The TA 100 rose 0.99% to 562.74 points. The TA 25 index rose 0.85% to 565.56 points, and the Tel-Tech index was up 1.33% at 694.44 points. Turnover amounted to NIS 520 million.
A new peak was posted today on the TASE as the market made up for the declines of the past few months. During the morning, the market remained hesitant, with leading indices gaining 0.5%, slipping, and then gaining again. This time, for a change, the gains remained and steadied until 15:00, when the TA25 burst its previous record level and rose to a new peak of 565 points, as demand increasingly rose. For half an hour, the market hovered in the skies, then quickly came back, and finally settled higher. The battle for 565 points started.
As usual, the blue chips led the market: Bank Hapoalim pulled the market up today, gaining 2.3% on a turnover of NIS 48 million, the highest of the day. Bank Leumi climbed slighter higher. Bezeq continued to rise today moderately, on a high turnover. Discount Investments (which closed almost unchanged) recently received a "Buy" recommendation from Bank Hapoalim. Matav attracted exceptional attention, and skipped up 4.6% on a turnover of NIS 4 million (Matav has plunged 25% since the beginning of the year).
The shares of venture capital company Green, controlled by Yitzhak Tshuva, continued to attract attention again today. They rose 3.4% on a turnover of NIS 9 million. Yesterday, Tshuva completed the sale of 9.5% of Green to Bank Leumi, at a company value of $105 million. This morning, Green was still trading at $82 million, following its gain of 6.8% yesterday. The Inventech venture capital fund, in which Green has a 25% stake, shot up 6%, on a turnover of NIS 3 million.
"Globes" correspondent Dafna Zucker adds that in the Kardan offering, to be led by IBI Underwriters and the Central Company for Securities, Kardan Technologies is expected to raise $10 million, at a company value of $71 million, after money. Similar to the recently held Shrem-Fudim-Kelner Technologies offering, employees will acquire 40% of the amount raised (for $4 million, at a special discount).
The largest shareholder in Kardan Technologies is Kardan Investments (57%), which is traded at a company value of $230 million. Businessman Benny Steinmetz holds 26%, Matty Karp 12% and board of directors chairman Moshe Steinberg holds 5%. Kardan Technologies has two successful venture capital funds in its portfolio: Nitzanim and Concorde.
Published by Israel's Business Arena on 5 July, 2000
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