The Tel Aviv 25 Index rose 0.06% in early trading to 678 points, but the Tel Aviv 100 Index was unchanged at 609 points, and the Tel-Tech fell 0.5% to 146 points.
After yesterday's unexpected positive session, TASE investors are trying to stay upbeat thanks to the start of a new era in the Israeli energy market following the huge natural gas reserves at the Tamar 1 well offshore from Haifa. The news sent the shares of the companies that own the prospect soaring, including Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L), Delek Group Ltd. (TASE: DLEKG).
In response to the discovery, Delek Group controlling shareholder Yitzhak Tshuva said yesterday, "The success of the drilling is a historic milestone for Israeli economic independence. It could solve the country's gas problems for many years and generations to come."
Sales of the Tamar natural gas reserves could reach $15 billion.
Delek Group rose 4.7% in morning trading today and Delek Drilling Limited Partnership (TASE: DEDR.L) rose 2%, but Avner Oil and Gas LP (TASE: AVNR.L) fell 1.3%. Isramco fell 9.3%.
Bank Hapoalim today upgraded its recommendation for Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) to "Outperform" from "Market perform" and raised its target price from $47 to $50. The bank says that Teva is a defensive share that must be included in any investment portfolio. Teva fell 0.6% in morning trading.
Published by Globes [online], Israel business news - www.globes-online.com - on January 19, 2009
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