Sun: Partner leads market losses

Partner and Oil Refineries were the biggest losers on the Tel Aviv 25 Index, while Perrigo and Elbit Systems bucked the market.

The Tel Aviv Stock Exchange (TASE) fell today. The Tel Aviv 25 Index fell 1.21 % to 1,165.42 points, the Tel Aviv 100 Index fell 1.24% to 1,068.62 points, and the BlueTech 50 Index fell 0.88% to 319.23 points. Turnover was NIS 723.3 million.

The TASE fell sharply today, after the long Rosh Hashana weekend, despite gains on European markets and a mixed session on Wall Street on Friday.

In the foreign currency market, options pointed to a 0.39% rise in the shekel-dollar exchange rate, compared with last Tuesday's representative rate, to NIS 3.646/$, and a 0.51% rise in the shekel-euro exchange rate to NIS 4.806/€.

In the bond market, long-term Shahar unlinked shekel government bonds fell by up to 0.3% and long term Galil CPI-linked government bonds fell by up to 0.6%. The corporate bond benchmark Tel-Bond 20 Index fell 0.40%.

In the stock market, Perrigo Company (NYSE:PRGO; TASE:PRGO) and Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) were the only Tel Aviv 25 shares to buck the market, with gains of 1.2% and 0.6%, respectively. Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR) fell 4.5% and Oil Refineries Ltd. (TASE:ORL) fell 4% for the biggest losses on the index.

Israel Chemicals Ltd. (TASE: ICL) fell 1.2% on the day's biggest turnover of NIS 54.4 million.

On the Tel Aviv 100 Index, Jerusalem Economy Ltd. (TASE:ECJM) (JEC) fell 0.5%, after completing the sale of a Canadian property, and Electra Consumer Products Ltd. (TASE:ECP) rose 2.6%, after announcing a share buyback

Elsewhere in the market, Shemen Oil and Gas Resources Ltd. (TASE: SOG) rose 11.6%, after announcing that substantial quantities of high quality oil had been discovered at the Yam 3 well. Alvarion Ltd. (Nasdaq: ALVR; TASE: ALVR) fell 8.8%, after the court approved the company's sale.

Published by Globes [online], Israel business news - www.globes-online.com - on September 8, 2013

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

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