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Market report / Delek Group roars on upgrade, joining benchmark index
By Yuval Maoz

Tel Aviv stocks powered ahead on Wednesday as investors reacted to the index rebalance that came into effect on July 1. Two stocks joined the TA-25 - Delek Group and Koor Industries - and 14 joined the TA-100.

Apropos of which, Delek Group - Yitzhak Tshuva's energy and real estate empire - gained 6.7% yesterday on heavy turnover of NIS 40 million. Holding company Koor, which belongs to Nochi Dankner's IDB group, rose 2%.
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It surely helped that Psagot upgraded its investment recommendation for Delek Group to Outperform on Tuesday. The analysts noted that Delek Group is highly diversified beyond its interest in the gigantic fields of natural gas discovered this year off Israel's shoreline: It has holdings in property, car sales, retail, refining (in the United States), desalination and more. Psagot's 12-month price target for Delek Group is NIS 608, which is 28% above its opening share price yesterday.

Apropos of Delek, its car import subsidiary Delek Automotive gained 8.8% yesterday as the latest model of Mazda 3, the best-selling car in Israel, gained traction.

Tossed off the TA-25 were retail chain Super-Sol, which eased down by 0.7% on its new perch in the TA-100 index, and Gazit Globe, which ended unchanged on turnover of NIS 29 million.

Thus the second half of 2009 began on the right foot. The TA-25 gained 1.1% to 872 points and the TA-100 index strengthened by 1.3% to 812 points. The TelTech-15 index gained 1.5%. Trading turnover was rather thin though, at NIS 1.5 billion.

Summing up the first half of 2009, the TA-25 index gained 32% and the TA-100 index climbed 43%. The Banks-5 index started the year deep in the doghouse, but clawed its way out and ended the half-year with a gain of 32%.

As for yesterday, shares of Israel Chemicals gained 2.8% against the trend in the world fertilizer and potash market. Potash Corporation of Saskatchewan, the benchmark for the sector, lost 2.7% on Tuesday. Last night the company's stock was trading in the red, but not far below the flatline.

Shares of ICL's parent company Israel Corporation gained 0.7% despite a downgrade from UBS the day before. The Swiss bank cut Israel Corporation to Neutral, two weeks after downgrading ICL because of fears that potash prices are falling.

The Real Estate-15 index gained 3%, bringing its gain from the start of the year to 91%. Africa Israel stock gained more than 13%, probably not because it will be building two residential towers in Givatayim.

Teva Pharmaceutical Industries lost 0.3% despite starting on a positive arbitration gap of 0.7%. The company reported receiving U.S. Food and Drug Administration approval to sell its copycat version of Ortho McNeil Janssen's Ortho Tri-Cyclen Lo oral contraceptive, which it will be selling under the name Tri-Lo Sprintec.

On to the small caps of note: Nova Measuring Instruments stock gained 2.3%, adding to its 186% gain in the last two weeks, following the launch of a new product that shortens the preparation time for optical measurement, from days to hours.

Another small cap, Mazor Technologies, will be installing its spinal surgery robot - yes, the robot does surgery on patient backbones - in Germany's biggest neurosurgical department, the Charite. Its stock gained 2.3% yesterday.
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