Stocks rose on Monday on the Tel Aviv Stock Exchange as local investors followed the lead of their European colleagues - but trading volume remained tiny, as it has been of late. Except for a very brief plunge around 11 a.m. when many European markets opened, shares spent the entire day in the green.
What is somewhat surprising is that European finance ministers once again were unable to reach agreement over a Greek bailout plan on Monday - and the markets still rose. But it seems that the EU is progressively edging closer to an agreement, with a number of issues still on the table to be wrangled out. Wall Street was closed on Monday for the Presidents Day holiday.
The blue chip TA-25 index rose 0.5% Monday to close at 1,117 points and the broader TA-100 index also gained 0.5% to end the day at 1,074 points.
Almost all the major indexes were in the green, but the Biomed index fell 0.5% and the Oil and Gas Exploration index ended a hair below teh flatline, at a loss of less than 0.1%. The TA-Banks index rose 0.1% and the Real Estate-15 index gained 1%.
The BlueTech-50 index rose 0.2%. The TA-Communications index stood out with a 2.1% rise, as phone company Bezeq climbed 4.5%. Bezeq had the day's highest volume of NIS 115 million, which was more than 13% of the TASE's entire turnover. That is because total turnover was a tiny NIS 866 million.
Corporate bond indexes, the TelBond-20, TelBond-40 and TelBond-60 inched down, closing down about 0.1%. Government bonds were also down moderately.
Shares of car importer Delek Automotive climbed 4.1% after the company announced new marketing policies on Monday, centered on lower prices for its luxury BMW models. For more on that, see Page 8.
Shares of IDB Holding Corporation was a big loser on Monday, falling 6.1%, bringing its loss over the last 12 months to 69%. Subsidiary Discount Investment Corporation lost 3%.
Chipmaker TowerJazz lost 3.9 %in advance of its issue of convertible bonds.
Clal Industries lost 3.8% and Clal Biotechnology Industries fell 3.1%.
Shares of Yossi Maiman's holdings vehicle Ampal-American Israel dropped 5.8% as the company's negotiations with bondholders over a haircut continued in somewhat acrimonious tones.
In world markets, the euro gained ground against the major trading currencies as a deal with Greece staggers closer. Although financing gaps in Greece's debt reduction plans remained, a euro zone official said they were not big enough to risk derailing the process.
Oil meanwhile has been marching to new heights. Brent crude rose on Monday to more than $121 per barrel, the highest in eight months, as Iran halted exports to British and French companies ahead of a European Union embargo. Monetary policy easing by China and hopes for a Greek bailout also buoyed prices, traders reported. (With reporting by Reuters)
