Tue: Tel Aviv 25 hits 14-month high

Every share on the Tel Aviv 25 Index rose led by banks, while Makhteshim rebounded.

The Tel Aviv Stock Exchange (TASE) rose today. The Tel Aviv 25 Index rose 1.63% to 1025.92 points, the Tel Aviv 100 Index rose 1.55% to 955.34 points, and the Tel-Tech Index rose 1.98% to 222.18 points. Turnover was NIS 1.31 billion.

The ongoing TASE rally pushed the Tel Aviv 25 Index to a 13-month high today, reaching a level last seen on August 28, 2008. Gains in Asian and European market gave TASE investors a boost, while futures contracts on Wall Street point to more gains there, which were borne out after the TASE closed.

Long-term Shahar unlinked government bonds rose by up to 0.3% and long-term Galil CPI-linked bonds rose by up to 0.5%. The corporate bond benchmark Tel-Bond 20 Index edged down 0.05%.

In the foreign currency market, the shekel-dollar representative exchange rate fell 0.72% to NIS 3.733/$, and the shekel-euro representative exchange rate fell 0.11% to NIS 5.497/€. The Bank of Israel again intervened and bought $150 million in its effort to support the shekel-dollar exchange rate.

In the stock market, all Tel Aviv 25 shares rose, led by the banks and insurance companies. Chemicals stocks attracted interest after UBS cut its target price for Makhteshim Agan Industries Ltd. (TASE: MAIN) to NIS 18, following the company's profit warning last week. The share nonetheless rose 0.9% in the general rally, rebounding from 8% drop in the previous two days. Israel Chemicals Ltd. (TASE: ICL) rose 1.4%, and its parent, Israel Corporation (TASE: ILCO) rose 1.6%.

The Banking Index rose 2.6%. Bank Hapoalim (TASE: POLI) rose 2.2%, Bank Leumi (TASE: LUMI) rose 3.2%, and Israel Discount Bank (TASE: DSCT) rose 1.8%. Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL) led insurance stocks with a gain of 2.9%.

Alvarion Ltd. (Nasdaq: ALVR; TASE: ALVR) rose 3.6% on contracts in Spain and Kenya.

Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) rose 1.4%, and subsidiary Africa-Israel Properties Ltd. (TASE: AFPR) rose 8.2%, helping boost the Real Estate 15 Index to a 1.8% gain. Amot Investments Ltd. (TASE:AMOT) also contributed with a gain of 6.7%.

Leadcom Integrated Solutions Ltd. (AIM: LEAD; TASE:LEAD) jumped 46.3% and its bond rose 17.3% after announcing that it was nearing a debt settlement.

The TASE is feeling the start of the third quarter reporting season, as reports by US companies make waves across the ocean. Several dual-listed companies have already announced the publication dates for their financials. Ceragon Networks Ltd. (Nasdaq: CRNT; TASE:CRNT) will publish on October 26 and Magic Software Enterprises Ltd. (Nasdaq: MGIC; TASE: MGIC) will report on November 4.

Published by Globes [online], Israel business news - www.globes-online.com - on October 6, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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