The Tel Aviv Stock Exchange (TASE) rose today. The Tel Aviv 25 Index rose 0.18% to 1,131.47 points, the Tel Aviv 100 Index rose 0.08% to 1,006.97 points, but the BlueTech 50 Index fell 1.04% to 340.86 points. Turnover was NIS 809.9 million.
The leading TASE indices rose slightly today, after a volatile session, in line with a mixed day on European markets and despite losses at the opening on Wall Street.
DS Brokerage said today, "It seems that the Israeli corporate bond market cannot recover from its current condition on its own, and outside intervention is needed. The market mechanism has ceased to function, and it no longer reflects the risk-reward balance. In a sense, this is similar to the Italian and Spanish government bond markets. Even medium-risk companies are liable to struggle to recycle debt when the market is closed to new issues and yields are rising sharply in thin trading."
In the bond market, long-term Shahar unlinked shekel government bonds were unchanged, but long term CPI-linked bonds rose by up to 0.1%. The corporate bond benchmark Tel-Bond 20 Index rose 0.01%.
In the foreign currency market, the Bank of Israel set the shekel-dollar representative exchange rate at NIS 3.98/$, down 0.45% on Friday's rate, and set the shekel-euro representative exchange rate at NIS 5.086/€, up 0.36%.
In the stock market, Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) rose 1.4% after announcing that its joint venture with Israel Aerospace Industries Ltd. (IAI) (TASE: ARSP.B1), TOR, signed a $603 million agreement to supply the Israeli Air Force's new jet trainer and services.
Mellanox Technologies Ltd. (Nasdaq:MLNX; TASE:MLNX) fell another 4.6% today, after yesterday's 8.1% drop, for the biggest loss among Tel Aviv 25 shares, on the day's biggest turnover of NIS 118 million. Its high-tech peers NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE) fell 1.2%, but EZchip Semiconductor Ltd. (Nasdaq: EZCH; TASE:EZCH) rose 0.4%.
Oil Refineries Ltd. (TASE:ORL) rose 4.4%, for the biggest gain among Tel Aviv 25 shares, after announcing the appointment of Akiva Mozes, the former CEO of sister company Israel Chemicals Ltd. (TASE: ICL), as chairman. Israel Chemicals rose 0.2%, but their parent company, Israel Corporation (TASE: ILCO), fell 0.5%.
The banks continued to gain ground, with Bank Hapoalim (TASE: POLI) and Bank Leumi (TASE: LUMI) both rising 2.2%.
Gas exploration companies corrected downward. Leviathan partners Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L) fell 1.4% and 0.7%, respectively, while their parent company, Delek Group Ltd. (TASE: DLEKG) fell 0.8%, and Ratio Oil Exploration (1992) LP (TASE:RATI.L) fell 1.4%.
Myra and Sarah licensees Israel Land Development Company Energy Ltd. (TASE: IE) and Modiin Energy LP (TASE:MDIN.L) continued to correct upwards, rising another 11.5% and 2.1%.
Gilat Satellite Networks Ltd. (Nasdaq: GILT; TASE: GILT) rose 9.5%, after announcing that First Israel Mezzanine Investors Fund (FIMI) bought 11% of the company from Menorah Mivtachim Holdings Ltd. (TASE: MORA).
IDB Holding Corp. Ltd. (TASE:IDBH) unit Discount Investment Corporation (TASE: DISI) rose another 4.6% on top of yesterday's 13% gain.
Bezeq Israeli Telecommunication Co. Ltd. (TASE: BEZQ) rose 1.8%, its parent company B Communications Ltd. (Nasdaq:BCOM; TASE: BCOM) rose 8.5%, and its parent company, Internet Gold Golden Lines Ltd. (Nasdaq: IGLD; TASE:IGLD) rose 7.2%, following Bezeq's announcement that it will distribute a NIS 997 million dividend.
Published by Globes [online], Israel business news - www.globes-online.com - on September 10, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012