Market report / Tel Aviv stocks gain ground across the board
Among most active stocks were Teva Pharmaceutical Industries, up 1% on turnover of NIS 91 million, and Bank Hapoalim, up 2.2% on turnover of NIS 80 million after announcing the highest profits in the Israeli banking system.
All of Tel Aviv's leading stock indexes gained ground yesterday, albeit on turnover that stayed pita-thin at a billion shekels. The benchmark TA-25 index rose 1% to 1,133 points and the broader TA-100 index climbed 1.3% to 1,013 points. Indexes tracking niches and smaller-cap companies gained more: The TA-technology index and TA-BlueTech index (think "blue chips among technology companies" ) both gained more than 1.7%. Corporate bonds were also in fashion.
Among the most active stocks were Teva Pharmaceutical Industries, which gained 1% on turnover of NIS 91 million, and Bank Hapoalim, which climbed 2.2% on turnover of NIS 80 million after announcing the highest profits in the Israeli banking system: NIS 712 million for the second quarter. Israel Chemicals was third on the liveliest list with a gain of 1.1% on turnover of NIS 80 million.
Bank Leumi on the other hand lost 0.8% on turnover of NIS 74 million after admitting that quarterly profit had dropped 18%, not because of problems at the bank but because its results a year earlier had been boosted by nonrecurring income. So it goes.
Elbit Imaging stock jumped 3.2% even though the company reported that revenues sank 57% year over year to NIS 240 million. If, however, nonrecurring income of NIS 397 million last year from acquiring the controlling interest in EDT is discounted, revenues increased 37%. Net loss attributable to shareholders came to NIS 30 million. A year earlier the company had posted a net profit of NIS 226 million. Perhaps investors thought the figures would be worse.
Among the few losers on the TA-25 index yesterday was the phone company Bezeq, shares of which sank 0.7%, and oil exploration partnership Avner, which also lost 0.7%.