Sun: Nitsba soars on offer to purchase

Stocks were generally weak, but the offer to purchase for Nitsba from Airport City was today's story.

The Tel Aviv Stock Exchange fell today. The Tel Aviv 25 Index fell 0.64%, to 1,653.21 points; the Tel Aviv 100 Index fell 0.47%, to 1,424.66 points; and the BlueTech Index fell 0.33%, to 360.62 points. The TelBond 20 corporate bond index rose 0.17%, to 317.10 points. Turnover totaled NIS 441 million.

On Friday, on the foreign exchange market, the representative shekel-dollar rate was set 0.29% lower, at NIS 3.769/$, and the representative shekel-euro rate was set 0.03% higher, at NIS 4.1864/€.

Nitsba was today's most heavily traded stock, and also the strongest advancer, soaring 17.47%, after parent company Airport City published an offer to purchase for the 41% of the company it does not already own, at a premium of 23% on the closing price at the end of last week. The offer to purchase is part of a move to flatten the structure of the J.O.E.L. Jerusalem Oil Exploration-Isramco group, controlled by Haim Tsuff, in compliance with the Concentration Law. Airport City fell 2.17%.

Among other leading stocks, Bank Hapoalim fell 1.46%; Bank Leumi fell 1.56%, Avner fell 2.63%, and Ratio fell 3.2%.

Alon Blue Square, owner of the troubled Mega supermarket chain, fell a further 5.15% today, while rival Shufersal rose 1.43%.

Published by Globes [online], Israel business news - www.globes-online.com - on July 5, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

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