Tue: Israel Chemicals continues rally

The market was lifted as Israel Chemicals clawed back more it recent losses, while the banks rebounded.

The Tel Aviv Stock Exchange (TASE) rose today. The Tel Aviv 25 Index rose 0.51% to 1,207.71 points, the Tel Aviv 100 Index rose 0.59% to 1,079.66 points, and the BlueTech 50 Index rose 0.27% to 299.85 points. Turnover was NIS 772.6 million.

After a weak start, the TASE rose across the board 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 3.625/$, down 0.11% on yesterday's rate, and set the shekel-euro representative exchange rate at NIS 4.71/€, down 0.51%.

In the bond market, long-term Shahar unlinked shekel government bonds were unchanged and long term Galil CPI-linked government bonds ranged between losses of 0.1% and gains of 0.2%. The corporate bond benchmark Tel-Bond 20 Index rose 0.26%.

In the stock market, Oil Refineries Ltd. (TASE:ORL) rose 3.7% for the biggest gain among Tel Aviv 25 share, without any announcement. Sister company Israel Chemicals Ltd. (TASE: ICL) continued its rally, rising another 1.9%, on the day's biggest turnover of NIS 80.7 million. Parent company Israel Corporation (TASE: ILCO) rose 2.5%.

The Banking Index rose 1.5%, with Bank Hapoalim (TASE: POLI) up 1% and Bank Leumi (TASE: LUMI) up 2%.

Telcos continued to correct downward, with Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR) down 1.4%, Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL) down 0.8%, and Bezeq Israeli Telecommunication Co. Ltd. (TASE: BEZQ) down 0.2%. Bezeq controlling shareholder B Communications Ltd. (Nasdaq:BCOM; TASE: BCOM), traded on the Tel Aviv 100 Index, fell 1.5%, after announcing plans to raise money in London.

Mellanox Technologies Ltd. (Nasdaq:MLNX; TASE:MLNX) fell 1.5% for the biggest loss among Tel Aviv 25 shares. Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) fell 0.2%, despite winning orphan drug status for a treatment under development from the US Food and Drug Administration (FDA).

On the Tel Aviv 100 Index, Babylon Ltd. (TASE:BBYL) rose 5.8%, after announcing a cooperation agreement with Yahoo! Inc. (Nasdaq: YHOO) and Gilat Satellite Networks Ltd. (Nasdaq: GILT; TASE: GILT) rose 1.3% on an IDF contract.

On the Mid-Cap Index, El Al Israel Airlines Ltd. (TASE: ELAL) rose 7.2% after ending its strike, and Silicom Ltd. (Nasdaq:SILC; TASE:SILC) rose 5.9%, after publishing strong financials for the first quarter.

IDB Holding Corp. Ltd. (TASE:IDBH) corrected upward 2.5%, and its and subsidiary IDB Development Corporation's bonds rose by up to 7.1%. Brack Capital Properties NV (TASE: BCNV) rose 1.2%, after closing the purchase of a German property for €28 million. InsuLine Medical Ltd. (TASE: INSL) rose 2.7%, after announcing that it had unveiled its InsuPad insulin patch, which is under development, in Germany.

Published by Globes [online], Israel business news - www.globes-online.com - on April 23, 2013

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

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