Sun: Mellanox leads TASE tumble

NICE Systems and Israel Chemicals bucked the market, but the banks and telcos fell hard.

The Tel Aviv Stock Exchange (TASE) fell today. The Tel Aviv 25 Index fell 1.50% to 1,189.26 points, the Tel Aviv 100 Index fell 1.31 to 1,056.83 points, and the BlueTech 50 Index fell 0.52% to 315.77 points. Turnover was NIS 748.9 million.

The TASE fell across the board today, in line with mixed sessions on European markets and on Wall Street on Friday. The TASE will be closed on Tuesday for the Knesset elections.

In the foreign currency market, options pointed to a 0.16% gain in the shekel-dollar exchange rate, compared with Friday's representative rate, to NIS 3.723/$, and a 0.05% gain in the shekel-euro exchange rate to NIS 4.973/€.

In the bond market, long-term Shahar unlinked shekel government bonds were unchanged and long term Galil CPI-linked government bonds fell by up to 0.2%. The corporate bond benchmark Tel-Bond 20 Index fell 0.03%.

In the stock market, Mellanox Technologies Ltd. (Nasdaq:MLNX; TASE:MLNX) fell another 5.6% on a negative arbitrage gap, for the biggest loss among Tel Aviv 25 shares. Its high-tech peers on the index, NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE) rose 3.5%, for the biggest gain among Tel Aviv 25 shares, and EZchip Semiconductor Ltd. (Nasdaq: EZCH; TASE:EZCH) rose 0.3%.

Israel Discount Bank (TASE: DSCT) fell 3.3% to lead the banks down. Bank Leumi (TASE: LUMI) fell 2.9%, Bank Hapoalim (TASE: POLI) fell 2.6%, and Mizrahi Tefahot Bank (TASE:MZTF) fell 2.4%.

Bezeq Israeli Telecommunication Co. Ltd. (TASE: BEZQ) fell 3.4%, after CEO Avraham Gabbay announced his resignation. Mobile carriers Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL) and Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR) fell 1.1% and 1.8%, respectively.

Israel Chemicals Ltd. (TASE: ICL) also bucked the market with a gain of 0.8% on the day's biggest turnover of NIS 65 million.

Modiin Energy LP (TASE:MDIN.L) fell 10.7%, after the TASE offering by its partner in the Gabriella license, Adira Energy Corporation (TSXV: ADL; Bulletin Board: ADENF; XETRA: AORLB8) failed on Thursday. Modiin Energy is now trying to raise NIS 30 million in a rights issue.

Mid-cap Sapiens International NV (Nasdaq: SPNS; TASE: SPNS) rose 9% on a positive arbitrage gap, and small-cap Enlight Renewable Energy Solutions Ltd. (TASE:ENLT) rose 8.6% to complete a 71% rise since the beginning of the year. InsuLine Medical Ltd. (TASE: INSL) rose 19.3% after obtaining conditional indemnification for its insulin patch from a German insurer.

Published by Globes [online], Israel business news - www.globes-online.com - on January 20, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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