Thu: ECB rate cut boosts TASE

Stocks rose in afternoon trading after the Eurozone rate cut, with Teva to the fore.

The Tel Aviv Stock Exchange (TASE) rose today. The Tel Aviv 25 Index rose 0.42% to 1,310.46 points, the Tel Aviv 100 Index rose 0.60% to 1,186.40 points, and the BlueTech 50 Index rose 0.53% to 328.79 points. Turnover was NIS 1.22 billion.

The TASE rose in afternoon trading today, following the interest rate cut by the European Central Bank (ECB), in line with gains on European markets and at the opening on Wall Street.

In the foreign currency market, the Bank of Israel set the shekel-dollar representative exchange rate at NIS 3.537/$, up 0.17% on yesterday's rate, and set the shekel-euro representative exchange rate at NIS 4.779/€, up 0.18%.

In the bond market, both 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 0.24%.

In the stock market, Bezeq Israeli Telecommunication Co. Ltd. (TASE: BEZQ) fell 0.2%, after reporting strong profit growth for the third quarter.

Israel Chemicals Ltd. (TASE: ICL) rose 1%, after announcing that it plans to raise $275 million in debt in the US. Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) rose 1.5%, on the day's biggest turnover of NIS 79.6 million, after announcing the appointment of an acting CFO. Opko Health Inc. (NYSE: OPK; TASE: OPK) fell 1.5% for the biggest loss on the Tel Aviv 25 Index.

Strauss Group Ltd. (TASE:STRS) rose 4.4% to NIS 64.50, for the biggest gain among Tel Aviv 25 shares, after Citi Research initiated coverage with a "Buy" recommendation and target price of NIS 74. Its food company peer on the index, Osem Investments Ltd. (TASE: OSEM) rose 2%.

On the Tel Aviv 100 Index, LivePerson Inc. (Nasdaq: LPSN); TASE: LPSN) rose 17.2%, after reporting revenue growth and narrower losses for the third quarter. Clal Finance raised its recommendation for the share from "Underperform" to "Market perform"

EZchip Semiconductor Ltd. (Nasdaq: EZCH; TASE:EZCH) fell 5.5%, following the publication of record results yesterday. Barclays Capital said today that the market had already priced in the expected growth in the company's revenue. Given Imaging Ltd. (Nasdaq: GIVN; TASE: GIVN), which also published its financials yesterday, rose another 2.2%. Oppenheimer said that it was underpriced compared with its peers, and set a target price of $25, a 19% premium on yesterday's closing price.

Published by Globes [online], Israel business news - - on November 7, 2013

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

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