TASE slumps at opening

Stock market photo: Tamar Matzafi

Dual-listed stocks, particularly Perrigo and Teva, weighed on the main indices this morning following Wall Street's worst week in ten years.

After a delayed start to trading following the steep falls on US markets on Friday, and wide arbitrage gaps in the prices of dual-listed stocks, the main indices on the Tel Aviv Stock Exchange are sharply down this morning.

The Tel Aviv 35 Index is down 4.80%, at 1,453.29 points; the Tel Aviv 125 Index is down 4.50%, at 1,317.86 points; and the BlueTech Global Index is down 4.74%, at 320.41 points.

Bank Leumi, the only leading stock in Tel Aviv to rise on Thursday, is down 2.69%. Bank Hapoalim is down 3.52%. Teva, which opened on a negative arbitrage gap of 7.7%, is down 7.35%.

Perrigo is continuing last week's trend, and is down nearly 30%. This follows a similar slide in New York on Friday following a demand by the tax authorities in Ireland for a €1.6 billion additional tax payment on a deal from five years ago, which Irish Revenue claims should have been taxed at a higher rate than it was.

Other steep declines are in Camtex, down 11.22%, Biotime, down 9.84%, and Malam Team, down 7.84%.

None of the stocks on the Tel Aviv 125 Index list has risen this morning.

Wall Street ended its worst week for ten years on Friday. The Dow Jones Industrial Average lost 1.8% on Friday, making it a decline of nearly 7% for the week. The S&P 500 fell 2% and the Nasdaq 3%. The Tel Aviv 35 Index fell 2.07% on Friday, making it a 4.4% decline for the week.

Published by Globes, Israel business news - en.globes.co.il on December 23, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

Stock market photo: Tamar Matzafi
Stock market photo: Tamar Matzafi
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