Market Report / Rami Levy up on cellular deal
Tel Aviv indexes did a whole lot of nothing yesterday, in a session remarkable mainly for the 3.6% jump in shares of Rami Levy. The retail chain spearheaded the advent of competition in mobile communications by reaching an agreement to buy infrastructure service from Pelephone: it, and Shlomo Shmeltzer's company Free Telecom, will evidently be Israel's first MVNOs - mobile virtual network operators. That means companies providing cellular service without owning any infrastructure of their own.
The benchmark TA-25 index ended yesterday mixed with a negative bias at 1,314 points and the broader TA-100 index ended flat at 1,214 points. Midcap stocks advanced and the Biomed index gained 0.7%. Total turnover was back to normal at NIS 1.7 billion, after spiking the day before.
In world markets, the wait for Christmas has produced feeble trade and a sense of bonhomie, which means that share price rose. Not the euro, though - even the thought of eggnog couldn't compensate for the concern about the debt crisis in Europe. And the cold seizing the continent, and the U.S., kept oil high, too, Reuters reports. U.S. government bonds rose from the trough.
Teva Pharmaceutical Industries shares gained 0.6% despite Goldman Sachs' worries that it can't protect Copaxone from generic competition. Leviathan shares - Delek Drilling, Avner and Ratio - eased down as the market waits with bated breath for a report on the exploration findings. HOT fell 1.5% as its parent company, Cool Holdings, decided not to hold a placement of bonds.