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Market Report / TA-25 down 0.4%, but vaccine shares jump
By Yuval Maoz
Tags: Swine Flu, Israel News

Stocks were down moderately yesterday as the TA-25 lost 0.4% to end the day at 965 points and the TA-100 also dropped 0.4% to close at 901 points. The Real Estate-15 was down 0.4% while the TelTech-15 bucked the trend and gained 0.4%. Turnover was NIS 2.2 billion.

Vaccine developers NasVax and BiondVax Pharmaceuticals drew a lot of investor attention as the swine flu virus continues to remain in the headlines. BiondVax rose 2.5% on NIS 77.5 million in trading, the seventh highest amount on the TASE yesterday.

NasVax climbed 30.6% on NIS 24 million in turnover after announcing on Monday it had received Health Ministry approval to conduct a second-stage clinical trial for its intramuscular flu vaccine.
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The big news on the market was, of course, the decision of the governor of the Bank of Israel, Stanley Fischer, to intervene strongly in the foreign currency market and buy some $400 million yesterday.

Teva Pharmaceuticals received approval from the U.S. Food and Drug Administration to sell its generic version of the Nasacort nasal spray for children's allergies. Teva rose 1.7%. Perrigo, which developed the spray, will share the profits with Teva. Perrigo rose 1.5%. Nasacort sales were $305 million for the 12 months ending in June. (See story on Page 8.)

The Delek Group lost 4.7% after the Psagot investment house lowered its recommendation for Delek to Market Perform with a target price of NIS 767 per share, 16% lower than its market price.

The Banks-5 lost 1.3%. Bank Hapoalim was off 0.9% and Bank Leumi lost 2%. The two shares were the two most traded yesterday. Leumi completed the sale of its share of the Hot cable provider on Monday for NIS 381 million. The bank will mark a NIS 120 million capital gain on the deal. Hot lost 1.3%.

The Israel Corporation lost 1.4% as the market continued to digest the news it was giving $350 million to its Zim shipping subsidiary.

Alrov Real Estate jumped 26.8% on news it bought back some of the debt it owed Swiss banks and will be posting a capital gain of CHF 3.4 million in its third-quarter report on the deal. (See story on page 8.)
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