Thu: Mellanox and Teva lead market gains

Mellanox rose sharply following an acquisition, while Teva posted strong gains on the day's biggest turnover.

The Tel Aviv Stock Exchange (TASE) rose today. The Tel Aviv 25 Index rose 0.92% to 1,215.76 points, and the Tel Aviv 100 Index rose 1.12% to 1,089.06 points, and the BlueTech 50 Index rose 2.27% to 303.74 points. Turnover was NIS 1.32 billion.

The TASE rose today, despite losses on European markets and a mixed opening on Wall Street. The Tel Aviv 25 Index rose 1% for the short week.

In the foreign currency market, the Bank of Israel set the shekel-dollar representative exchange rate at NIS 3.647/$, up 0.25% on Tuesday's rate, and set the shekel-euro exchange rate at NIS 4.697/€, down 0.67%.

In the bond market, both long-term Shahar unlinked shekel government bonds rose by up to 0.5% and long term Galil CPI-linked government bonds rose by up to 0.6%. The corporate bond benchmark Tel-Bond 20 Index rose 0.67%.

In the stock market, Mellanox Technologies Ltd. (Nasdaq:MLNX; TASE:MLNX) rose 6.1%, for the biggest gain among Tel Aviv 25 shares, after announcing the acquisition of a US company, Kotura Inc. Clal Finance said that the acquisition was important to compete against Intel Corporation (Nasdaq: INTC). Its high-tech peers on the index, EZchip Semiconductor Ltd. (Nasdaq: EZCH; TASE:EZCH) and NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE) rose 2.6% and 1.5%, respectively.

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) rose 4.2% on the day's biggest turnover of NIS 150 million, and Perrigo Company (Nasdaq:PRGO; TASE:PRGO) rose 2%.

Bezeq Israeli Telecommunication Co. Ltd. (TASE: BEZQ) rose 1.7% to NIS 4.62. Leumi Capital Markets cut its target price for the share 8% from NIS 5 to NIS 4.60, with a "Market perform" recommendation, saying that contradictory forces were working on the share. Mobile carriers Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL) and Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR) fell 3.7% and 2.4%, respectively, for the biggest losses among Tel Aviv 25 shares.

Bank Hapoalim (TASE: POLI) fell 0.7% and Bank Leumi (TASE: LUMI) fell 0.6%

On the Tel Aviv 100 Index, Allot Communications Ltd. (Nasdaq:ALLT; TASE: ALLT) rose 7.1%, while Avgol Nonwoven Industries Ltd. (TASE:AVGL) fell 3.8%, without any announcement.

Published by Globes [online], Israel business news - - on May 16, 2013

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

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