The Tel Aviv Stock Exchange fell today. The Tel Aviv 25 Index fell 1.85%, to 1,416.23 points; the Tel Aviv 100 Index fell 1.94%, to 1,241.60 points; and the BlueTech Index fell 2.35%, to 350.97 points. The TelBond 20 corporate bond index fell 0.16%, to 320.023points. Turnover totaled NIS 1.68 billion.
On the foreign exchange market, the representative shekel-dollar rate was set 0.61% higher, at NIS 3.8140/$, and the representative shekel-euro rate was set 0.68% lower, at NIS 4.2028/€.
Negative arbitrage gaps weighed on the Tel Aviv Stock Exchange today, particularly on pharma stocks, as it reopened after a two-day break for Yom Kippur. Teva, which led trading, fell 1.91%. Bank Hapoalim fell 0.96%, Bank Leumi fell 2.22%, and Bezeq fell 3.31%. Frutarom, which announce yet another acquisition, was the only one of the leading five stocks to rise, by 0.76%. MannKind fell 7.57% and Biotime 7.47%. The Biomed Index fell 3.69%.
The disarray in the Tel Aviv Stock Exchange's top management worsened today when the exchange's board decided not to accept the resignation of deputy CEO and chief operating officer Gal Landau-Yaari, who acceded to the board's request to withdraw her letter of resignation and continue in her post, with full powers as CEO pending the appointment of a replacement for Yossi Beinart who recently resigned as CEO, citing ill health. The board's decision is seen as a blow to Tel Aviv Stock Exchange chairman Amnon Neubach. Landau-Yaari tendered her resignation because of deteriorating relations with Neubach. Beinart's relationship with Neubach was also known to be fraught.
Published by Globes [online], Israel business news - www.globes-online.com - on October 13, 2016
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