Trading is expected to be thin today as Americans celebrate the Independence Day holiday. However, the profit taking witnessed yesterday is likely to continue.
Yesterday, the TA-25 index lost 0.8% to 429.05 points, the TA-100 index lost 0.67% to 419.07 points and the Tel Tech 15 index was down 1.94% to 273.29. Turnover totaled a low NIS 177 million.
In New York, trading was cut short in advance of July 4 celebrations. The Nasdaq fell 0.37% to 2,140.7 points, and the Dow Jones fell 0.21% to 10,571 points.
Partner completed its first day of trading (in the TASE) impressively, rising 8.9% on a positive 6% arbitrage gap. Interest in the stock was high, and it finished the day with a NIS 7.5 million turnover. Partner, which operates the ‘Orange’ Israeli mobile phone network, has skyrocketed 30% over several days, thanks to dual-listing. Partner will join the heavyweight TA-25 index and the broader TA-100 index on August 1.
Dual-listed stocks should have a mildly positive influence on the market today. Koor, Matav, Elron, Elbit Systems, Formula and Elbit could rise on positive arbitrage gaps.
Arbitrage
gaps
Wednesday July 4 2001
|
Stock |
% Change* |
|
Blue Square Israel |
-0.8 |
| Delta
Galil |
0.4 |
|
Elbit |
2.1 |
|
Elbit Systems |
1.5 |
|
Elron |
1.2 |
| Formula |
1.7 |
|
Koor |
2.3 |
| Magic |
0.3 |
| Matav |
1.8 |
| Nice |
-0.9 |
| Teva |
-0.5 |
| Tower |
-1.1 |
*%change required in Tel Aviv to meet New
York price
Bezeq was unchanged yesterday. After the close, “Globes” reported (from sources) that Government Companies Authority director-general Yaron Jacobs was renewing his pressure on Bezeq to exercise its option granted under the agreement with Shamrock to buy Shamrock’s Pele-Phone holdings next month. Shamrock bought the stake in Pele-Phone from Motorola as a temporary alternative, until Bezeq’s privatization.
Bezeq defined the possible purchase of Shamrock’s shares in August, making Pele-Phone a government company, as “absolute nonsense.”
Published by Israel's Business Arena on 4 July, 2001