Wed: Drug cos drag Tel Aviv 25 back below 1,400 points

Teva, Opko, and Perrigo all corrected downward today.

The Tel Aviv Stock Exchange (TASE) fell today. The Tel Aviv 25 Index fell 0.91% to 1,392.49 points, the Tel Aviv 100 Index fell 0.77% to 1,271.33 points, and the BlueTech 50 Index fell 0.63% to 341.21 points. Turnover was NIS 1 billion.

The TASE corrected downward today, in line with losses on European markets and at the opening on Wall Street.

In the foreign currency market, the Bank of Israel set the shekel-dollar representative exchange rate at NIS 3.489/$, up 0.14% on yesterday's rate, and set the shekel-euro representative exchange rate at NIS 4.829/€.

In the bond market, both long-term Shahar unlinked shekel government bonds and long term Galil CPI-linked government rose. The corporate bond benchmark Tel-Bond 20 Index rose 0.08%.

In the stock market, Leviathan partners rose, after Turkey's Turcas Petrol AS (Istanbul: TRCAS) announced that it has initiated negotiations to buy natural gas from the field, for domestic customers. Delek Group Ltd. (TASE: DLEKG) rose 0.1%, and its energy exploration units Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L) rose 0.4% and 0.6%, respectively, while Ratio Oil Exploration (1992) LP (TASE:RATI.L) rose 2.4%. Gazit-Globe Ltd. (NYSE: GZT; TASE: GZT; TSX: GZT) rose 1.1%, for the biggest gain among Tel Aviv 25 shares.

Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) fell 0.2% despite announcing a large European contract.

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA), Opko Health Inc. (NYSE: OPK; TASE: OPK), and Perrigo Company (NYSE:PRGO; TASE:PRGO) all corrected downward from yesterday's gains. Teva fell 1.2% on the day's largest turnover of NIS 68.7 million, Perrigo fell 2%, and Opko fell 1.7%.

Israel Chemicals Ltd. (TASE: ICL) fell 2.8%, for the biggest loss among Tel Aviv 25 shares, despite announcing a large investment in its UK potash unit.

Published by Globes [online], Israel business news - www.globes-online.com - on April 23, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

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