Thu: Teva leads market down

It was an off day for the pharma sector generally, putting the Tel Aviv 25 Index into negative territory for the week.

The Tel Aviv Stock Exchange fell today. The Tel Aviv 25 Index fell 0.96%, to 1,453.84 points; the Tel Aviv 100 Index fell 0.95%, to 1,281.38 points; and the BlueTech Index fell 0.91%, to 352.51 points. The TelBond 20 corporate bond index rose 0.08%, to 323.75 points. Turnover totaled NIS 1.5 billion.

The Tel Aviv 25 Index fell 1.0% over the past week. The index is down 4.9% for the year to date.

On the foreign exchange market, the representative shekel-dollar rate was set 0.16% lower, at NIS 3.7680/$, and the representative shekel-euro rate was set 0.10% higher, at NIS 4.2549/€.

Teva led trading, and fell heavily, by 3.31%, following news that a US court had invalidated patents on double-dosage Copaxone, the company's blockbuster multiple sclerosis treatment. Bezeq fell 1.19%. The big two banks rose: Hapoalim by 0.05% and Leumi by 0.28%. Perrigo was another steep decliner, closing 2.35% off, while MannKind fell 5.26%, Mylan fell 4.40% and Opko Health fell 4.01%, to make it a rout for the the pharmaceuticals sector. Notable advancers were Delek Group energy companies Avner, up 2.64%, and Delek Drilling, up 2.54%.

Published by Globes [online], Israel business news - www.globes-online.com - on August 25, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

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