Fortunes were mixed for leading indices in today’s trading on the Tel Aviv Stock Exchange (TASE). The Tel Aviv 25 closed up 0.66% at 826.14 points; the Tel Aviv 100 rose 0.81% to 847.98 points while the Tel Tech was off 0.09% at 433.98 points. Turnover totaled NIS 1,017 million.
Trading today once again saw turnover reach seasonal averages, with banking, chemical and real estate stocks pulling the market northward. With no key economic data to mull over, investors also spent their time today following the release of company financial reports which came in dribs and drabs, although these too impacted on trade as the day wore on.
In the banking sector, First International Bank of Israel (TASE: FTIN1;FTIN5) led the gainers, closing up 2.3%, as the bank posted the impressive progress in results for 2005 that everyone anticipated. The other banks also benefited from the good news from First International, with Bank Hapoalim (LSE: BKHD; TASE: POLI) adding 1.3% and Bank Leumi (TASE: LUMI) surging 2.7%. The Banking Index closed up 1.7%.
Israel Chemicals (TASE: CHIM) and MA Industries (Makhteshim Agan) (TASE: MAIN) continued to be the focus of interest as they were in previous days, as a result of the extensive trading by foreigners in their stocks. The responses by analysts to last Thursday’s posting of Makhteshim’s results continued to be mixed, although the stock nevertheless closed up 1.1%.
Israel Chemicals’ rival in the bromide market, Chemtura Corp. (NYSE:CEM), announced a 10% hike in prices of products for the flame retardant market. Israel Chemicals, which usually falls in line with its rivals when it comes to pricing its products, responded by firming 1.6%.
IDB Holding Corp. Ltd. (TASE:IDBH) group memberSuper-Sol Ltd. (TASE:SAE; OTCBB:SSLTF), was once again the most notable of the companies reporting today. Super-Sol appears to finally reaping the fruits of the streamlining measures it introduced in recent years. Its stock responded positively to the improved results, advancing 4.5%. Its rival Blue Square Israel (NYSE: BSI; TASE: BSI) followed suit, ending the day up 4.4%.
In the real estate sector, Jerusalem Economic Corp. (TASE: ECJM) (JEC) climbed 3.8% as the company announced it was in talks for the acquisition of 272,000 sq. m. of income producing real estate assets in France for €285 million. The Tel Aviv 15 Real Estate Index itself closed up 2.2%.
Of the big companies, Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) rose 0.3% in an uneventful day in its sector; Elbit Systems (Nasdaq: ESLT; TASE: ESLT) added 0.2% ahead of tomorrow’s publication of its financial report; Frutarom Industries (TASE: FRUT; LSE:FRUT) was stronger at 1.5% ahead of Wednesday’s publication of its financial reports while Discount Investment Corporation (TASE: DISI), remained indifferent to the additional massive dividend issued by Cellcom which increased its cash assets by NIS 1.5 billion, closing up 0.4%.
Trading in Retalix (Nasdaq: RTLX; TASE: RTLX) was brisk, as the company announced yesterday it would be postponing publication of its 2005 reports for a second time, in light of the change in the company’s auditors. While local investors viewed the postponement negatively, investors on Wall Street were relatively apathetic and after losing 3% yesterday and a further 1.5% during morning trading, Retalix finally closed down 0.1%.
Published by Globes [online], Israel business news - www.globes.co.il - on March 13, 2006
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