Sun: Market flat despite Teva losses

Teva fell heavily following a US court ruling on Copaxone while Perrigo recorded the sharpest rise on the Tel Aviv 25 Index.

The Tel Aviv Stock Exchange (TASE) was mixed today on very thin trading. The Tel Aviv 25 Index edged down 0.11% to 1,227.94 points, the Tel Aviv 100 Index rose 0.03% to 1,110.84 points, and the BlueTech 50 Index rose 0.25% to 309.42 points. Turnover was NIS 356.6 million.

In the foreign currency market, options pointed to a 0.01% rise in the shekel-dollar exchange rate, compared with Friday's representative rate, to NIS 3.578/$, and the shekel-euro exchange rate rose 0.03% to NIS 4.755/€.

In the bond market, long-term Shahar unlinked shekel government bonds rose by up to 0.3% and long term Galil CPI-linked government bonds rose by up to 0.3%. The corporate bond benchmark Tel-Bond 20 Index rose 0.16%.

In the stock market, Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) fell 1.8% for the biggest loss on the Tel Aviv 25 Index on the day's biggest turnover of NIS 38 million following a US appeal court ruling which will allow generic Copaxone by next May. The other drug company on the Tel Aviv 25 Index, Perrigo Company (NYSE:PRGO; TASE:PRGO) rose 3.2% for the largest rise on the Tel Aviv 25 Index.

Oil Refineries Ltd. (TASE:ORL) fell 0.6% after raising NIS 400 million in debt last week while parent company Israel Corporation (TASE: ILCO) fell 0.8%. Israel Chemicals Ltd. (TASE: ICL) fell by just 0.1%.

NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE) fell 1.2% while Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR) rose 1.56%, Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL) rose 0.4% but Bezeq Israeli Telecommunication Co. Ltd. (TASE: BEZQ) fell back 0.85%.

Published by Globes [online], Israel business news - www.globes-online.com - on July 28, 2013

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

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