Sun: Teva and Mellanox fail to lift market

The market slipped despite strong gains by Teva and Mellanox as Israel Chemicals and Israel Corp. corrected downwards.

The Tel Aviv Stock Exchange (TASE) fell today. The Tel Aviv 25 Index fell 0.24% to 1,216.77 points, the Tel Aviv 100 Index fell 0.25% to 1,079.84 points, and the BlueTech 50 Index fell 0.17% to 330.13 points. Turnover was NIS 504.8 million.

The TASE fell today, except for the Oil and Gas Index, despite Friday's gains on European markets, but in line with losses on Wall Street.

In the bond market, long-term Shahar unlinked shekel government were unchanged and long-term Galil CPI-linked government bonds fell by up to 0.1%. The corporate bond benchmark Tel-Bond 20 Index rose 0.04%.

In the foreign currency market, options pointed to a 0.09% fall in the shekel-dollar exchange rate, compared with Friday's representative rate, to NIS 3.88/$, and a 0.07% fall in the shekel-euro exchange rate to NIS 4.998/€.

In the stock market, Israel Corporation (TASE: ILCO) corrected downward 3%, for the biggest loss among Tel Aviv 25 shares, and subsidiary Israel Chemicals Ltd. (TASE: ICL) fell 2.4% on the day's biggest turnover of NIS 70.2 million, after updating developments in Potash Corporation of Saskatchewan Inc's (NYSE; TSX: POT) wish to takeover Israel Chemicals.

Mellanox Technologies Ltd. (Nasdaq:MLNX; TASE:MLNX) rose 4% and EZchip Semiconductor Ltd. (Nasdaq: EZCH; TASE:EZCH) rose 3.6% for the biggest gains among Tel Aviv 25 shares, although their high-tech peer on the index, NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE), fell 0.8%. Harel Finance cut its target price for EZchip to $36, ahead of the publication of its third quarter financials on Tuesday.

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) rose 1.6%, following gains on the New York Stock Exchange after publishing its third quarter financials on Thursday.

Telcos fell today, led by a 1.9% drop by both Bezeq Israeli Telecommunication Co. Ltd. (TASE: BEZQ) and Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR) and 1.2% drop by Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL).

Elsewhere in the market, Israel Land Development Company Energy Ltd. (TASE: IE) fell 10.6%, but Delta Galil Industries Ltd. (Pink Sheet: DELTY; TASE: DELT) rose 6.8%, after announcing a share buy-back plan on Thursday. AudioCodes Ltd. (Nasdaq: AUDC; TASE: AUDC) rose 15.4% on a positive arbitrage gap, and YH Dimri Construction & Development Ltd. (TASE: DIMRI) rose 12.2% on an offer to purchase by its controlling shareholder.

Assisted care facility company Golden House Ltd. (TASE: GOHO) rose 3%, after swinging to a profit for the third quarter.

Published by Globes [online], Israel business news - www.globes-online.com - on November 4, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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