Wed: Telcos continue to buoy market

Cellcom, Partner and Bezeq again lifted the market while Israel Corp. and Israel Chemicals fell sharply over Zim and Potash merger uncertainties.

The Tel Aviv Stock Exchange (TASE) rose today. The Tel Aviv 25 Index rose 0.24% to 1,232.23 points, the Tel Aviv 100 Index rose 0.34% to 1,098.47 points, and the BlueTech 50 Index rose 1.10% to 304.58 points. Turnover was NIS 887 million.

The TASE again 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 3.633/$, up 0.11% on yesterday's rate, and set the shekel-euro representative exchange rate at NIS 4.758/€, up 0.55%.

In the bond market, long-term Shahar unlinked shekel government bonds were unchanged and long term Galil CPI-linked government rose by up to 0.1%. The corporate bond benchmark Tel-Bond 20 Index rose 0.13%.

In the stock market, Israel Corporation (TASE: ILCO) fell 5.9%, for the biggest loss among Tel Aviv 25 shares, on investors' fears of another debt settlement at subsidiary Zim Integrated Shipping Services Ltd. Another subsidiary, Israel Chemicals Ltd. (TASE: ICL), fell 3.9% on the day's biggest turnover of NIS 144 million, as investors wait on news about a possible sale to Potash Corporation of Saskatchewan Inc. (NYSE; TSX: POT).

Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) rose 5% on the day's biggest turnover.

Mobile carriers Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL) and Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR) continued their rally, rising 4% and 1.6%, respectively, while Bezeq Israeli Telecommunication Co. Ltd. (TASE: BEZQ) rose another 0.7%.

Elsewhere in the market, BiolineRX Ltd. (Nasdaq: BLRX); TASE:BLRX) rose 12.5%, after the US Food and Drug Administration (FDA) approved a Phase II clinical trial of the company's blood cancer drug.

Published by Globes [online], Israel business news - - on April 10, 2013

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

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