Sun: Telcos lift market

Partner had the biggest gain among Tel Aviv 25 shares, while Delek and its gas exploration units rose strongly on the discovery of condensates at Karish.

The Tel Aviv Stock Exchange (TASE) rose today. The Tel Aviv 25 Index rose 0.53% to 1,221.0 points, the Tel Aviv 100 Index rose 0.53% to 1,101.77 points, and the BlueTech 50 Index rose 0.43% to 308.66 points. Turnover was NIS 504.2 million.

The TASE rose today in thin trading, in line with gains on Wall Street on Friday, and despite a mixed session European markets.

In the foreign currency market, options pointed to a 0.42% drop in the shekel-dollar exchange rate, compared with Friday's representative rate, to NIS 3.591/$, and a 0.22% drop in the shekel-euro exchange rate to NIS 4.694/€.

In the bond market, both long-term Shahar unlinked shekel government bonds ranged between losses of 0.1% and gains of 0.1% and long term Galil CPI-linked government bonds rose by up to 0.1%. The corporate bond benchmark Tel-Bond 20 Index rose 0.20%.

In the stock market, Delek Group Ltd. (TASE: DLEKG) rose 2.6%, and its subsidiaries Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L) both rose 1.8%, after announcing the discovery of extensive condensates at the Karish offshore discovery.

Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR) rose 3.9% for the biggest gain among Tel Aviv 25 shares, while Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL) rose 1.5%, and Bezeq Israeli Telecommunication Co. Ltd. (TASE: BEZQ) rose 0.9% on the biggest turnover of NIS 38.7 million.

Osem Investments Ltd. (TASE: OSEM) fell 1.4% for the biggest loss among Tel Aviv 25 shares.

Elsewhere in the market, Bet Shemesh Engines Ltd. (TASE: BSEN) rose 15%, after announcing large German orders, El Al Israel Airlines Ltd. (TASE: ELAL) fell 2.5%, after announcing problems with the First Israel Mezzanine Investors Fund (FIMI) investment, and small-cap Vaxil Biotherapeutics Ltd. (TASE: VAXL-M) rose 1.8% on an investment by Yorkville Advisers LLC.

Alon Holdings Blue Square - Israel Ltd. (NYSE: BSI; TASE: BSI) rose 7.4% after its Mega supermarket chain presented a new strategic plan.

Alvarion Ltd. (Nasdaq: ALVR; TASE: ALVR) fell another 24%, before the TASE suspended trading in the share, after it announced that it would not oppose a petition for receivership.

Published by Globes [online], Israel business news - - on July 14, 2013

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

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