Sun: Teva's continued tumble fails to depress market

Teva fell further today, but Perrigo rose strongly for the biggest gain on the Tel Aviv 25 Index.

The Tel Aviv Stock Exchange (TASE) rose today. The Tel Aviv 25 Index rose 0.41% to 1,293.42 points, the Tel Aviv 100 Index rose 0.60% to 1,168.79 points, and the BlueTech 50 Index rose 0.22% to 323.32 points. Turnover was NIS 609.8 million.

The TASE rose today in line with gains on Wall Street, and on several European markets on Friday. Last week, the Tel Aviv 25 Index rose 0.1%, to gain 8.7% since the beginning of the year.

In the foreign currency market, options pointed to a 0.34% gain in the shekel-dollar exchange rate, compared with Friday's representative rate, to NIS 3.539/$, and to a 0.20% gain in the shekel-euro exchange rate to NIS 4.776/€.

In the bond market, long-term Shahar unlinked shekel government bonds fell by 0.3% and long term Galil CPI-linked government fell by 0.5%. The corporate bond benchmark Tel-Bond 20 Index rose 0.x%.

In the stock market, Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) fell another 1.5%, on the day's biggest turnover of NIS 55.5 million, as the fallout from CEO Jeremy Levin's ouster continued to roil investors. Perrigo Company (NYSE:PRGO; TASE:PRGO) rose 5.8% for the biggest gain among Tel Aviv 25 shares.

Delek Group Ltd. (TASE: DLEKG) rose 1.8% amid reports of developments at the Leviathan gas field.

Telcos lost ground, led by a 1.9% drop by Orange franchisee Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR), for the biggest loss among Tel Aviv 25 shares. Bezeq Israeli Telecommunication Co. Ltd. (TASE: BEZQ) fell 1.5% and Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL) fell 0.3%. Mazor Robotics Ltd. (Nasdaq: MZOR; TASE:MZOR) rose 3.4%, after underwriters exercised their over-allotments options in the company's Nasdaq offering.

Elsewhere in the market, Africa-Israel Investments Ltd. (TASE:AFIL) jumped 16% to complete s 32.5% gain within a week.

Small-cap Globe Exploration LP (TASE: GLEX.L) rose 48.5%, after announcing that substantial quantities of hydrocarbons had been found at the Ofek 2 well.

Published by Globes [online], Israel business news - - on November 3, 2013

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

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