April 23, 2012–Stocks rose strongly to open the trading week Sunday on the Tel Aviv Stock Exchange. This will be a short trading week as the TASE will be closed on Wednesday and Thursday for Memorial Day and the Independence Day holiday. Shares opened the day with gains and spent the entire day in positive territory.
Turnover continued to be quite low and investors may seem to have been waiting once again for both local and international news. The bond market, and other investors, are certainly waiting for the announcement this evening by the Bank of Israel about May interest rates, which most analysts expect to remain unchanged at 2.5%. Investors are also waiting for more information on the major world economies and the fate of the never-ending European debt crisis.
The blue chip TA-25 index rose 0.8% to close at 1,161 points and the broader TA-100 index gained 0.4% to end the day at 1,067 points. The main indexes were all in the green for the day – except for the TA-Communications index, which lost 0.7%. The TA-Banks index climbed 1.5%, leading the TASE up, and the Real Estate-15 index gained 0.8%. The Biomed index jumped 4.7% and the Oil and Gas Exploration index rose 0.4%. The BlueTech-50 index climbed 3%.
Turnover was once again quite low, at just a bit under NIS 700 million. Large-cap corporate bonds rose 0.2% and the Three TelBond indexes, the -20, -40 and -60 are all now at record highs. Government bonds were mixed, but with little major movement for the day.
A number of dual-listed shares opened the day with large arbitrage gaps: Mellanox jumped 10.2% after releasing its financials. (See story on Page 8. ) Alvarion jumped 17% after it replaced its CEO last week.
Biomed shares were the big news with Protalix climbing 15.8%, Medigus gaining 9.6%, Hadasit Bio Holdings rising 12.2%, Prolor up 6.2% and Clal Biotechnology Industries gaining 7.5%.
Delek Real Estate climbed 13.2% on news it was near an agreement with bondholders. (See story on Page 8. ) Kardan NV rose 8%. The Delek Group gained 2.3%.
Only communications shares stood out on the down side: Bezeq lost 1.1%, Internet Gold fell 4.1%, and Cellcom lost 1%…Read More>>