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Market Report / TA-25 down 2.6% for the week
By Yael Halak

The trading week ended quietly yesterday on the Tel Aviv Stock Exchange: The TA-25 index rose 0.2% to end the day at 849 points, but the blue chip index was off 2.6% for the week. The broader TA-100 fell 0.1% yesterday to close at 784 points and was down 2.4% for the week. Turnover was a low NIS 1.1 billion.

The TA-25 has climbed about 30% from where it started in the beginning of 2009, and the TA-100 is up 40%. The banks have recovered 27% so far this year, and the Real Estate-15 has outperformed them all: up 77% since January.
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The dollar fell by 0.2% against the shekel yesterday and the representative rate was set at NIS 3.956. The euro rose against the shekel yesterday by less than 0.1% to a representative rate of NIS 5.5208.

Shares of the partners in the Tamar-2 exploratory natural gas field drew the most attention from investors once again yesterday, after the announcement the previous day that the quantities of gas discovered were at least 30% larger than earlier forecasts. Isramco gained 4.4% on the day's largest turnover, NIS 109 million, 10% of all the trading on the TASE yesterday. Delek Drilling was down 0.3%.

Africa Israel continued its fall and lost another 6% for the day, after Deutsche Bank gave the share a Sell recommendation at the beginning of the week. The investment bank also lowered its target price for Africa shares to only NIS 35, half its level in the market when it made the recommendation. Since then the share has dropped 26%, though Africa Israel is still up 88% for 2009 - so far. The firm cut its prices on the condominiums it is trying to sell in the Apthorp building in New York in order to sell 25 apartments by the September 1 deadline set by the New York State attorney general. If Africa does not meet the deadline, then the approval for its condo conversion plan will be canceled. Africa Israel Investments has put up 32 of the apartments at half price to encourage buyers, but the move had the opposite effect on investors.

IDB's Property and Building announced it is not buying the Broadgate building in southeast London, and the share rose 0.5%. Harel Insurance gained 2.5%. The company had been expected to partner with Property and Building in buying the commercial property, which generates some $200 million in revenues annually. Harel said it had decided against the purchase for tax reasons.

Israel Discount Bank was unchanged yesterday, as it raised NIS 600 million in senior second-tier capital as part of a move to improve its capital adequacy ratio - as ordered by the Supervisor of Banks, Rony Hizkiyahu. Discount plans to raise another NIS 200 million soon.

Rating agency S&P Maalot raised cellular operator Pelephone's credit rating yesterday. Pelephone is a Bezeq Communications subsidiary, and Bezeq shares fell 1.6% yesterday, nevertheless. Maalot said the recommendation reflected Pelephone's continued strategic importance to Bezeq and will remain profitable with a strong cash flow.

Partner Communications (Orange) rose 0.3% as Hutchison Whampoa took another step in divesting its controlling interest in Partner, as the deadline has now passed for bidding for Hutchison's stake in Partner. At least four bids were submitted. (See story on Page A8.)
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