Sun: Mellanox continues tumble

Mellanox and EZchip both fell hard today and Teva continued its slide.

The Tel Aviv Stock Exchange (TASE) fell today. The Tel Aviv 25 Index fell 1.38% to 1,203.92 points, the Tel Aviv 100 Index fell 1.25% to 1,063.32 points, and the BlueTech 50 Index fell 2.22% to 316.35 points. Turnover was NIS 634.6 million.

The leading TASE indices fell today, in line with losses on European markets and on Wall Street on Friday.

In the foreign currency market, options pointed to a 0.06% drop in the shekel-dollar exchange rate, compared with Friday's representative rate, to NIS 3.745/$, and a 0.11% drop in the shekel-euro exchange rate to NIS 4.943/€.

In the bond market, long-term Shahar unlinked shekel government bonds rose by up to 0.2%, and long term Galil CPI-linked government bonds rose by up to 0.3%. The corporate bond benchmark Tel-Bond 20 Index fell 0.07%.

In the stock market, Mellanox Technologies Ltd. (Nasdaq:MLNX; TASE:MLNX) fell another 4.7% on the day's biggest turnover of NIS 49.2 million, and EZchip Semiconductor Ltd. (Nasdaq: EZCH; TASE:EZCH) fell 3.7%, for the biggest losses among Tel Aviv 25 shares. Their high-tech peer NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE) fell 1.2%.

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) also continued its slide, falling another 0.8%.

Oil Refineries Ltd. (TASE:ORL) bucked the market with a gain of 2%, for the biggest gain among Tel Aviv 25 shares.

Bank Hapoalim (TASE: POLI) and Bank Leumi (TASE: LUMI) both fell 1.9%, while on the Tel Aviv 100 Index, the Insurance Index fell 0.7%, after a 9% jump in the preceding three sessions, led by a 1.6% drop by Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL) and 1% drop by Menorah Mivtachim Holdings Ltd. (TASE: MORA).

Also on the Tel Aviv 100 Index, Alony Hetz Property and Investments Ltd. (TASE: ALHE) rose 4.2%, after announcing that it signed a term sheet to invest $300 million in a company that owns and buildings Washington DC office properties. Africa-Israel Properties Ltd. (TASE: AFPR) rose 1.3%, after announcing that it will build and operate a parking garage in Tel Aviv's high-tech Ramat Hahayal area for NIS 64 million.

Modiin Energy LP (TASE:MDIN.L) fell another 16.4%, after announcing new terms for renting the rig to drill in the Gabriella license. The company's partner in the failed Myra and Sarah licenses, Israel Land Development Company Energy Ltd. (TASE: IE) fell 3%.

Published by Globes [online], Israel business news - - on December 23, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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