Business in Brief: TA-25 Marks Eighth Day of Gains

TASE website headed for a makeover that will provide more data on companies; Idan Ofer buys Bank Leumi shares in Kenon Holdings for 173 million shekels.

Send in e-mailSend in e-mail
Israel Corporation controlling shareholder Idan Ofer.
Israel Corporation controlling shareholder Idan Ofer.Credit: Bloomberg

Led by Teva, property stocks, TA-25 marks eighth day of gains

Tel Aviv shares extended their rally into an eighth day, with the TA-25 index ending at another record high amid higher-than-usual volumes for a short holiday trading session. The benchmark index rose just over 1% to 1,660.75 points, while the TA-100 climbed 1.2% to 1,453.85, as 893 million shekels ($227 million) in shares changed hands. Teva Pharmaceuticals, the day’s most active share, rose 2.9% to close at 257.70 shekels after Barclays raised its target price for Teva’s New York-traded shares to $70 and said the stock had a 20% upside potential through 2018. Teva shares were trading in New York late morning at $64.63. Real estate stocks dominated the top gainers for the day: Africa Israel rose 6.2% to 3.88, Industrial Buildings 4.9% to 4.64, Nitzba 4.5% to 71.70 and Jerusalem Economy 4.2% to end at 14.86. In foreign currency trading, the dollar continued to weaken, losing more than 0.4% to a Bank of Israel rate of 3.9390 shekels. (Omri Zerachovitz)

TASE website headed for a makeover that will provide more data on companies

The Tel Aviv Stock Exchange’s creaky website is about to get a makeover. The TASE said on Tuesday it had signed an agreement with Analytix Insight, a Canadian company, to put financial analysis and content, such as key ratios and charts, on all of the TASE’s approximately 600listed companies. “Once this cooperation agreement takes effect, investors — both private and institutional — will be able to benefit from the availability of high-quality and extensive professional information pertaining to the listed companies,” said Eldad Hershtig, the TASE’s chief information officer and head of operations. The data will come from Analytix’s CapitalCube platform, a paid-for version the TASE will market to brokers, financial institutions and listed companies at a cost of $2,000 a year. The agreement is part of the bourse’s plan to boost trading volumes by, among other things, getting more and better information to investors. (Dror Reich)

Idan Ofer buys Bank Leumi shares in Kenon Holdings for 173 million shekels

Idan Ofer made an expensive vote of confidence in his Kenon Holdings this week, buying 173 million shekels ($43.9 million) in shares from Bank Leumi. Ofer bought the shares in two blocks, paying 81 shekels, a 3.5% premium over the market price at the time. Kenon has a grab bag of businesses. Some, such as Zim Integrated Shipping Services and Chinese automaker Qoros, are struggling. Others, like TowerJazz and IC Power, are thriving, but Kenon’s 1.4% gain since it began trading in early January put it way behind the TA-25’s 13.3% advance. Leumi has been reducing its exposure to Kenon and the Israel Corporation, the two holding companies controlled by Ofer. It’s Kenon stake is now down to 14%. In February the bank sold 707 million shekels of shares of Israel Corporation to reduce its stake to 11%. Kenon shares rose 1.4% to close at 78.210 shekels on Tuesday. (Michael Rochvarger)

Mazor sold only three systems in quarter

Shares of Mazor Robotics plunged on Tuesday after the company said it delivered only three of its Renaissance systems for conducting spinal and brain surgery in the first quarter. That was a sharp decline from six in the final quarter of 2014 and five a year earlier. Mazor put a positive spin on the news, noting that it is in “active discussions” with hospital administrators and that in the second quarter it had already completed a sale to a Virginia hospital,. Moreover, one of the first-quarter buyers, Arizona’s Arrowhead Hospital, purchased its sixth Renaissance system. “This purchase and the increased utilization and record procedure volumes we experienced in the first quarter further demonstrates the continued adoption and high customer satisfaction of the systems,” CEO Ori Hadomi said. Mazor shares dropped 5.6% to end at 21.67 shekels ($5.50), the biggest decline among TA-100 stocks for the day. (Omri Zerachovitz)



Automatic approval of subscriber comments.

Subscribe today and save 40%

Already signed up? LOG IN


Election ad featuring Yair Lapid in Rahat, the largest Arab city in Israel's Negev region.

This Bedouin City Could Decide Who Is Israel's Next Prime Minister

Dr. Claris Harbon in the neighborhood where she grew up in Ashdod.

A Women's Rights Lawyer Felt She Didn't Belong in Israel. So She Moved to Morocco

Mohammed 'Moha' Alshawamreh.

'It Was Real Shock to Move From a Little Muslim Village, to a Big Open World'

From the cover of 'Shmutz.'

'There Are Similarities Between the Hasidic Community and Pornography’

A scene from Netflix's "RRR."

‘RRR’: If Cocaine Were a Movie, It Would Look Like This

Prime Minister Yair Lapid.

Yair Lapid's Journey: From Late-night Host to Israel's Prime Minister