Wed: Perrigo pulls market down

Perrigo fell sharply and Teva was down on the day's biggest turnover.

The Tel Aviv Stock Exchange (TASE) fell today. The Tel Aviv 25 Index fell 0.48% to 1,367.90 points, the Tel Aviv 100 Index fell 0.94% to 1,234.36 points, and the BlueTech 50 Index fell 1.84% to 323.36 points. Turnover was NIS 1.34 billion.

The Tel Aviv 25 Index fell today, after being closed for Memorial Day and Independence Day, despite mixed sessions 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 3.449/$, down 0.26% on Friday's rate, and set the shekel-euro representative exchange rate at NIS 4.805/, up 0.13%.

In the bond market, both long-term Shahar unlinked shekel government bonds and long term Galil CPI-linked government bonds rose. The corporate bond benchmark Tel-Bond 20 Index rose 0.04%.

In the stock market, Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) fell 0.9%, on the day's biggest turnover of NIS 134.7 million, and Perrigo Company (NYSE:PRGO; TASE:PRGO) fell 9.2%, for the biggest loss among Tel Aviv 25 shares, after cutting its guidance.

Tamar partners Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L) rose 1.5% and 2.1%, respectively, and their parent company, Delek Group Ltd. (TASE: DLEKG), rose 3.3%, for the biggest gain among Tel Aviv 25 shares, on a large Spanish deal. Isramco Negev 2 LP (TASE: ISRA.L) rose 2.5%.

Bezeq Israeli Telecommunication Co. Ltd. (TASE: BEZQ) rose 3.3%, after selling classified ads site Yad2 to Axel Springer.

On the Tel Aviv 100 Index, Allot Communications Ltd. (Nasdaq:ALLT; TASE: ALLT) fell 5.6%, despite announcing a $3 million contract, Magic Software Enterprises Ltd. (Nasdaq: MGIC; TASE: MGIC) fell 0.5%, despite reporting 28% profit growth to $5.4 million, and Delta Galil Industries Ltd. (Pink Sheets: DELTY; TASE: DELT) rose 2.3% after reporting 32% profit growth to $8.7 million.

Published by Globes [online], Israel business news - www.globes-online.com - on May 7, 2014

Copyright of Globes Publisher Itonut (1983) Ltd. 2014

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