The Tel Aviv Stock Exchange (TASE) indices rose today. The Tel Aviv 25 index rose 1.27% to 657.19 points, just 0.5% below its all-time high, the Tel Aviv 100 rose 0.97% to 676.19 points, but the Tel-Tech was unchanged at 398.73 points. Turnover was NIS 973.9 million.
The Tel Aviv 25 index rose 2.3% in April, the Tel Aviv 100 index rose 1.8%, but the Tel-Tech fell 3%.
Today's turnover was triple the NIS 300 million daily average during the week-long Passover holiday, when the market was opened for abbreviated sessions, but NIS 500 million of today's turnover was due to the expiry of Tel Aviv 25 options.
Perrigo (Agis Industries) (Nasdaq:PRGO; TASE:PRGO) rose 2.9% today, after announcing a $30 million share buy-back. Perrigo said the buy-back would take place over the next 12 months. The measure is an extension of the company's previous $20 million buy-back plan.
Perrigo currently has almost 94 million shares traded on the TASE and Nasdaq, worth $1.68 billion, after Perrigo acquired Agis in November 2004, taking the latter's place on the TASE.
Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) made news today, announcing that it had obtained final US Food and Drug Administration (FDA) marketing approval for Clozapine tablets. A number of other companies also received approval to market this drug, including Mylan Laboratories (NYSE:MYL) and IVAX Corporation (AMEX:IVX), which will slash prices for this drug. The added revenue for Teva is therefore unlikely to be significant. Teva fell 0.2% today.
Chemicals shares again stood out today, with Israel Chemicals (TASE: CLIM) rising to new heights. Israel Chemicals rose 1%, after Potash Corporation of Saskatchewan (NYSE; TSX:POT) published its financial report for the first quarter, and it rose another 1.7% today.
MA Industries (Makhteshim Agan) (TASE: MAIN) recovered today, rising 1.7%.
The trend in bank shares was also positive today. Bank Leumi (TASE: LUMI) stood out with a 1.4% rise. Bank Leumi has been bucking the trend in bank stocks lately, apparently because of reports about growing interest by foreign investors in acquiring the controlling interest in the bank from the state.
Bank Hapoalim (LSE: BKHD; TASE: POLI) rose 0.7%, United Mizrahi Bank (TASE: MZRH) was up 1.5%, and Israel Discount Bank (TASE: DSCT) increased 1.1%, but First International Bank of Israel (TASE: FTIN1;FTIN5) fell 0.4%.
Lipman Electronics Engineering (Nasdaq: LPMA; TASE: LPMA) stood out among the dual-listed shares, rising 2.1%. Lipman fell 5% yesterday, after announcing that controlling shareholders Mivtach Shamir Holdings (TASE:MISH) and First Israel Mezzanine Investors were expected to sell $59 million worth of shares.
Among the Yeter small cap index shares, Argaman Industries (TASE: ARGM) stood out, thanks to a report by "Globes" about an expected IPO by its subsidiary Gibor Sabrina of Lodzia Rotex Group Ltd. Poalim IBI Underwriting and Investments (TASE: PIU) is expected to be the underwriter. Argaman rose 6.2% today.
Published by Globes [online], Israel business news - www.globes.co.il - on April 28, 2005