Market report / Tel Aviv stocks flat on thin volume
The benchmark TA-25 Index swung violently and ultimately lost a late-afternoon spike of gains to close only a hair above the flatline. Total turnover remained thin at NIS 1.2 billion
Tel Aviv stocks crept to a mixed close after a session marked by especially choppy trading, although mostly in the black. The benchmark TA-25 Index swung violently and ultimately lost a late-afternoon spike of gains to close only a hair above the flatline. Total turnover remained thin at NIS 1.2 billion.
Share prices throughout Europe traded on the downside, providing no respite to Tel Aviv traders.
Trading is being led by the bulls, commented Yaniv Pagot, head strategist at the Ayalon Group. "The oracles of apocalypse are feeling uncomfortable after two months of rallying share prices," he added. The main factor supporting share prices is upbeat American macroeconomic information, Pagot said.
But don't get cocky, dear reader - there are clouds on that there horizon, Pagot warns. These include an almost certain change of regime in France, the rain likely to fall on Spain's economy and the upward spiral in energy prices.
At the end of the day the TA-25 Index was all but unchanged at 1,149 points, the broader TA-100 Index was the same at 1,053 points and, in fact, the only index to do more than twitch was the Biomed, which gained 0.9%.
Moving onto the Tel Aviv floor, Migdal shares gained 2.3%, even though the insurance company admitted to a 95% implosion of net profit in 2011 to a mere NIS 45 million. The main reason is losses on investments during 2011.
Israel Chemicals gained 0.9% after reporting a 20% increase in revenues for the fourth quarter of 2011 to $1.71 billion, and a 38% increase in profit from regular activity to $466 million.