Market Report / Buy, buy, buy - hello 1,100 mark
The bulls kept roaring yesterday as stocks charged to record highs approaching the 1,100 mark. Tel Aviv kept up with the positive trend set in the U.S., Asia and Europe over the weekend. The TA-25 jumped 1.7 percent to 1,097.48 points while the broader TA-100 index rose 1.6 percent to end the day at 1,099.35 points. The real estate index led sectorial indexes with a gain of 2.7 percent. Turnover was NIS 2.1 billion.
Africa Israel (TASE:AFIL) rebounded a brisk 4.5 percent after sliding 6.6 percent Thursday. The real estate company completed a successful round of financing for its subsidiary AFI Development on the London exchange. AFI, which deals with Africa's Russian holdings, raised $1.4 billion at a company value of $5.9 billion.
Africa-Israel Properties (TASE:AFPR), which deals with European properties, added 1.1 percent. Investors are interested in Africa Israel's other subsidiary, expecting it to follow suit with an IPO of its own.
Fashion and clothing company Polgat Textiles (TASE:PLGT) soared 8.7 percent on news that its subsidiary Bagir (TASE:BGIR), which jumped 2.7, confirmed yesterday's report that Ishay Davidi's FIMI fund would become a partner for $80 million.
Teva Pharmaceutical Industries (TASE:TEVA) retreated 0.4 percent. The company had recently raised its revenue forecast from $2.07-2.19 billion to $2.2-2.3 billion.
C. Mer Industries (TASE:CMER) soared 11 percent on news that it had signed a contract to plan, supply and build communications sites in Africa.
Starlims Technologies (TASE:LIMS) shares leapt 3.1 percent on news that the developer and marketer of lab management software has submitted its prospectus for an IPO on Nasdaq. The company plans to raise $30 million based on a company valuation of $96 million before the money. Starlims reported growth in first quarter revenue and profit.
Clal Finance Batucha Investment Management (TASE:CLFN) shares rose 2.1 percent after releasing positive first quarter 2007 results. Net profits were NIS 36 million, almost double the parallel 2006 results.
Bank Leumi (TASE:LUMI) rose 1.6 percent, as investors wait for it to respond to the Israel Securities Authority's demand to explain the manner in which management bonuses were approved last year. Investors also did not seem deterred by uncertainty over the chances of completing the bank's sale to the Cerberus-Gabriel group by May 24.
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