The Tel Aviv Stock Exchange was fairly flat today. The Tel Aviv 25 Index rose 0.07%, to 1,401.26 points; the Tel Aviv 100 Index was unchanged, at 1,261.47 points; and the BlueTech Index fell 0.03%, to 317.26 points. The TelBond 20 corporate bond index rose 0.12%, to 321.39 points. Turnover totaled NIS 1.06 billion.
For the week, the Tel Aviv 25 Index rose 2.2%, following last week's 1.5% drop. The index has risen by 5.4% year-to-date.
This week's trading has of course taken place against a background of intensifying conflict between Israel and Hamas in the Gaza Strip. A short truce to allow Gaza Strip residents to procure supplies ended at 15:00 today, at which point rocket fire from Gaza resumed towards southern and central Israel.
Bezeq was today's most heavily traded share, rising 1.4%. Cellcom also rose, by 1.55%. Teva fell 2.19%, despite a recommendation by Institutional Shareholder Services Proxy Advisory Services (ISS) to shareholders to accept all of Teva's proposals, despite opposition from minority shareholders Benny Landa Ruth Cheshin. If ISS's recommendation is followed by Teva's US institutional shareholders, this should ensure a period of calm for the company.
Tower Semiconductor found itself near the top of the trading table, rising 8.70%, apparently thanks to a recommendation from Ascendiant Capital Markets, which raised its target price for the company’s share from $15 to $24, reflecting a 113% premium on the market price, after yesterday rise on Wall Street.
Among the banks, Hapoalim rose 0.74% today, while Leumi was flat. Israel Chemicals lost 0.38%.
Elsewhere, Clal Biotech rose 4.07%, while Perion Networks fell 3%.
Published by Globes [online], Israel business news - www.globes-online.com - on July 17, 2014
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