Wed: Isramco fuels market gains

Tamar partner Isramco rose strongly after obtaining a Deutsche Bank loan, and Teva gained ground on the day's biggest turnover.

The Tel Aviv Stock Exchange (TASE) rose today. The Tel Aviv 25 Index rose 1.40% to 1,241.90 points, the Tel Aviv 100 Index rose 1.24% to 1,104.53 points, and the BlueTech 50 Index rose 1.03% to 327.16 points. Turnover was NIS 1.16 billion.

The TASE rose today, in line with mixed sessions on European markets and gains at the opening on Wall Street.

In the foreign currency market, the Bank of Israel set the shekel-dollar representative exchange rate at NIS 3.663/$, down 0.54% on yesterday's rate, and set the shekel-euro representative exchange rate at NIS 4.901/€, down 0.28%.

In the bond market, long-term Shahar unlinked shekel government bonds rose by up to 0.1%and long term Galil CPI-linked government bonds ranged between losses of 0.1% and gains of 0.2%. The corporate bond benchmark Tel-Bond 20 Index fell 0.03%.

In the stock market, Israel Corporation (TASE: ILCO) and Tamar partner Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L) both rose 3.2% for the biggest gain among Tel Aviv 25 shares. Isramco obtained a $500 million loan from Deutsche Bank. Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) rose 1.3% on the day's biggest turnover of NIS 75.3 million.

The banks were again a focus of attention, with Bank Hapoalim (TASE: POLI) and Bank Leumi (TASE: LUMI) up 1.1% and 2.5%, respectively, while Israel Discount Bank (TASE: DSCT) rose another 0.4%, and Mizrahi Tefahot Bank (TASE:MZTF) corrected upwards 1.9%.

EZchip Semiconductor Ltd. (Nasdaq: EZCH; TASE:EZCH) fell 2.9% and NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE) fell 0.5% for the biggest losses among Tel Aviv 25 shares, although Mellanox Technologies Ltd. (Nasdaq:MLNX; TASE:MLNX) rose 1%.

Elsewhere in the market, IDB Holding Corp. Ltd. (TASE:IDBH) rose 30.9% in heavy trading, after chairman Nochi Dankner met the company's bondholder representatives. Subsidiary Discount Investment Corporation (TASE: DISI) rose 6.3%.

Among the companies publishing their financials today, IDB unit Shufersal Ltd. (TASE:SAE) rose 0.1%, Ceragon Networks Ltd. (Nasdaq: CRNT; TASE:CRNT) rose 2.7%, and Nova Measuring Instruments Ltd. (Nasdaq:NVMI; TASE:NVMI) rose2.1%.

Allot Communications Ltd. (Nasdaq:ALLT; TASE: ALLT) rose 2% after announcing a deal with India's Tata Communications Ltd.

Ginegar Plastics Products Ltd. (TASE:GNGR) rose 3.9% in heavy trading, after its controlling shareholders sold shares to boost the liquidity, and Albaad Massuot Yitzhak Ltd. (TASE: ALBA) rose 1.9% after announcing the completion of a new production line.

Published by Globes [online], Israel business news - - on February 20, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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