Tel Aviv stocks rose slightly on Tuesday despite steep losses in Europe, dire indications from U.S. futures and a 13% tumble by Delek Real Estate on news that its debt settlement talks with bondholders had faltered.
Total turnover remained positively anemic at NIS 400 million - blame the seepage of foreign investors from Israel after its reclassification as a developed market, blame Passover, blame the uncertainty due to the global crisis. Blame what you want, but the benchmark TA-25 index gained 0.4% Tuesday to 1,138 points and the broader TA-100 index rose 0.4% to 1,049 points.
Over in Europe, losses ranged from 2% to 3% due to a selloff spurred in part by the disappointing U.S. employment data released on Friday. Job creation had run at about half the forecast. But mainly, the feeling is that the debt crisis in Europe has raised its head again. Yields on 10-year Spanish government bonds jumped from a hair under 5% to almost 6% in a week.
Here at home, Delek Real Estate shares tumbled 13% after the company said debt-settlement negotiations with its bondholders had not borne fruit and if they wanted, let them carry out their threat and liquidate the company.
Africa Israel lost morning gains to close 1.1% in the red.
WiMax provider Alvarion dropped 9% in Tel Aviv on Tuesday. Its stock has been tanking in Tel Aviv and on Wall Street after the company admitted that its first-quarter results would fall short of expectations.
Want to enjoy 'Zen' reading - with no ads and just the article? Subscribe todaySubscribe now