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Market report / Real estate stocks fuel powerful rally in Tel Aviv
By Tal Levy

Tel Aviv stocks opened the trading week with a bang, powering north on unusually high turnover for a Sunday. To inject a moment of sobriety, the leading Tel Aviv indices had fallen so far last year that the gains in 2009 haven't fully compensated for the losses. The TA-25 index is still 22% below its all-time high, for example. The Real Estate-15 index, which has gained 130% this year, is still 65% below its peak.

Yesterday the TA-25 index gained 1.9% to 968 points and the broader TA-100 index advanced by 2.1% to close at 904 points. The Real Estate-15 index gained 4.5%.
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Summing up July, the TA-25 index gained 10.2%, the TA-100 index gained 10.4% and the Real Estate-15 index gained 15%.

Upbeat indicators are arriving from around the world. On Friday the world learned that American GDP had contracted by less than expected in the second quarter of 2009, a mere 1% in annualized terms. True, it was the fourth straight quarter of contraction, but still. The relatively happy news sent crude oil leaping by to more than $69 per barrel.

Over here, yesterday the real estate stocks led the pack north. Africa Israel stood out with an 8.4% gain. Shortly before the closing the company announced that it had sold 95% of the rights in the Africa Israel Tower, which houses a government complex, for NIS 167 million. It should earn NIS 17 million in capital gains, before tax, on the deal. Shares of Delek Real Estate soared by 11% and Gazit Globe gained 9.2%.

Moving on to finance stocks, Leumi gained 1.9%. Earlier yesterday Leumi's U.S. subsidiary announced net profit of $4 million for the first half of 2007, which is a sad showing compared with the $18 million netted in the corresponding six months of 2008, but that was before Lehman Bros fell. Bank Hapoalim gained 2.3%. Discount stood out with a 8.6% jump.

Chemicals also did well: Israel Chemicals gained 1.6% and Makhteshim-Agan leapt by 7.3%. Teva gained 0.7% to reach an all-time high on the Israeli stock exchange: NIS 203 per share.
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