Israeli shares finished mixed on low turnover, largely unaffected by gains in European markets.
The day had begun with nice gains supported by strong corporate financial reports for the fourth quarter of 2011. But the benchmark index suddenly dived and sank below the flatline in late trading on reports that the euro-zone economies had contracted in that last quarter of 2011, by an average of 0.3%, compared with the third quarter. Compared with the parallel quarter of 2010, the Europe economies actually expanded by 0.7%. Moreover, economists had thought the average contraction would be even worse: 0.4%. Yet investors were jarred by the news.
The benchmark TA-25 index reversed at the last second to finish 0.1% higher. The broader TA-100 index did the same to gain 0.4%, and Banks-5 index ended flat. The Real Estate-15 index lost 0.9%. Total turnover stayed slim at a billion shekels.
Meanwhile, hopes of a quick fix for Greece were dashed as the euro finance ministers postponed a meeting scheduled for yesterday in Brussels to discuss the second bailout.
Back at home, the stock in the spotlight yesterday was Teva Pharmaceutical Industries, after the company filed financials with surprises for exactly nobody for the last quarter of 2011 and for the year. Teva shares gained 2.4%.
Given Imaging rose 9.6% after the company reported an 8% fourth-quarter increase in sales to $48.5 million, and profit not including one-time items of $7.8 million - which is up 36% from the corresponding quarter of 2010. Earnings per share came to 25 cents, compared with 19 cents in the last quarter of 2010. Given Imaging's claim to fame is the camera-in-a-capsule: It is the company that invented the technique of swallowing a mini-video camera to see what your intestines are up to. You know what happens to the capsule.
Another drug company, Perrigo, gained 0.4% after announcing the launch of generic Loratidine, which may not take pretty pictures of your colon from the inside but will stop your nose from running if you suffer from allergies.
