Thu: Mellanox misery deepens

Mellanox fell sharply and Teva again lost ground with the Tel Aviv 25 down 0.8% on the week.

The Tel Aviv Stock Exchange (TASE) fell today. The Tel Aviv 25 Index fell 0.46% to 1,220.74 points, the Tel Aviv 100 Index fell 0.31% to 1,076.81 points, and the BlueTech 50 Index fell 0.65% to 323.53 points. Turnover was NIS 1.05 billion.

The TASE was down today with markets in Europe and the US mixed. The Tel Aviv 25 Index ended the week down 0.8% after rising 0.2% last week.

In the foreign currency market, the Bank of Israel set the shekel-dollar representative exchange rate at NIS 3.747/$, down 0.08% on yesterday's rate, and set the shekel-euro representative exchange rate at NIS 4.97/€, down 0.2%.

In the bond market, long-term Shahar unlinked shekel government bonds were unchanged long term Galil CPI-linked government bonds fell by up to 0.1%. The corporate bond benchmark Tel-Bond 20 Index rose 0.02%.

In the stock market, Mellanox Technologies Ltd. (Nasdaq:MLNX; TASE:MLNX) continued its wretched performance in recent weeks, falling a further 4.6%. The company's share price had already fallen 16% this month on the opening.

Teva, which has suffered a difficult week after presenting its new strategic plan, fell a further 2.4% on the day's highest trading turnover of NIS 133 million.

Among other dual traded shares EZchip Semiconductor Ltd. (Nasdaq: EZCH; TASE:EZCH) fell 2.5% and the Technology Index was down 0.8%.

It was a good day, in contrast, for technology shares with Paz Oil Company Ltd. (TASE:PZOL) up 4.2% and Delek Group Ltd. (TASE: DLEKG) up 2.2%.

Financial shares were also strong with the Banking Index up 0.6%. Bank Hapoalim (TASE: POLI) was unchanged , Bank Leumi (TASE: LUMI) rose 0.8% and Israel Discount Bank (TASE: DSCT) rose 1.4%.

The Insurance Index rose 1.9% and has risen 6.7% over the past two days and 8.7% over the past three days. Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS) rose 4.5% to complete a rise of 9.5% over the past two days and Menorah Mivtachim Holdings Ltd. (TASE: MORA) rose 2.5% to complete a rise of 8.6% over the past two days.

Africa-Israel Investments Ltd. (TASE:AFIL) fell 4% over concerns of the company's future cash flow situation in its bond exchange program, and there are investor concerns over the commitment by controlling shareholder Lev Levie to inject capital into the company's coffers.

Published by Globes [online], Israel business news - www.globes-online.com - on December 20, 2012

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

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