Published 02:29 09.03.10
Latest update 02:29 09.03.10

Market Report / Stocks retreat as acrophobia hits

By Lior Zeno

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Stocks were down yesterday as investors backed away from near record highs on the Tel Aviv Stock Exchange. The TA-25 fell 0.7% to end the day at 1,207 points, and the TA-100 also lost 0.7% to close at 1,139 points. The Banks-5 fell 1.4% and the Real Estate-15 was down 0.3%. The new Biomed index dropped 1.5%. Turnover was a relatively high NIS 2 billion.

European shares were down slightly yesterday, but Asian markets were up strongly. The euro retreated from early gains, but still held its own, and gold prices were down slightly as investors locked in profits.

Africa Israel rose 1.3% as its AFI Development subsidiary, which is Africa's Russian real estate arm, ended the fourth quarter of 2009 with a $220 million loss, similar to the profit warning it released a week and a half ago. The losses stemmed from a $223 million write-down of asset values, after the Israel Securities Authority intervened and required the adjustments. For the year, AFI lost only $2.66 million as it made big profits in the first nine months of the year, compared to a $108 million loss in 2008.

Negev Ceramics, another Africa subsidiary, jumped 20.3% as it ended the last quarter of 2009 with NIS 6.3 million in net profits, a 70% increase from the same period the year before. The company marked a 12.3% increase in profits for the entire year. Negev will distribute a NIS 20 million dividend.

Bay-Side Property (Gav-Yam), an IDB subsidiary, fell 2.4%. Revenues rose 12% in the last quarter of last year to NIS 96 million, and operating profits climbed 49% to NIS 66 million. For the quarter, Bay-Side showed a NIS 23 million net profit, up from NIS 15 million for the same period of 2008.

Zerah Oil and Gas Exploration fell another 8.1% yesterday, after plunging 23% the previous day on disappointing news about the production capacity of its Tamrur Cliff well.

Elbit Medical Imaging was down 4.5%, TowerJazz lost 4.3% and Evogene fell 4.2%. On the up side yesterday were Baran, gaining 6%, and Danya Cebus, which rocketed up 20.7%.