The Tel Aviv Stock Exchange may post a third consecutive day of gains today, after Israeli forces pulled back from various positions in Gaza last night in the wake of a cease-fire announcement from Palestinian radical groups.
The rising shekel may also boost sentiment on the market. At web-posting, the shekel was up 0.2% at NIS 4.323/$, with the latest advance coming on the back of the cease-fire, sources said. The shekel’s gain may weigh on stocks of companies that focus on exports, such as MA Industries and Israel Chemicals.
Shares of Africa-Israel Investments may attract interest, ahead of the real estate company’s entry into the blue chip Tel Aviv 25 index tomorrow.
Hebrew daily “Yediot Ahronot” reports that Lev Leviev, the owner of 66% of Africa-Israel, plans to sell NIS 70-80 million worth of Africa-Israel shares today, at a price 4% below market. The sale of the shares- worth about 2.5% of Africa-Israel - is designed to expand the number of investors with holdings in the company, the report stated.
Phoenix Israel Assurance will also be entering the Tel Aviv 25 index tomorrow. Africa-Israel and Phenix will replace Blue Square Israel and Blue Square Properties.
Trading in supermarket shares, such as Super-Sol and Blue Square, may be influenced by a “Globes” report that French retail chain Carrefour, the world’s second largest after Wal-Mart Stores (NYSE: WMT), has been testing the Israeli market for several months.
Yesterday, the TA-25 rose 2.9% to 447.4 points , while the TA-100 climbed 2.7% to 459.4 points, in a continuation of the positive trend that characterized trading and the options expiry on Thursday.
Published by Globes [online] - www.globes.co.il - on 30 June, 2003