Defense giant Elbit Systems becomes the largest Israeli firm by market value listed on the Tel Aviv Stock Exchange after surpassing Teva Pharmaceuticals Industries and the country’s biggest lenders, Bank Hapoalim and Bank Leumi.

Elbit shares jump almost 4 percent in midday trading, taking its market value to about NIS 123 billion ($40 billion), according to Tel Aviv Stock Exchange data. Teva Pharmaceutical Industries is ranked second with a market value of NIS 118 billion, followed by Bank Leumi at 115 billion and Bank Hapoalim at NIS 105 billion.

Among all companies listed on the Tel Aviv Stock Exchange, Elbit is the second most valuable company, after US cybersecurity giant Palo Alto Networks with a market capitalization of NIS 396 billion.

Elbit, led by CEO Bezhalel Machlis, is an arms manufacturer and supplier specializing in the development of a broad spectrum of defense, homeland security and commercial systems that are marketed worldwide.

Listed on both the Tel Aviv and Nasdaq stock exchanges, the defense firm is controlled by Israeli billionaire Michael Federmann through Federmann Enterprises. It operates........

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