The Tel Aviv Stock Exchange (TASE) indices rose today. The Tel Aviv 25 index rose 0.29% to 571.07 points, the Tel Aviv 100 rose 0.29% to 596.43 points, and the Tel-Tech rose 0.88% to 425.05 points. Turnover was NIS 893.3 million.
Continued worries about high oil prices, together with US trade and budget deficits have pushed the dollar to new depths against the euro. The euro reached $1.3007/€ last Wednesday for the first time since its launch in 1999. In Israel, by contrast, the shekel fell 0.09% against the dollar to NIS 4.388/$. The euro-shekel rate, however, rose 0.5% to IS 5.716/€.
Financial reports for the third quarter of 2004 are trickling in to the TASE. The flow will intensify toward the end of the month. Israel Chemicals (TASE:CLIM) published an excellent report today.
Overall, Israel Chemicals had the best results in its history. Sales rose 15.5% to $677.9 million, operating profit rose from $52.8 million in the third quarter of last year to $102.1 million in the third quarter of 2004, and net profit doubled from $29 million to $61.8 million. The net profit margin also doubled to 9.1% of sales.
Israel Chemicals' share, which had been climbing steadily in anticipation of the financial report, was unchanged in today's trading.
Strauss-Elite (TASE:STEL) was another company to publish its financial report today. Strauss-Elite posted a net profit of NIS 112.1 million in January-September. Its net profit was NIS 37.6 million for the third quarter, compared with NIS 38.1 million for the second. The share fell 1.3% after the publication of its quarterly report.
MatrixIT boosts profits
Matrix IT (TASE:MTRX), controlled by Formula Systems (Nasdaq:FORTY; TASE:FORT) (60.3%), also published its financial report for the third quarter today. The company posted higher revenue and profits, but lower cash flow. Its net profit rose to NIS 7 million on NIS 225 million in revenue (a profit margin of 3%), compared with a profit NIS 1.6 million on NIS 187 million in revenue for the corresponding quarter of 2003 and a profit of NIS 5 million in NIS 210.6 million in revenue in the preceding quarter. MatrixIT's share rose 2.9% today.
I will conclude with Mashav Cooling Industries Ltd. (TASE:MASH), which will not be delisted following the failure an offer to purchase by Shlomo Rodev and Ronny Gat. Mashav's share was unchanged today, after no transactions in the share took place.
Published by Globes [online] - www.globes.co.il - on November 17, 2004