The Tel Aviv 100 index rose 1.41% to 552.36 points. The Tel Aviv 25 index rose 1.33 to 551.77 points. The Tel-Tech index rose 0.81% to 631.21 points. Turnover amounted to NIS 408 million.
The reductions in purchase tax, low July inflation estimates (as usual, the index is published after the close of trading), additional positive macro-economic figures published recently, mostly positive financial reports, and perhaps primarily a night of positive trading on Wall Street, all contributed to the handsome gains today on the TASE.
The gains grew stronger as the day progressed. During morning trading, gains totaled about 1% in the leading indices, but later improved to 1.25%. By closing, the TA 100 had risen 1.41%, TA25 had risen 1.33% and the Tel-Tech index had gained 0.81%. Turnover amounted to NIS 408 million.
The major banks lead with relatively high turnovers. The first International Bank reported a net profit of NIS 81 million in Q2, compared to NIS 39 million net profit in the corresponding quarter in 1999, and NIS 66 million in Q1, 2000. Most of the net profit stemmed from a one-time profit in the quarter of NIS 28 million from the sale of the Alpha Visa operating infrastructure to Bank Leumi.
Parralel to the financial reports' publication, the First International Bank announced the distribution of a NIS 37.6 million dividend. This lead to a 4.5% surge in the bank's share 1, on a turnover of NIS 792,000, and an even steeper rise of 5.6% in the share 5, on a turnover of NIS 1.9 million.
A host of companies published positive financials today, and were greeted by sharp gains.Qualitau soared 7.5% on a turnover of NIS 224,000; New Applicom (formerly Applicom) posted a 4% gain on a turnover of NIS 2.8 million; and Domicar surpassed them skyrocketing 8.8%, albeit on an extremely low turnover of NIS 2,500.
The day's most heavily traded share was Bank Hapoalim's. Turnover in the share totaled NIS 49 million, and the share rose 1.1%. Turnover in the Bank Leumi share was also high at NIS 30.7 million, and the share gained 2.5%. After the First International Bank's positive results were published, it is reasonable to assume rising expectations for positive financials on the part of the other banks as well.
One of the few major securities to post a decline today was that of the Isramco partnership, which announced the start of production tests at Nir 1, and that at this stage the gas flowing out of the drilling burned as soon as it was released. Following all the announcements concerning gas discoveries published this year, this announcement was no longer such an exciting event: the share slipped 1.8%, which was all the more pronounced against the backdrop of the general trend on the market today. Turnover in the Isramco share totaled NIS 13.2 million.
Published by Israel's Business Arena on 15 August, 2000
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