The Ticker: Tel Aviv Shares Ignore Overseas Weakness

Central bank tightens derivatives reporting; CollPlant signs first marketing pact for key wound-healing product.

Outside of the Tel Aviv Stock Exchange.
Bloomberg

Central bank tightens derivatives reporting 

The Bank of Israel issued two order yesterday requiring financial institutions to provide it with detailed data on transactions in foreign currency derivatives, index derivatives, and interest rate derivatives for Israeli and foreign residents. A daily report must be submitted no later than a day after the transaction. The second order is for a monthly report on the number of open contracts the institution holds, to be filed no later than a day after the last day of the month. Banks and other institutions with a daily average of $15 million or more in transactions over the preceding 12 months must report, it said. The central bank said the new rules would give it a more comprehensive picture of the foreign exchange market and capital market. “The step is aimed at improving the Bank of Israel’s ability to achieve the goals of its monetary policy and its foreign currency policy,” the central bank said. (Moti Bassok)

CollPlant signs first marketing pact for key wound-healing product

CollPlant, which uses tobacco plants to genetically engineer human collagen, said yesterday it had signed its first marketing and distribution agreement for its flagship Vergenix FG product. CollPlant didn’t identify the distributor, which has exclusive marketing rights in Italy for two years, but said it expected its first order in the next few days for the product, which is used to treat wounds and ulcers. The agreement comes three months after Vergenix FG received marketing approval from the European Union. This week CollPlant said the office of the Chief Scientist in Israel’s Economy Ministry had authorized 12 million shekels ($3.1 million) in research grants in 2016, including for the development of collagen and cell-based formulations intended for use as bioink for 3-D printing of tissues and organs. CollPlant shares ended 0.5% higher at 37 agorot (10 cents). (Yoram Gabison)

Stratasys CEO retiring after seven years

David Reiss is stepping down as CEO of the 3-D printer maker Stratasys after seven years, the company said yesterday. Reiss, who will join the board, served for seven years, overseeing the 2012 merger of Israel’s Objet with the U.S. firm Stratasys, then taking over as CEO of the combined company. He steps down June 30 and will be replaced by Ilan Levin, a director. Stratasys shares were up 1.4% at $23.19 at early afternoon local time in New York. (TheMarker)

Tel Aviv shares ignore overseas weakness 

Tel Aviv shares shrugged off declines in European and U.S. markets yesterday to end higher for the day. The benchmark TA-25 index closed up 0.3% at 1,444.86 points, while the TA-100 gained 0.4% to 1,256.99, as 1.28 billion shekels ($330 million) in shares changed hands. Drug stocks helped lift the index, with Teva Pharmaceuticals ahead 2.7% by close at 207.40 shekels and Mylan up 2.6% at 174.40.  Property & Building was the most active share of the day and the biggest loser among TA-100 stocks, ending down 3.9% at 289.60, after parent company Discount Investment Corporation sold shares. Ability turned lower after four days of gains to finish down 4.05% at 12.08 shekels.  other big losers were Frutarom, which dropped 2.7% to finish at 182.40 and Fox, which ended down 3.1% at 55.33 shekels. Mannkind led gainers on the TA-100, advancing 4.9% to 3.87 shekels. (Uri Tomer)