Wed: Ormat and banks drag market down

Ormat fell sharply on disappointing Q2 results while Mizrahi Tefahot and Hapoalim fells on concerns about higher than expected US fines.

The Tel Aviv Stock Exchange fell today. The Tel Aviv 35 Index fell 0.54% to 1,598.21 points; the Tel Aviv 125 Index fell 0.29% to 1,427 points; and the BlueTech Global Index fell 0.04% to 373.78 points. The TelBond 20 corporate bond index rose 0.12% to 347.80 points. Trading turnover was NIS 1.23 billion.

On the foreign currency market, the Bank of Israel set the shekel-dollar representative rate down 0.298% at NIS 3.684/$ from yesterday's rate and set the shekel-euro rate down 0.261% at 4.273/€.

On the market, Ormat Technologies Inc. (NYSE: ORA; TASE: ORA) fell 8.17% for the biggest fall on the Tel Aviv 35 Index after reporting disappointing second quarter results. Mizrahi Tefahot Bank (TASE:MZTF) fell 6.52% and Bank Hapoalim (TASE: POLI) fell 4.44% on the day's biggest trading turnover on concerns about imminent fines from the US authorities. Mazor Robotics Ltd. (TASE:MZOR) fell 4.19% and Opko Health Inc. (NYSE: OPK; TASE: OPK) fell 3.44%.

Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL) rose 6.37% for the biggest rise on the Tel Aviv 35 Index after acquiring a 70% stake in fiber optic company Unlimited. Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR) rose 3.86% and Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) rose 2.13%. Sodastream International Ltd. (Nasdaq: SODA; TASE: SODA) rose 4.26%.

Published by Globes [online], Israel business news - www.globes-online.com - on August 8, 2018

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

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