Sun: Teva slides to 18-month low

News of the price-fixing lawsuit in the US sent Teva tumbling, and the main indices closed off for the day, despite positive showings from Bezeq and the big two banks.

The Tel Aviv Stock Exchange fell today. The Tel Aviv 35 Index fell 0.58%, to 1,575.68 points; the Tel Aviv 125 Index fell 0.46%, to 1,452.89 points ; and the BlueTech Global Index fell 1.39%, to 374.32 points. The TelBond 20 corporate bond index fell 0.08%, to 356.07 points. Turnover totaled NIS 496 million in equities and NIS 1.06 billion in bonds.

Teva led trading today, and fell all of 10.70%, following the news that 44 US states had filed a lawsuit against it and other pharmaceuticals companies alleging price fixing of generic drugs. Teva's market cap is at an eighteen-month low of NIS 51 billion.

Teva was followed by Discount Bank, which fell 1.82%; Bezeq, which rose 0.42%; Bank Hapoalim, which rose 1.53%; and Bank Leumi, which rose 0.16%.

Among notable advancers today were Perrigo, which announced a new strategic plan last week and opened up a positive arbitrage gap with its Wall Street price; and Cellcom, which announced a collaboration agreement with Netflix for its Cellcom tv service. Opko Health fell 13.62%, and Delek Group fell 1.40% following the announcement of the cancellation of a deal to buy rights in a Gulf of Mexico oil field.

Published by Globes, Israel business news - en.globes.co.il - on May 12, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

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