Tel Aviv Shares Advance Despite News That Leader Mylan Will Delist Stock

Both TA-35 and TA-125 climb, and even Mylan rose 1.7% ■ Energy shares rose after Psagot recommends holding gas-related stocks

Mylan NV EpiPen 2-Pak medication sits on a table inside a pharmacy in Provo, Utah, U.S., on August 31, 2016.
George Frey/Bloomberg

Tel Aviv shares rose on Sunday even though the market was hit by the bad news that the U.S. drug maker Mylan was delisting from the local stock exchange.

The TA-35 index finished up 0.2% to 1,419.84 points, while the TA-125 added 0.4% to 1,298.49, on turnover of 435 million shekels ($124 million). Mylan rose 1.7% to 133.90 shekels.

Energy shares rose as Psagot Investment House recommended investors hold on to the shares, especially those with stakes in the Leviathan gas field. The Oil and Gas index finished up 3% at 911.89.

Biotime led TA-125 gainers, jumping 16.35% to 9.14 after it reported an adjusted net loss of 5 cents for the third quarter, far lower than analysts had forecast. Fox Wizel rose 2.5% to 74.97 after it nearly tripled quarterly earnings to 1.52 a share.

Perrigo, however, skidded 3% lower to 311.40, pulling back from a Thursday rally on strong quarterly earnings.