Tel Aviv stocks jump as Europe markets rally
The benchmark TA-25 index gained 1.6% to 1,037 points, and the broader TA-100 index gained 1.8% to 936 points; in Europe, gains ranged from 1.3% in England to 3.2% in Germany, despite the pincers closing on Greece.
Tel Aviv stocks rebounded powerfully for the second day in a row, fueled by strong gains in Europe despite Moody's downgrade of France's banks. Like the scene on European markets, trading in Tel Aviv was marked by intense selectivity and, again, total turnover ran high at NIS 1.8 billion.
The benchmark TA-25 index gained 1.6% to 1,037 points, and the broader TA-100 index gained 1.8% to 936 points. The index tracking blue-chip technology stocks gained 2.2%, but the oil and gas sector advanced by a lesser 0.7%.
Trading had begun with losses, but by morning the leading indexes had clawed into the green.
Over in Europe, gains ranged from 1.3% in England to 3.2% in Germany, despite the pincers closing on Greece. France's benchmark CAC-40 index gained 1.9%: Most of the shares listed there ended well into the green, with the exception of BNP Paribas, which lost 3.9%, and Societe Generale, down 2.9%. Credit Agricole, however, rallied with a 1.2% gain.
In Tel Aviv, Perrigo made a cameo appearance as the liveliest share on the floor with a gain of 1% on turnover of NIS 247 million.
Koor Industries gained 14.5% after its parent company Discount Investment, which gained 6%, published an offer to buy back 7% of Koor's stock from the public at a 15% premium. By the close of trading, the premium had vanished.
Partner Communications stock gained 2.8% on heavy turnover of NIS 28 million. Why? See the story to the right.
By the way, gold has been back in record territory as a safe-haven investment, but yesterday spot gold retreated by 0.8% to $1,818.49 an ounce after European leaders appeared to take a fresh step towards quelling the euro zone debt crisis.