The Tel Aviv Stock Exchange (TASE) rose today. The Tel Aviv 25 Index rose 0.22% to 1,062.59 points, the Tel Aviv 100 Index rose 0.53% to 954.55 points, and the BlueTech 50 Index rose 1.22% to 250.35 points. Turnover was NIS 1.09 billion.
After sharp losses at the opening, the TASE rallied strongly before falling back toward its starting levels by the close. All indices, except for the Banking Index, gained ground. Future contracts pointed to gains at the opening on Wall Street, which materialized.
The TASE will be closed Wednesday and Thursday for Rosh Hashana (Jewish New Year).
Ahead of Rosh Hashana, the TASE summarized 5761 (September 2010-September 2011). The Tel Aviv 25 Index fell 8%, the Tel Aviv 100 Index fell 11%. The BlueTech 50 Index, which replaced the Tel-Tech Index in April, rose 14%. The Oil and Gas Index fell 33%, after rising 130% in 5760.
In the bond market, long-term Shahar unlinked government rose by up to 0.3% and long-term Galil CPI-linked ranged between losses of 0.3% and gains of 0.1%. The corporate bond benchmark Tel-Bond 20 Index rose 0.34%.
In the foreign currency market, the shekel-dollar representative exchange rate rose 0.35% to NIS 3.725/$, and the shekel-euro representative exchange rate rose 0.26% to NIS 5.031/€.
In the stock market, gas exploration companies again drove the market higher. Delek Group Ltd. (TASE: DLEKG) rose 2.4% and its units, Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L) rose 4.5% and 3.7%, respectively, for the biggest gains among Tel Aviv 25 shares.
Israel Corporation (TASE: ILCO) was unchanged at NIS 2,440. Deutsche Bank today raised its recommendation for the share from "Hold" to "Buy" with a target price of NIS 4,400. Israel Corp. subsidiary Israel Chemicals Ltd. (TASE: ICL) fell 2.6%.
Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) rose 2.7%, snapping a four-day losing streak, on the day's largest turnover of NIS 72.8 million. The company today announced that it was buying out its partner Kowa Pharmaceuticals Ltd. in their joint venture in Japan Teva-Kowa Pharma.
Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) rose 3.6%, after announcing the buyback of one million shares on the TASE.
The Banking Index fell 0.2%. Bank Leumi (TASE: LUMI) rose 0.4%, but Bank Hapoalim (TASE: POLI) fell 1.1%.
Elsewhere on the TASE, Kardan NV (TASE: KRNV;AEX:KARD) rose 10.7% after announcing a €15 million share buyback. Delek Real Estate Ltd. (TASE: DLKR) rose 20.4% after reaching a deal with its bondholders. Scope Metal Trading and Technical Services Ltd. (TASE: SCOP) rose 8.1% after announcing a NIS 10.9 million dividend and a NIS 5 million share buyback.
Published by Globes [online], Israel business news - www.globes-online.com - on September 26, 2011
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