Sun: Mellanox fails to lift TASE

Mellanox corrected upwards sharply, but telcos lost ground.

The Tel Aviv Stock Exchange (TASE) fell today. The Tel Aviv 25 Index fell 0.30% to 1,192.81 points, the Tel Aviv 100 Index fell 0.19% to 1,061.95 points, but the BlueTech 50 Index rose 0.91% to 313.05 points. Turnover was NIS 705 million.

A late slump sent the TASE down, after rising in morning trading, despite gains on European markets and on Wall Street on Friday.

In the foreign currency options pointed to a 0.01% rise in the shekel-dollar exchange rate, compared with Friday's representative rate, to NIS 3.714/$, and a 0.12% rise in the shekel-euro exchange rate to NIS 4.996/€.

In the bond market, long-term Shahar unlinked shekel government bonds were unchanged and long term Galil CPI-linked government fell by up to 0.4%. The corporate bond benchmark Tel-Bond 20 Index fell 0.09%.

In the stock market, Mellanox Technologies Ltd. (Nasdaq:MLNX; TASE:MLNX) corrected upwards 17.3% for the biggest gain among Tel Aviv 25 shares and on the day's biggest turnover of NIS 58 million, on a positive arbitrage gap. Its high-tech peers on the index, EZchip Semiconductor Ltd. (Nasdaq: EZCH; TASE:EZCH) and NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE) failed to buck the market, falling 0.9% and 1.5%, respectively.

Israel Chemicals Ltd. (TASE: ICL) rose 1% and its parent company, Israel Corporation (TASE: ILCO), rose 1.4%.

Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) fell 0.8%, despite announcing a $35 million IDF unmanned aerial vehicle (UAV) upgrade project.

Mobile carriers Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR) and Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL) fell 3.2% and 2.8%, respectively, for the biggest losses among Tel Aviv 25 shares. Bezeq Israeli Telecommunication Co. Ltd. (TASE: BEZQ) fell 1.8%, after Minister of Finance Yuval Steinitz signed the permit for Israel Electric Corporation's (IEC) (TASE: ELEC.B22) fiber optic venture.

Elsewhere in the market, BiolineRX Ltd. (Nasdaq: BLRX); TASE:BLRX) rose 12.2%, after Clal Finance today said that its risk-reward potential was high, and not reflected in the share price. Sapiens International NV (Nasdaq: SPNS; TASE: SPNS) rose 7.6%, after announcing that it will distribute dividend.

Africa-Israel Investments Ltd. (TASE:AFIL) rose 2.4%, and its subsidiary Africa-Israel Properties Ltd. (TASE: AFPR) rose 7.9%, after it would seek to expand its bond by NIS 100-130 million.

Published by Globes [online], Israel business news - - on January 27, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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