Sun: Israel Corp drives market higher

Putting Better Place into liquidation strongly boosted Israel Corp., but Osem fell after publishing its financials.

The Tel Aviv Stock Exchange (TASE) rose today. The Tel Aviv 25 Index rose 0.72% to 1,224.12 points, the Tel Aviv 100 Index rose 0.79% to 1,100.10 points, and the BlueTech 50 Index rose 0.94% to 309.72 points. Turnover was NIS 595.4 million.

The TASE rose today, despite losses on European markets and a mixed session on Wall Street on Friday.

In the foreign currency market, options pointed to a 0.44% fall in the shekel-dollar exchange rate, compared with Friday's representative rate, to NIS 3.698/$, and a 0.79% fall in the shekel-euro exchange rate to NIS 4.761/€.

In the bond market, long-term Shahar unlinked shekel government bonds bonds ranged between losses of 0.1% and gains of 0.1% and long-term Galil CPI-linked government bonds ranged between losses of 0.2% and gains of 0.1%. The corporate bond benchmark Tel-Bond 20 Index dipped 0.01%.

In the stock market, Israel Corporation (TASE: ILCO) rose 4.4%, for the biggest gain among Tel Aviv 25 shares, after announcing that it would no longer invest in electric car venture Better Place Inc., and the sale of the stake in container companies in China by wholly-owned subsidiary Zim Integrated Shipping Services Ltd. for $50.5 million on which it will report a $31.5 million profit.

Osem Investments Ltd. (TASE: OSEM) fell 1.5%, after publishing its financials, for the biggest loss among the Tel Aviv 25 shares, while its food company peer on the index, Strauss Group Ltd. (TASE:STRS), rose 1.8%.

Bank Hapoalim (TASE: POLI) fell 0.8% and Bank Leumi (TASE: LUMI) fell 0.4%, but a 0.8% gain by Mizrahi Tefahot Bank (TASE:MZTF) and 0.4% gain by Israel Discount Bank (TASE: DSCT) moderated the drop by the Banking Index to 0.3%.

Leviathan partner Ratio Oil Exploration (1992) LP (TASE:RATI.L), listed on the Tel Aviv 100 Index, rose 1.2% on the day's biggest turnover of NIS 21 million.

Elsewhere in the market, IDB Holding Corp. Ltd. (TASE:IDBH) fell 4.7%, amid reports that its bondholders were ganging up to seize control of the company from Nochi Dankner. Bonds for IDB Holdings and subsidiary IDB Development ranged between losses of 6.9% and gains of 14.8%.

Baran Group (TASE: BRAN; Nasdaq: BRANF) fell 5.7%, after announcing that it will write off the rest of Better Place's debt to the engineering company.

Small-cap Exalenz Bioscience Ltd. (TASE:EXEN) rose 51.2%, after obtaining US Food and Drug Administration (FDA) clearance for its update BreathID diagnostic device. Mid-cap Albaad Massuot Yitzhak Ltd. (TASE: ALBA) rose 8.5%, after announcing the operation of a new production line.

Published by Globes [online], Israel business news - www.globes-online.com - on May 26, 2013

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

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