Tel Aviv stocks powered ahead on Monday, rocketing north in afternoon trading in contrast to Europe, where markets cut gains in afternoon trading to end mixed, with a positive bias.
Traders said Israeli shares by and large followed the lead from Europe, where investors were reacting to the latest developments in the debt crisis in Europe: Spain seeking succor (bad ), and a summit scheduled for later this week to discuss how to stabilize the Spanish economy (good ).
Slight differences in time zones may explain why Israeli shares remained high at closing while European exchanges by and large lost ground, traders said.
The Madrid stock market was the worst-performing of the 78 exchanges tracked by the British banking group Bespoke in the first quarter, losing 15.4%. (Venezuela outdid them all with a gain of 77% in the first quarter. ) Madrid shares lost 0.7% , to their lowest point in three years.
Back in Israel, the benchmark TA-25 index gained 1.9% Monday, to 1,131 points, and the broader TA-100 index gained 1.5%, to 1,040 points. Total turnover remained paper-thin at NIS 850 million.
Shares of Delek Real Estate lost 6.5% after the company officially told the court on Sunday exactly what it had said it would: that it does not oppose liquidation. One set of bondholders, holding B25 bonds, are suing for the company's termination. The other bondholders are thinking of filing an urgent motion to deflect the liquidation.
Delek Real Estate notified the bondholders that in the event of the company's demise, they stand to lose about 92% of their money, whereas the settlement it proposes would cut their losses.
Shares of TowerJazz jumped 5.5% after the chipmaker announced an alliance with the South Korean company NeoFidelity to mass-produce audio-digital amplifiers for LCD televisions made by South Korean behemoths LG and Samsung.
Delek Drilling shares gained 2% amd sister oil exploration firm Avner gained 0.7% after announcing completion of an offshore drill by the Mary-B field. With reporting by Reuters.
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