Sun: Mellanox, Israel Chemicals again drag down market

Mellanox again fell sharply after its disappointing second quarter guidance and Israel Chemicals continued to fall after Potash withdrew its takeover bid.

The Tel Aviv Stock Exchange (TASE) fell today. The Tel Aviv 25 Index fell 0.69% to 1,196.80 points, the Tel Aviv 100 Index fell 0.52% to 1,073.27 points, and the BlueTech 50 Index fell 0.79% to 299.29 points. Turnover was NIS 523.3 million.

The TASE fell today, in line with falls on European markets and on Wall Street on Friday.

In the foreign currency market, options pointed to a 0.03% drop in the shekel-dollar exchange rate, compared with Friday's representative rate, to NIS 3.603/$, and to a 0.07% drop in the shekel-euro exchange rate to NIS 4.695/€.

In the bond market, long-term Shahar unlinked shekel government bonds rose by up to 0.1% and long term Galil CPI-linked government bonds rose by up to 0.4%. The corporate bond benchmark Tel-Bond 20 Index rose 0.33%.

In the stock market the losses were led by Mellanox Technologies Ltd. (Nasdaq:MLNX; TASE:MLNX), which fell 8.1% after falling 7.9% on Thursday, following its disappointing second quarter guidance.

Israel Chemicals Ltd. (TASE: ICL) was the focus of attention after Potash Corp. of Saskatchewan announced last Thursday that it was abandoning its bid for the company. Israel Chemicals fell 2.3% on the day's biggest turnover of NIS 66 million, after falling 4.5% n Thursday.

Israel Discount Bank (TASE: DSCT) fell 1.4% after the bank's workers committee declared a work dispute. However the Banking Index rose 0.3% with Bank Hapoalim (TASE: POLI) up 0.6% and Bank Leumi (TASE: LUMI) up 0.1%.

IDB Holding Corp. Ltd. (TASE:IDBH) rose 10.6% and its bond series rose 11.4% on Friday's news that Argentinean billionaire Eduardo Elsztain has agreed to invest a further $75 million in the company.

Published by Globes [online], Israel business news - - on April 28, 2013

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

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