The Tel Aviv Stock Exchange (TASE) rose today. The Tel Aviv 25 index rose 0.48% to 864.95 points; the Tel Aviv 100 index rose 0.50% to 884.28 points; and the Tel-Tech index rose 0.03%, to 418.79 points. Turnover totaled NIS 945 million.
The trading week on the TASE opened with rises that took the leading indices to new peaks by the end of the day. Amid a mixed trend on world markets on one side, the understandings reached in the coalition negotiations at the weekend on the other, and the release of positive economic data in the middle, the indices continue their upward course undisturbed, staying in positive territory all day. The bond and foreign exchange markets saw a typical pincer movement, with currency options trading indicating further strengthening of the shekel to below the NIS 4.5/$ level, while bond prices rose.
Today's session closed the most successful month this year so far. The Tel Aviv 25 index yielded a 6.2% return in April; the Real Estate index stood out with a 14.9% jump; and theYeter small cap index managed to yield an 8.8% return.
On the other hand, the Tel-Tech index fell 2.9% in April, despite the rises on Nasdaq.
On the bond market, index-linked bonds stood out with a 2% return, mainly explained by growing inflationary pressures in the economy, while on the foreign exchange market, the shekel appreciated by almost 4% against the US dollar (if one includes today's movements in currency options), mainly a result of the dollar's weakness on world markets.
Activity in bank and chemicals shares was low today, a sign of lack of involvement on the part of overseas investors. Bank Hapoalim and Bank Leumi each rose 1% on small volumes, and the Banking Index rose 0.9%. Israel Chemicals was unchanged, while MA Industries (Makhteshim-Agan) rose 1.5%, an expression perhaps of investors' satisfaction at the fact that the company is likely to be extricated from the arms of Koor in its current format. Koor continued to attract great interest, and closed 3.4% up, to complete a 9.5% rise in two sessions. The feeling among investors is that some kind of race for the company is likely to develop, with Yitzhak Tshuva, Nochi Dankner, and perhaps other investors from overseas in the thick of it.
The positive atmosphere in real estate stocks continued, and the index climbed 0.7% by the end of the day. Alrov Properties stood out in this sector, soaring 28.9% following a positive recommendation from Clal Finance Batucha, which priced the company at a premium of 75% over its opening price this morning. Parent company Alrov rose 11.4%.
Elbit Medical Imaging rose 3.5% in lively trading after it reported that the Hungarian authorities had approved an ambitious entertainment complex project on an island in the Danube. The Israel company has a 30% share of the $1.5 billion project, one of the biggest tourism projects in Europe.
Strauss Elite rose 5.6% after reporting progress on its planned London issue, and NICE Systems rose 4.7% after announcing the acquisition of two companies at the weekend at a combined investment of $210 million.
Published by Globes [online], Israel business news - www.globes.co.il - on April 30, 2006
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