Mon: Telcos lift market

Cellcom and Partner rose strongly today, while Bezeq also gained ground.

The Tel Aviv Stock Exchange (TASE) rose today. The Tel Aviv 25 Index rose 0.22% to 1,228.42 points, the Tel Aviv 100 Index rose 0.27% to 1,093.60 points, but the BlueTech 50 Index fell 0.15% to 299.45 points. Turnover was NIS 669.2 million.

The TASE rose today, in line with gains on European markets and despite a mixed opening on Wall Street.

In the foreign currency market, the Bank of Israel set the shekel-dollar representative exchange rate at NIS 3.618/$, down 0.25% on Friday's rate, despite intervening in the market, and set the shekel-euro representative exchange rate at NIS 4.71/€, up 0.52%.

In the bond market, long-term Shahar unlinked shekel government bonds were unchanged and long term Galil CPI-linked government bonds ranged fell by up to 0.2%. The corporate bond benchmark Tel-Bond 20 Index fell 0.16%.

In the stock market, mobile carriers Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR) and Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL) rose 3.5% and 2.9%, for the biggest gains among Tel Aviv 25 shares. Bezeq Israeli Telecommunication Co. Ltd. (TASE: BEZQ) rose 1.2%.

Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) fell 1.8%. Leumi Capital Markets today gave the company an "Outperform" recommendation with a target price of $47 (compared with yesterday's closing price of $41.50 on Nasdaq), saying, "The downturn in defense industry has passed the half-way mark."

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) rose 0.4% on the day's biggest turnover of NIS 42 million.

Oil Refineries Ltd. (TASE:ORL) fell 3.8% for the biggest loss among Tel Aviv 25 shares.

On the Tel Aviv 100 Index, Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE: TSEM) rose 4.3%, after parent company Israel Corporation (TASE: ILCO) adjusted its stake in the company after converting capital notes to equity. Israel Corp. rose 1.5%.

Fashion chain Fox-Weizel Ltd. (TASE: FOX) rose 5.8%, following yesterday's investors conference. Shefa Yamim Ltd. (TASE: SEFA) rose 7.2% and Scailex Corporation (TASE: SCIX; Pink Sheets:SCIXF) rose 13.7%.

Published by Globes [online], Israel business news - - on April 8, 2013

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

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