US fiscal agreement boosts TASE
The Tel Aviv 25 Index rose 1.6% in morning trading, with only Mellanox losing ground.
Analysts in Israel and other countries predict that 2013 will be a good year for stock markets, especially after the deal to solve the US fiscal cliff problem. US investment banks predict that the S&P 500 will rise 10-19% in 2013 to 1,575-1,700 by the end of the year. Israeli investment houses predict a low double-digit return on the Tel Aviv 25 Index. .
On the TASE, banks, including Bank Hapoalim (TASE: POLI) and Bank Leumi (TASE: LUMI), are rising strongly, following gains by financial stocks on Wall Street. The S&P 500 Financial Sector Index rose 1.4%.
Israel Chemicals Ltd. (TASE: ICL) is up 2.6%, despite Canpotex's capitulation to the Chinese. The Canadian potash cartel, which includes Potash Corporation of Saskatchewan Inc. (NYSE; TSX: POT), Agrium (TSX; NYSE: AGU), and Mosaic Company (NYSE: MOS), blinked first in talks with its biggest customer (China) and signed a contract a substantial reduction in price: $400 per ton, $70 less than the price in the previous contract in March 2012, and $30 less than market forecasts, making it a poor deal as far as Israel Chemicals is concerned.
Published by Globes [online], Israel business news - www.globes-online.com - on January 1, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013
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