Tue: Italian deadlock weighs on market

Israel Chemicals lost ground as the market anticipates weak results, but the Tamar partners rose on a LNG deal.

The Tel Aviv Stock Exchange (TASE) fell today. The Tel Aviv 25 Index fell 0.23% to 1,217.90 points, the Tel Aviv 100 Index fell 0.27% to 1,086.20 points, and the BlueTech 50 Index fell 0.43% to 311.86 points. Turnover was NIS 982.2 million.

The TASE fell today, in line with losses on European markets, as they reacted to the Italian election results, and despite a positive opening on Wall Street.

The Bank of Israel today reported that the public's financial portfolio rose by 5.8% in 2012 to NIS 2.7 trillion at the end of the year. A NIS 52 billion increase in the value of government bonds accounted for the largest increase out of the total NIS 190 billion growth in assets last year.

In the foreign currency market, the Bank of Israel set the shekel-dollar representative exchange rate at NIS 3.733/$ up 0.62% on Friday's rate, and set the shekel-euro representative exchange rate at NIS 4.887/€, down 0.24%.

In the bond market, long-term Shahar unlinked shekel government bonds fell by up 0.1% and long-term Galil CPI-linked government bonds ranged between losses of 0.1% and gains of 0.1%. The corporate bond benchmark Tel-Bond 20 Index fell 0.23%.

In the stock market, Israel Chemicals Ltd. (TASE: ICL) fell 2.5%, for the biggest loss among Tel Aviv 25 shares, on the day's biggest turnover of NIS 144 million. Psagot Investment House Ltd. today predicted that the company would publish especially weak financials in two weeks. Its parent company, Israel Corporation (TASE: ILCO) fell 2.3%.

Tamar gas field partners rose strongly, after announcing a letter of intent to sell liquefied natural gas (LNG) to Gazprom for sale in Asia. Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L) rose 1.2% and 1.4%, respectively, and their parent company Delek Group Ltd. (TASE: DLEKG) rose 0.3%, while Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L) rose 1%.

Mobile carriers Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL) and Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR) fell 0.4% and 1.3%, respectively. IBI Investment House Ltd. today predicted that the two companies could be relegated from the Tel Aviv 25 Index. Bezeq Israeli Telecommunication Co. Ltd. (TASE: BEZQ), however, rose 2.8%, for the biggest gain among Tel Aviv 25 shares.

Elsewhere in the market, Israel Land Development Company Energy Ltd. (TASE: IE) rose another 66.7% today, following its 151% gain in the three preceding sessions, partly correcting its 70% plunge since September 2012. Israel Opportunity Energy Resources LP (TASE: ISOP.L) rose 8.3%. Gulliver Energy Ltd. (TASE: GLVR) rose 18ץ7% after announcing the start of uranium exploration in the Negev.

Brainsway Ltd. (TASE:BRIN) fell 10%.

Published by Globes [online], Israel business news - www.globes-online.com - on February 26, 2013

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

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