The Tel Aviv 100 closed up 2.39% at 529.76 points. The Tel Aviv 25 closed up 1.84% at 515.20 points.Turnover amounted to NIS 617 million.
The Wall Street Nasdaq had one of its best weeks last week, and the index set another record. This was enough for our local stock market to start the week strongly northbound. Possibly added to this, of course, are the new assessments that the CPI index for the first month of 2000 will either be zero, or even minus a fraction of a percentage, which increases the chances of the interest rate being lowered further. This is the recipe for a successful day of trading.
At the same time, the Meitav brokerage firm published what could be the key explanation for the handsome rises on the Israeli stock market in the past month: the injection of almost NIS 3 billion to the mutual funds industry.
Regarding today's trading, the gains grew sharper until 14:30 this afternoon, with the Tel Aviv 100 up 2.5%. At this stage, the advances were halted, but the slight declines did not really affect the positive atmosphere, and the TA 100 closed the day up 2.39%. The Tel Aviv 25 index, on the other hand, closed up only 1.84%. The day's turnover amounted to NIS 617 million.
Hefetz agreement boosts Matav
The highest turnover was posted in the Bezeq share: an enormous NIS 429 million, on a 4.4% gain. High turnovers were also posted in Discount Investments - NIS 18.8 million, up 3.1%; Bank Hapoalim attracted a turnover of NIS 17.5 million, up 1%; and Formula attracted a turnover of NIS 16.3 million, surging 8.5%.
The shares of cable television company Mataz attracted a turnover of NIS 13 million, and posted a 5.3% gain. Parent company Dankner Investments today announced it signed at the end of last week an agreement for the purchase of 250,000 Matav shares from Hefetz Holdings. This represents 0.9% of the company's capital, and they will be acquired for $7.1 million.
The per share price is $28.5, or NIS 115, which is 10% lower than the price of Matav shares this morning, before the gain. Dankner added in its announcement that after the deal is completed, it will hold 44.5% of Matav shares.
Tshuva: en route to Benny Cohen
Shares of underwriters Leader shot up 10%. Leader is planning to hold a private placement shortly with its controlling shareholder Shrem-Fudim-Kelner, which will invest NIS 15 million in shares on the basis of NIS 23 per share, similar to the share price this morning (before it shot up). Moreover, Shrem-Fudim-Kelner will be given an option to invest a similar sum, on the basis of a share price of NIS 30, 16.3% above the price at which Leader closed the day (NIS 25.8).
A much stronger leap, in fact the day's sharpest gain was in the share of the Benny Cohen company, following the magic touch of Yitzhak Tshuva. After completing the takeover of Benny Cohen, Tshuva will be the controlling shareholder of a dozen listed companies.
Despite the fact that Benny Cohen has been a candidate for a takeover for several months, its shares were traded quietly last year, in the NIS 1.28 - 2.62 per share range. The storm began on February 1, and today's meteoric surge of 90.3%, completed an amazing almost 400% gain in the past four days of trading. Turnover was also exceptional at NIS 5.4 million.
Regarding the bond market, the shekel instruments posted advances today, while the index-linked instruments slipped, and the trend in foreign currency-linked instruments was mixed.
Published by Israel's Business Arena on February 6, 2000
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