Market Report / Clal Insurance stock gains 4% on news of buyers
Shares fell yesterday on the Tel Aviv Stock Exchange, after spending most of the day just a bit in the red, but ended trading with almost all major indexes down - similar to Tuesday. Trading on the TASE mostly reflected the events in European markets, as well as losses on Wall Street in early trading.
The benchmark TA-25 index lost 0.2% to close at 1,259 points. The broader TA-100 index was down 0.1%, ending the day at 1,161 points. The Real Estate-15 index fell 1% and the Banks-5 index dropped 1.1%. The Biomed index fell 1% while the TelTech-15 remained unchanged. Turnover was average, at under NIS 1.8 billion.
Bond markets also fell yesterday, with both government and large-cap corporate down 0.1%.
The day's hottest share was Orad Hai Investments and Holdings, which shot up 52.3% on news that Elad Tshuva was buying up the shell company for $5 million and will merge the operations of his firm Elad Europe into Orad. (See story on Page 12. )
Shares in cable company HOT Telecommunications rose 7.3% yesterday on news that controlling owner Patrick Drahi is completing his takeover and purchasing the shares from his partners Eliezer Fishman and Arnon Mozes at a price 19.2% over Tuesday's closing price. (See story on Page 12. )
The dollar recovered by 0.3% against the shekel yesterday, reaching a representative rate of NIS 3.642. The euro dropped 0.7% against the shekel to a representative rate of NIS 5.024.
Local forex markets reflected global currency trends as the dollar rose broadly yesterday. The dollar hit a two-week high against the yen and a one-week peak against the euro. The greenback also jumped against the Australian dollar and reached a one-month high against the Swiss franc.
European shares, meanwhile, hit a two-week low, with investors becoming cautious after discouraging American data and on doubts over the extent of a likely stimulus by the U.S. Federal Reserve at its meeting next week. The FTSEurofirst 300 index of top European shares finished down 0.8%, its lowest close since October 12. The index is up just 3.4% this year.
Clal Insurance rose 3.9% on reports that Jewish-Canadian investors, the Ghermezian family, had approached IDB about buying Clal. IDB Holdings also rose 1.7%.
Israel Discount bank gained 1.5% after the state sold off its remaining 11.6% share in the bank. Citi began selling the holdings on behalf of the state on Tuesday evening.
NICE Systems was down 0.6%. The company's third quarter results, released yesterday, beat analysts' forecasts. (See story on Page 8. )
Other shares that stood out yesterday included Elran Investments, which plunged 12.9%, and Tagor Capital, which lost 9%.