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Teva leads TASE north

The banks edged upward, and real-estate was mixed, while small stocks continued to produce good returns.
Roy Meltzer 11 Feb 07 18:27

The Tel Aviv Stock Exchange (TASE) closed up today. The Tel Aviv 25 Index gained 0.23% to 972.95 points; the Tel Aviv 100 Index gained 0.35% to 984.72 points, while the Tel Tech Index gained 0.30% at 394.88 points. Turnover totaled NIS 1.238 billion.
The TASE opened the week with slight gains, despite the mixed end to last week's trading on global markets. The leading indices traded during the morning around opening levels, but they gained momentum as the afternoon wore on and spent the rest of the day in positive territory. The bond market was mixed while the trading in foreign currency options signaled a slight weakening by the shekel against the dollar, with the shekel-dollar rate closing at NIS 4.233/$.

Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) led the trading tables today, gaining 1.2% on the back of positive reviews from WR Hambrecht abroad and Bank Hapoalim (LSE: BKHD; TASE: POLI) locally. Bank Hapoalim itself edged up 0.5% while Bank Leumi (TASE: LUMI) 1.4%. Their gains sent the Banking Index up 0.8% at the close of the session.

In the chemicals sector, Israel Chemicals (TASE: CHIM) dropped 1.2% and Makhteshim Agan Industries Ltd. (TASE: MAIN) gave up 2.4%. Ormat Industries (TASE: ORMT) added 2.6% after its subsidiary Ormat Technologies (NYSE: ORA) reached agreement with Kenyan Power & Lighting Company on the securities needed to move forward with phase II of the Olkaria Geothermal Project in Kenya.

The real estate sector had a mixed day, at the end of which the TA Real Estate 15 Index closed up 0.4%. Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) closed down 0.7%, Gazit-Globe (TASE: GLOB) dropped 1.1%, while Electra Real Estate Ltd. (TASE:ELCRE) jumped 5.2%. Alrov (Israel) (TASE: ALRO) , which made a NIS 33 million profit on the sale of building rights in the Mamila compound in Jerusalem, continued its positive momentum, advancing a further 5.4%.

Small stocks continued to produce good returns today, with the Yeter 30 Index closing up 1.5%. Castro (TASE: CAST) took top slot today, soaring 7.3%, while EZ Energy Ltd. (TASE:EZ) rocketed by a further 19.8% to complete a 37% jump in one week, and Ravad Ltd. (TASE: RAVD), the ownership of which is set to transfer to Igal Ahuvi, jumped 13.3%.

Published by Globes [online], Israel business news - - on February 11, 2007

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