Sun: Teva fails to lift market

The market fell despite Teva's continued rise since announcing cutbacks, but Oil Refineries resumed its slide.

The Tel Aviv Stock Exchange (TASE) fell today. The Tel Aviv 25 Index fell 0.59% to 1,285.167 points, the Tel Aviv 100 Index fell 0.59% to 1,160.41 points, and the BlueTech 50 Index fell 0.13% to 333.66 points. Turnover was NIS 938.6 million.

The TASE fell today, despite gains on European markets and on Wall Street on Friday. The Tel Aviv 25 Index rose 2.8% last week, and 9% this year to date.

In the foreign currency market, options pointed to a 0.23% drop in the shekel-dollar exchange rate, compared with Friday's representative rate, to NIS 3.539/$, and to a 0.31% drop in the shekel-euro exchange rate to NIS 4.767/€.

In the bond market, long-term Shahar unlinked shekel government bonds and long term Galil CPI-linked government bonds rose. The corporate bond benchmark Tel-Bond 20 Index rose 0.06%.

In the stock market, Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) rose another 0.6% on the day's biggest turnover of NIS 89.3 million, after announcing 5,000 layoffs worldwide on Thursday.

Oil Refineries Ltd. (TASE:ORL) resumed its slide, falling another 2.3%, on top of last week's 23% slump, dragging parent company Israel Corporation (TASE: ILCO) down 2.8%, for the biggest loss among Tel Aviv 25 shares.

Gazit-Globe Ltd. (NYSE: GZT; TASE: GZT) fell 2.4% ahead of its listing on the Toronto Stock Exchange on Wednesday.

Opko Health Inc. (NYSE: OPK); TASE: OPK) continued to recover from its poor debut, rising another 1.5%, for the biggest gain among Tel Aviv 25 shares.

Elsewhere in the market, IDB Holding Corp. Ltd. (TASE:IDBH) unit Koor Industries Ltd. (TASE:KOR) rose 0.6%, after selling another bloc of Credit Suisse Group AG (NYSE: CS; SWX: CSGN; XETRA: CSGZ) shares, and its direct parent company, Discount Investment Corporation (TASE: DISI) rose 1.7%.

Small-cap ISSTA Lines (TASE: ISTA) rose 5.8%, following a favorable recommendation by Leader Capital Markets.

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

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

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