The Tel Aviv Stock Exchange (TASE) rose today. The Tel Aviv 25 Index rose 0.50% to 816.39 points, the Tel Aviv 100 Index rose 0.45% to 748.60 points, but the Tel-Tech fell 1.33% to 176.32 points. Turnover was NIS 1.4 billion.
The TASE opened May in an upbeat mood, buoyed by Friday's gains in international markets. Local investors are apparently determined to stay optimistic by studiously ignoring poor economic figures, as Bank Leumi noted in its weekly macroeconomic report.
Long-term Shahar unlinked government bonds fell by up to 0.3%, but long-term Galil CPI-linked bonds rose by up to 0.4%. The corporate bond benchmark Tel-Bond 20 Index fell 0.33%.
In the foreign currency market, options pointed to a 0.17% drop in the shekel-dollar exchange rate to NIS 4.154/$ and to a 0.18% drop in the shekel-euro exchange rate to NIS 5.5095/€.
In the stock market, Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) led the Tel Aviv 25 and Real Estate 15 indices upwards, with a 13.4% jump on the day's largest turnover of NIS 114.7 million as it continues taking investors on its rollercoaster ride. The company made no announcement today.
The Banking Index rose 1.3%. Bank Leumi (TASE: LUMI) rose 1.3% after offloading its Hot Cable Systems Media Ltd. (TASE: HOT) stake and after obtaining another extension to keep its stake in Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL).
Bank Hapoalim (TASE: POLI; LSE:80OA) rose another 1.1% as the dispute between controlling shareholder Shari Arison and Governor of the Bank of Israel Prof. Stanley Fischer drags on. Israel Discount Bank (TASE: DSCT) rose 1.4% and Mizrahi Tefahot Bank (TASE:MZTF) rose 1.5%.
IDB Holding Corp. Ltd. (TASE:IDBH) unit Koor Industries Ltd. (TASE:KOR) fell 1.5%, despite announcing a further NIS 271 million gain on the sale of Credit Suisse Group AG shares.
Real estate developer Asim Investments Ltd. (TASE:ASIM) rose 2.7% as it seeks a settlement with its bondholders. Also in real estate, the TASE suspended trade in four small companies Landmark Group Ltd. (TASE:LDMK), PMS Group Ltd. (TASE:PMGR), Dorot Properties and Holdings Ltd. (TASE: DOROT), and Development Company Founded by the Contractors & Builders (TASE:CTRC) for not publishing their financial reports for 2008.
Published by Globes [online], Israel business news - www.globes-online.com - on May 3, 2009
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