Sun: Mylan surpasses Teva as most valuable TASE co

The October rally continued as Teva plunged and Mylan soared following the FDA's approval of mylan's generic Copaxone.

The Tel Aviv Stock Exchange rose today. The Tel Aviv 35 Index rose 1% to 1,447.18 points; the Tel Aviv 125 Index rose 0.90% to 1,317.17 points; and the BlueTech Global Index rose 4.95% to 397.65 points. The TelBond 20 corporate bond index rose 0.02% to 339.15 points. Trading turnover was NIS 479.3 million. The market closed early at 2.30pm today and will do so tomorrow and Tuesday due to the intermediary days of the Sukkot holiday.

On the foreign currency market, the Bank of Israel set the shekel-dollar representative rate down 0.057% on Friday at NIS 3.520/$ from Wednesday's rate and set the shekel-euro rate down 0.625% at 4.116/€.

On the market, Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) fell 13.66% on the day's biggest trading turnover after the FDA approved Mylan's marketing application for generic 20mg and 40mg Copaxone. Mylan N.V.'s (Nasdaq: MYL; TASE: MYL) rose 19.36% and surpassed Teva's as the most valuable company traded on the Tel Aviv Stock Exchange. Two years ago Teva, then worth $70 billion, failed in a hostile takeover of Mylan for $40 billion. Over the past year alone, Teva's market cap has fallen 64.6% while Mylan's has only fallen 1.5%.

Elsewhere on the market, Frutarom Industries Ltd. (TASE: FRUT; LSE:FRUT; OTCBB:FRUTF) rose 1.59%, Azrieli Group Ltd. (TASE: AZRG) rose 1.31% and NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE) rose 1.30%.

Sodastream International Ltd. (TASE: SODA; Nasdaq: SODA) fell 1.34% and Bezeq Israeli Telecommunication Co. Ltd. (TASE: BEZQ) fell 0.85%.

Published by Globes [online], Israel business news - www.globes-online.com - on October 8, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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