Market Report TASE Gains Ground as IDB Closes Up 25%

Stronger U.S. housing data and improving German business morale boost global equity markets.

Dror Raich
Dror Raich
Dror Raich
Dror Raich

All the leading indexes on the Tel Aviv Stock Exchange closed in the green yesterday, as did exchanges in Europe.

The blue-chip Tel Aviv-25 Index gained 0.4% to close at 1,325 points, while the broader Tel Aviv-100 Index gained 0.5% to close at 1,195 points. Technology shares gained 1.1%, while biomed shares gained 1.4%. The Real Estate-15 was up 0.7%, while oil and gas shares closed virtually unchanged.

Total turnover was NIS 939 million, which is slightly below the recent average.

Meanwhile, global equity markets rose yesterday on a strengthening U.S. housing market and improving German business morale, while U.S. Treasury prices fell ahead of a Federal Reserve decision on whether to finally begin to unwind its stimulus. In Asia, Japan’s Nikkei share average jumped 2 percent to a one-week closing high yesterday, while Hong Kong shares had their best day in two weeks.

IDB Holding gained 25% on turnover of 11 million shekels - 10 times the usual average - following the court ruling Tuesday transferring control of the company from Nochi Dankner to Moti Ben-Moshe and Eduardo Elsztain. Market animals speculated that the high turnover was due to investors’ belief that the new owners could create more value at the company.

Brainsway gained 1.7%. The company received FDA approval to begin human clinical trials of its product on patients with obsessive-compulsive disorder.

Other notable shares included Mazor Robotics, the TA-100’s biggest gainer, up 8.3%; chipmaker TowerJazz, up 6.5%, after signing an agreement with U.S. bank Wells Fargo for a $70 million credit line; and Clal Biotechnology, up 4%.

Shares that lost value included Pluristem, down 2.8%; Alon Blue Square, down 1.7%; Osem, off 1.6%; and the Delek Group, down 1.5%.

With reporting by Reuters.

Federal Reserve Chairman Ben Bernanke announces the decision to begin trimmingCredit: Reuters

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