Tue: Drug cos lift Tel Aviv 25 back over 1,400 points

Teva, Opko Health, and Perrigo all rose strongly today.

The Tel Aviv Stock Exchange (TASE) rose today. The Tel Aviv 25 Index rose 1.17% to 1,405.23 points, the Tel Aviv 100 Index rose 1.53% to 1,281.20 points, and the BlueTech 50 Index rose 2.55% to 343.36 points. Turnover was NIS 1.04 billion.

Pent-up demand after a long weekend for the second Passover holiday, strongly boosted the TASE today, in line with gains on European markets and at the opening on Wall Street.

In the foreign currency market, the Bank of Israel set the shekel-dollar representative exchange rate at NIS 3.484/$, up 0.29% on Friday's rate, and set the shekel-euro representative exchange rate at NIS 4.813/€, up 0.06%.

In the bond market, long-term Shahar unlinked shekel government bonds and long term Galil CPI-linked government fell sharply. The corporate bond benchmark Tel-Bond 20 Index fell 0.13%.

In the stock market, Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) rose 4.6%, on the day's biggest turnover, even though the US Supreme Court dismissed the company's motion for an injunction until it hears the company's appeal on its Copaxone patents. Opko Health Inc. (NYSE: OPK; TASE: OPK) rose 1.7%, after acquiring an Israeli start-up for an undisclosed amount. Perrigo Company (NYSE:PRGO; TASE:PRGO) also rose 6.9%, for the biggest gain on the Tel Aviv 25 Index, on a positive arbitrage gap.

Israel Chemicals Ltd. (TASE: ICL) fell 1.2% and parent company Israel Corporation (TASE: ILCO) fell 1.1%, for the biggest losses among Tel Aviv 25 shares.

Mid-Cap Brainsway Ltd. (TASE:BRIN) rose 4.7%, after announcing positive results of a clinical trial of its treatment for Parkinson's disease.

Published by Globes [online], Israel business news - www.globes-online.com - on April 22, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

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