The Tel Aviv Stock Exchange (TASE) closed on mixed trends today. The Tel Aviv 25 Index added 0.81% to 954.01 points; the Tel Aviv 100 Index added 0.80% to 960.67 points, while the Tel Tech Index closed off 0.07% at 385.37 points. Turnover totaled NIS 1.301 billion.
The TASE had a mixed start to the trading week today, in line with the trend on global markets at the end of last week. This did not stop the Tel Aviv 25 Index reaching an all-time high of 954.01 points, ahead of tomorrow’s announcement by the Bank of Israel of its decision on the interest rate. With events on the local economic scene remaining low key today, the leading indices traded positively, with real estate stocks leading the market up. The bond market traded lower in line with the trend on the US market at the end of last week, while the trading in foreign currency options signaled a slight weakening by the shekel against the dollar, with the shekel-dollar rate ending the day at NIS 4.247/$.
Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) led the trading tables, soaring 8.2% on brisk volume, following comments in the media by company controlling shareholder and chairman Lev Leviev that he expected the company to double in value in 2007. The strong performance by Africa-Israel sent the TA Real Estate 15 Index up 2.7% at the end of the session. Global Trade Centre SA (WSE:GTC) (GTC Poland) was another headliner today, climbing 5.1%, a gain which also sent its parent Kardan NV (TASE: KRNV;AEX:KARD) up 2.6%. Jerusalem Economic Corp. (TASE: ECJM), which is active in the Russian market that apparently served as part of the background to Lev Leviev’s optimism, also surged 5.1%, while Gazit-Globe (TASE: GLOB) closed up 0.7%.
Trading in bank stocks was fairly thin today, as a result of the marginal activity by foreigners, with Bank Hapoalim (LSE: BKHD; TASE: POLI) and Bank Leumi (TASE: LUMI) closing slightly off, following a skeptical review from economists at Prisma Capital Markets which believe that Bank Hapoalim will miss its 2007 yield target of 16%. The lackluster day ended with the Banking Index closing down 0.1%.
Elsewhere, Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) responded to its positive arbitrage gap by gaining 1.7%. Bezeq (TASE: BZEQ) dropped 1.9% on profit taking, while Strauss-Elite Ltd. (TASE:STEL) advanced 3.7% on the back of market anticipation that the company is due to make a significant announcement tomorrow. Israel Chemicals (TASE: CHIM) gained 1.1%, while MA Industries (Makhteshim Agan) (TASE: MAIN) shed 0.9%.
Alvarion (Nasdaq: ALVR; TASE: ALVR) was another strong performer today, surging 5.4% after it received two positive recommendations last week from investment banks CIBC and RBC, while EZ Energy Ltd. (TASE:EZ) soared 9.5% after it reported that it had acquired a string of gas stations and convenience stores in the US for $24 million.
Published by Globes [online], Israel business news - www.globes.co.il - on January 28, 2007
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