Tue: Telcos continue recovery

Mobile carriers Cellcom and Partner rose strongly, as did Bezeq, but Gazit-Globe fell sharply.

The Tel Aviv Stock Exchange (TASE) rose today. The Tel Aviv 25 Index rose 0.07% to 1,229.33 points, the Tel Aviv 100 Index rose 0.11% to 1,094.76 points, and the BlueTech 50 Index rose 0.71% to 301.57 points. Turnover was NIS 955.2 million.

The TASE rose slightly today, in line with gains on European markets and at the opening on Wall Street.

In the foreign currency market, the Bank of Israel set the shekel-dollar representative exchange rate at NIS 3.629/$, up 0.30% on yesterday's rate, and set the shekel-euro representative exchange rate to NIS 4.732/€, up 0.47%.

In the bond market, long-term Shahar unlinked shekel government bonds were unchanged long term Galil CPI-linked government bonds rose by up to 0.1%. The corporate bond benchmark Tel-Bond 20 Index rose 0.06%.

In the stock market, mobile carriers Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR) and Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL) rose 8.9% and 5.7%, respectively, for the biggest gains among Tel Aviv 25 shares, continuing yesterday's rally. Bezeq Israeli Telecommunication Co. Ltd. (TASE: BEZQ) rose 3.4%. In a review of the sector, UBS said that some carriers have stopped offering low-cost plans, and the low point may be over.

Gazit-Globe Ltd. (NYSE: GZT; TASE: GLOB) fell 4.3%, for the biggest loss among Tel Aviv 25 shares, in unusually heavy trading of NIS 131 million, the biggest turnover on the TASE today. The company's controlling shareholders, Chaim Katzman and Dori Segal sold shares held through Norstar Holdings Inc. (TASE: NSTR). Norstar fell 1.9%.

Elsewhere in the market, Delek Israel Fuel Corporation Ltd. (TASE: DLKIS) jumped 13.5% on an offer to purchase by Delek Group Ltd. (TASE: DLEKG) through wholly-owned subsidiary Delek Petroleum Ltd. at a 10% premium on today's opening price. Delek Group was unchanged.

Published by Globes [online], Israel business news - www.globes-online.com - on April 9, 2013

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

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