insurance and Financial Holdings also updated that its subsidiary, Migdal Insurance Company, filed a similar request to approve a settlement agreement. The closure of these legal files removes a cloud of uncertainty from over the two major insurance groups.

Vote of confidence in Nayax

In a move representing a strong bullish signal, Yair Nechmad, founder, CEO, and chairman of payment technology company Nayax, purchased company shares on the open market amounting to approximately $4.6 million. According to a report filed with the SEC, Nechmad purchased 104,511 shares at an average price of about $44 per share. Purchases of such scale by a company's highest-ranking officer are perceived as an expression of deep confidence in the company's future growth potential. The move at Nayax, a company traded on both Tel Aviv and NASDAQ, provides a prominent bright spot in the technology sector.

The edges of technology: from collapse to financial engineering

In sharp contrast to the confidence in Nayax and the strength of ICL, NextFerm Technologies reported the final and disappointing stage in the implementation of its debt arrangement. After efforts to find a buyer for its food-tech operations fell through, it was forced to sell its remaining physical equipment in Israel for a mere 65,000 shekels. Conversely, Bitcorp Capital Group reported progress in negotiations to sell its previous robotics operations.

Joining this complex picture is Axilion Smart Mobility, which reported its intention to seek an extension on the validity of options. Such a move is typically intended to prevent out-of-the-money options from expiring and to buy time in the hope of a recovery in the share price. Axilion's step illustrates the difficulties experienced by technological sectors in raising capital, and stands in stark contrast to both the massive share purchases by Nayax's CEO and the stabilization moves at other companies.

This past week clearly illustrates the dynamics of a multi-polar market: on one hand, giant companies such as ICL, Beit Shemesh Engines, Delek, Harel, and Migdal demonstrate stability and economic strength. On the other hand, the technology sector displays many faces – from unreserved management confidence in their companies to survival struggles through financial engineering.