Thu: Mellanox rises on massive turnover

Mellanox rose on its last day traded on the Tel Aviv 25 Index, after falling 7% over the previous two sessions.

The Tel Aviv Stock Exchange (TASE) fell today. The Tel Aviv 25 Index fell 0.47% to 1,222.13 points, the Tel Aviv 100 Index fell 0.81% to 1,093.11 points, and the BlueTech 50 Index fell 0.77% to 304.06 points. Turnover was NIS 2.93 billion.

The TASE fell today in line with losses on European markets and on the opening on Wall Street. The Tel Aviv 25 Index fell 0.3% for the week, after falling 0.6% last week.

In the foreign currency market, the Bank of Israel set the shekel-dollar representative exchange rate at NIS 3.615/$, down 0.33% on yesterday's rate, and set the shekel-euro representative exchange rate at NIS 4.815/€, up 0.2%.

In the bond market, long-term Shahar unlinked shekel government rose by 0.5% and long term Galil CPI-linked government bonds rose by 0.4%. The corporate bond benchmark Tel-Bond 20 Index rose 0.07%.

In the stock market, Mellanox Technologies Ltd. (Nasdaq:MLNX; TASE:MLNX) was the focus of attention on the day that it left the Tel Aviv 25 Index, ahead of its delisting on September 1. After falling 7% over the past two days, the share price rose 1.6% today on a huge trading volume of NIS 765 million. Clal Finance believes that the delisting of Mellanox, "creates a buy opportunity," and raised the target price to $55.

Another dual-technology traded company bidding farewell to the Tel Aviv 25 Index today was EZchip Semiconductor Ltd. (Nasdaq: EZCH; TASE:EZCH) which fell 2.5%, the largest loss on the Tel Aviv 25 Index.

Other dual-listed companies include Perrigo Company (Nasdaq:PRGO; TASE:PRGO), which fell 2.5% and Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA), which fell 2.4%, after Pfizer's announcement yesterday that it will receive $1.6 million from Teva for a patent infringement.

The Insurance Index fell 1.4% today with Menorah Mivtachim Holdings Ltd. (TASE: MORA) falling 3.4%. The Banking Index fell 0.8% with Bank Hapoalim (TASE: POLI) falling 1.2% and Bank Leumi (TASE: LUMI) falling 0.6%.

Published by Globes [online], Israel business news - - on June 13, 2013

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

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