TASE shot up 6% in six sessions
Israeli investors were heartened by the record levels that blue chips achieved on Wall Street this week.
Tel Aviv stocks closed the truncated week's last day with gains. In the space of six trading days, the TA-25 blue-chips index shot up by 6.2 percent.
Israeli investors were heartened by the record levels that blue chips achieved on Wall Street this week. New York's investors ignored the sharp swings that continue to characterize the markets.
The half-percent that the TA-25 gained brings the large-caps index just 0.7 percent short of July's record level: yesterday it reached 1,166 points. The TA-100 rose 1 percent to 1,127.66 points, and the Tel-Tech added 1.1 percent.
Total turnover remained very high at NIS 1.6 billion even though it's holiday season, the trading day ended early - at 14:45 and many traders are basking at the beach, somewhere.
Trends were mixed on the bond market however: long-term fixed-income government Shahar bonds rose 0.1 percent and Galil bonds edged up as much as 0.2 percent.
Wall Street had opened the trading week on Monday with a bang. Nasdaq rose 1.5 percent to 2,740 points, and the doughty Dow shot up 1.4 percent to a record 14,087 points. Analysts attributed the surge on the Street to strong trends in semiconductors during August.
Dual-listed Teva Pharmaceutical gained 0.9 percent as the equity research arm of Citi predicted good results for the year's third quarter.
In fact Teva's stock closed near its all-time high of two years ago, at $45 per share, and the generic drugs giant is expected to draw a great deal of attention in the coming days.
Technical analysis of the drug company's micro and macro economic environment lead to differing interpretations; some say Teva's breaking through the record level could send it shooting upward by more than 10 percent. (Some disagree.)
Israel Chemicals and Makhteshim Agan are also trading near all-time records and enjoying strong demand, though their shares have risen by double-digit percent this year, unhindered by the credit crisis. Makhteshim Agan rose 0.4 percent, and Israel Chemicals lost 0.9 percent.
Another dual-listed company, Nice, gained 3 percent. Its share price on Wall Street had previously risen by 2.2 percent, driven by a handsome $9 million deal with the city of New York. The deal will be revenue accretive in 2008,. Shares of Gilat Satellite rose 1 percent after reporting a deal that market sources think could be worth $10 million to $15 million for the Israeli satellite communications company. Moreover, the project is a collaboration with the communications giant Verizon, to build a satellite network.
Real estate heavyweight Africa Israel fluctuated sharply and finished 1.3 pecent lower.
The Mid-Cap 50 index shed more than 2 percent after jumping 5 percent the previous day. Mid-cap firm Medical Compression System shot up 21 percent.
Shares of Willi-Food, an Arcadi Gaydamak company, shot up 17.6 percent on high volume of NIS 9 million, on the backdrop of another insider transaction - the second this week.
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