Thu: Tel Aviv 25 Index ends March 2.4% higher

The Tel Aviv Stock Exchange (TASE) rose today for the fifth straight day. The Tel Aviv 25 Index rose 0.06% to 1,321.18 points, the Tel Aviv 100 Index rose 0.04% to 1,207.61 points, while the Tel-Tech Index rose 0.13% to 235.75 points. Turnover was NIS 2.65 billion.

The Tel Aviv 25 Index ended the week 3.2% up and ended March 2.4% up.

After the Bank of Israel raised the interest rate by 50 basis points earlier this week to 3% the shekel continue to strengthen against the dollar and the representative exchange rate was set 0.8% lower today at NIS 3.48/$. Since the interest rate decision on Monday evening, the shekel has strengthened 1.7% against the dollar.

On the stock market, bank shares had contrasting fortunes as the leading banks continued to report financials for the last quarter of 2010 and the full year. Bank Hapoalim (LSE: 80OA; TASE: POLI) rose 1.3% after reporting a 69% jump in profit in 2010 to NIS 2.2 billion. But Israel Discount Bank (TASE:DSCT) fell 2.1% after reporting a 21.6% fall in net profit to NIS 724 million.

Israel Chemicals Ltd. (TASE: ICL) was down 0.7% on the day's highest turnover.

Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS) ended the day up 1.5% and rose 9.6% over the week after posting strong results and against the backdrop of overseas companies negotiating for its acquisition.

A small cap companies that enjoyed a good daywas Telkoor Telecom (TASE:TLKR), which rose 5.9%.

Government bonds were mixed with Shahar series bonds rising up to 0.1%, Galil bonds between a rise 0.3% and a fall of 0.2%, and the Tel Bond 60 Index up 0.5%.

Published by Globes, Israel business news - www.globes-online.com - on March 31, 2011

Thu: Tel Aviv 25 Index ends March 2.4% higher

The Tel Aviv 25 Index was up 3.2% this week as Bank Hapoalim's share rose after reporting strong financials but Discount Bank was down after publishing weak results.