The corner of Wall Street and Broadway in New York.
The corner of Wall Street and Broadway in New York. Photo by Wikicommons / Fletcher6
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The Tel Aviv Stock Exchange closed modestly higher Monday amid expectations that Wall Street would begin the trading week on the upside. The benchmark Tel Aviv-25 index gained 0.5%, closing at 1,218.38 points. The broader TA-100 index was also up by half a percent, ending the trading day at 1,088.92.

The Technology index gained a little more than 1.0% Monday, while the Biomed index climbed 0.3%. The Banks-5 index was also up 0.3% and the Real Estate-15 gained 0.8%. Ten-year unlinked government bonds traded 0.09% higher with yields of 4.05%. Trading volume was NIS 858 million.

Brainsway finished the day with the second highest volume, NIS 62 million, and closed 2.3% lower. On Sunday, the company announced that the U.S. Food and Drug Administration had approved the company's proprietary device for the treatment of depression among patients who were not responding to medication. The company's stock surge since the beginning of the year has given it a market cap of NIS 885 million.

In other trading, shares of Shefa Yamim, a mining and mineral exploration company, skyrocketed by more than 35% for no apparent reason, on trading volume of NIS 5 million. Shares of Allium Medical Solutions were up by 13.5% for the day after the company was granted permission from the FDA for a medical trial. ILDC Energy stock dropped by 13.1% after it became apparent the company would not be a successful bidder for oil and gas exploration rights in Cypriot Mediterranean waters.

Allot Communications shares rose by 3.8% Monday, a day on which the company - which provides broadband solutions for land line and cellular communications - announced that it had snagged a $6 million contract from an unnamed Tier-1 cellular firm in the Eastern Europe, Africa and Mediterranean region.

On the corporate bond front, bonds of IDB Holding and IDB Development chalked up gains on the day. The IDB group's securities traded yesterday against the backdrop of contrasting behind-the-scenes efforts at the corporate consortium.

Group controlling shareholder Nochi Dankner is attempting to convince his accountants and the Israel Securities Authority that its sale of Clal Insurance to Koor Industries would suffice to show sufficient cash flow to meet its payment obligations for the next two years.

For their parts, however, the representatives of IDB Development and IDB Holding bondholders are trying to convince the bondholders to coordinate efforts to oust Dankner as controlling shareholder.

Elbit Imaging's bonds dropped during the day by up to 6% against the backdrop of a deal proposed by the company's controlling shareholder, Moti Zisser, which would have him cede control of the company and give bondholders an equity interest in the firm. The bonds ended the day just 1.5% lower, while the company's stock gained 3.8% yesterday.