The Tel Aviv Stock Exchange (TASE) fell today. The Tel Aviv 25 index was down 0.41% at 683.16 points and the Tel Aviv 100 index fell 0.27% to 693.59 points, but the Tel-Tech 15 index rose 1.10% to 394.13 points. Turnover totaled NIS 726 million.
The TASE trend was mixed today, with a sharp fall in volume, compared with the past two days. The character of trading indicates that the so-called “Netanyahu effect” has almost entirely dissipated, at least for now.
The increasing stream of second quarter financial reports dominated today’s trading in stocks. In addition to companies releasing their results, Teva also grabbed attention today, following an announcement by Elan and Biogen that they planned to request renewal of their license for Tysabri (which competes with Teva’s Copaxone), with the aim of getting their drug back on the shelves towards the end of the year.
In addition, investment houses covering Teva expressed mixed feelings regarding further delay in final approval for Agilect, Teva’s second ethical drug (after Copaxone). Teva lost 1.7% today.
In the absence of any special developments, no clear trend emerged today in the bank shares. Bank Hapoalim was up 0.7%, and Bank Leumi was down 1.2%. Among the other blue chips, Israel Chemicals added 0.7% and Bezeq dropped 0.6%, while Ormat Industries continued its surge, gaining another 1.6%.
Retalix stood out, with excellent second quarter results, beating analysts’ forecasts, and rising 7.2%. Property and Building, the IDB group’s real estate arm, reported a major improvement in its bottom line, racking up a NIS 22 million profit, and the share responded with a 1.1% rise. Alliance Tire Co. proved itself today with a good report, following the steep rise in the company’s shares since the beginning of the year, and its share gained another 5.1% today.
Rapac Electronics, which has recently performed well on the TASE, reported that its Orpak Industries had signed another contract. Orpak is headed for an IPO in London in the next few months at a company value of $80 million. The company won a NIS 3.6 million contract in Turkey, which is likely to be the first in a series in that country. Rapac’s share soared 10.4% today, and has now climbed 130% this year.
Among the biotechnology shares, XTL Biopharmaceuticals Ltd. is worth a mention. The company reported that it had completed Phase II clinical trials for its drug for treating hepatitis B, and its share jumped 7.4% in response. Alvarion was up 0.9%, following an order for its equipment in Peru. Magic Software Enterprises tumbled 7.1%, after reporting poor second quarter results, while its CEO resigned. Priortech added 5%, after reporting that First Israel Mezzanine Investors (FIMI) Fund would invest $5 million in Camtek, Priortech’s subsidiary, which produces printed circuits.
Published by Globes [online] - www.globes.co.il - on August 9, 2005