Subscribe to Print Edition | Thu., November 20, 2008 Cheshvan 22, 5769 | | Israel Time: 03:13 (EST+7)   Back to Homepage web haaretz.com Haaretz Toolbar Diplomacy Defense Jewish World Opinion National Print Edition Car Rental Books Haaretz Magazine Business Real Estate GA 2008 Travel Week's End Anglo File

Market report / XTL crashes 94% as TASE rebounds By Yuval Maoz Tags: Tel Aviv, stocks, Israel News Tel Aviv stocks rebounded Tuesday, fueled by a mild rally on Wall Street, not to mention oil's retreat. Contracts for December delivery are trading at $54.51 per barrel in New York. The TA-25 index gained 1.1% to 668 points, and the TA-100 index rose by 1.3% to 584 points. The TelTech-15 index, however, lost 1.8% against the trend - and the Real Estate-15 index soared by more than 12%. Total turnover remained slim at NIS 1.4 billion, but it had been even thinner earlier in the week. The Banks-5 index gained 0.5% yesterday, after Bank Hapoalim ended the day flat as a pita and Bank Leumi gained 1.1%. Earlier in the day, Leumi stock has been down as much as 5%. The five big banks will be announcing their third-quarter results in the last week of November, and the market is bracing for bad news, including heavy provisions for doubtful debt. Advertisement The jump in the Real Estate-15 was fueled by Africa Israel, which leaped by 12.8%. But Africa Israel Industries (formerly known as Packer Steel) admitted after the close that heavy financing costs reduced its third-quarter net profit by 71%, to NIS 4.6 million. Israel Chemicals stock dropped 2.7% and shares of its parent company, Israel Corporation, gained 1.5%. Aviran Revivo, an analyst at Clal Finance, says new information in the fertilizers sphere, where ICL operates, indicates that the fourth quarter will be a horrible one, mainly because of evaporating demand in South America. Barring a dramatic recovery in the weeks to come, Revivo says he expects a wave of earnings warnings from the fertilizer companies. Shares of geothermal power company Ormat Industries lost 5.8%. Last week the company published its third-quarter report, admitting to a 33% slide in net profit to NIS 46 million. Shares of XTL crashed, losing 93.5% after announcing the failed results of a clinical trial. Teva Pharmaceutical Industries shares gained 2.3%. Yesterday the company announced that it has finished recruiting patients for a Phase III study of Laquinimod, an oral treatment for relapsing/remitting multiple sclerosis. The study's goals are to assess the drug's efficiency, safety and tolerance compared with a placebo. Paz Oil stock gained 6.3%. The company, which is controlled by Zadik Bino, will be releasing its financial statement on Monday. Over at the investments firm Psagot, they're expecting that if losses on inventory are put aside, Paz Oil did well, but not as well as in the second quarter. Despite presenting strong quarterly financials yesterday, Strauss Group stock spent the day in the doghouse. Before the closing, the stock picked up to end 4% up. Bookmark to del.icio.us   The King is dead Archeologists find new evidence for King Herod's tomb site. Al-Hasbara Israel launches Arabic YouTube channel to bypass Arab media.

Read & React Bradley Burston: Dividing Jerusalem, one wall at a time Responses: 42 Peres: Obama told me he was 'very impressed' with Arab peace plan Responses: 75 VIDEO / Peres speech at Oxford University disrupted by anti-Israel protesters Responses: 104 Settler rabbi: The State of Israel is an enemy of the people Responses: 69 Hamas: We're prepared to end cease-fire and confront Israel Responses: 49 More Headlines 22:25 IAEA: Syria site bombed by Israel bore features of nuclear reactor 22:05 Israel to boycott 'Durban II' anti-racism conference 21:40 Assad: Israel never asked Syria to cut ties with Hezbollah, Iran 21:42 PA negotiator: Obama told Abbas he'd spare no effort to see Mideast peace 19:26 Israel launches Arabic YouTube channel to bypass Arab media 22:02 Jewish Republican representative elected to top deputy spot in Congress 01:36 Archaeologists find new evidence for King Herod's tomb site 23:06 GA special report / Satisfied participants bid farewell to Jerusalem 00:44 U.S. FAA downgrades Israel's aviation safety ranking 19:04 Dividing Jerusalem, one wall at a time 02:09 Al-Qaida No. 2: Obama guilty of betraying Muslim roots in backing Israel 00:42 Peres speech at Oxford University disrupted by anti-Israel protesters 02:07 Warsaw completes restoration project marking Jewish Ghetto boundaries 01:50 Court sentences Boaz Yona to 7 years, doubles damages he must pay 02:40 Report: 90% of schools offer auxiliary programs not monitored by Education Min. Previous Editions Select Day 19 nov 18 nov 17 nov 16 nov 14 nov 13 nov 12 nov 11 nov 10 nov 09 nov 07 nov 06 nov

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