Tel Aviv Blue Chips Approach 1,100 Mark

Tel Aviv stocks roared to record heights on Sunday, following positive trading in world markets Friday.

The TA-25 index jumped 1.7% to 1,097.48 points while the broader TA-100 index rose 1.6% to end the day at 1,099.35 points.

The Real Estate-15 index gained 2.7%. Turnover was very high, especially for a Sunday, at NIS 2.1 billion.

Africa Israel (TASE:AFIL) rebounded by 4.5% after sliding 6.6% Thursday. The real estate company floated subsidiary AFI Development on the London exchange, at a very high market value of $5.9 billion. AFI Development handles investments in Russia for Lev Leviev's Africa Israel group.
Africa-Israel Properties (TASE:AFPR), which deals with European properties, gained 1.1%.

Fashion and clothing company Polgat (TASE:PLGT) soared 8.7% on news that its subsidiary Bagir (TASE:BGIR), which jumped 2.7%, confirmed yesterday's report that Ishay Davidi's FIMI fund would become a partner for $80 million. FIMI may also buy Bagir's sister company Polgat Textiles.

Teva Pharmaceutical Industries (TASE:TEVA) retreated 0.4%. The company had recently raised its revenue forecast from $2.07-2.19 billion to $2.2-2.3 billion.

C. Mer Industries (TASE:CMER) soared 11% on news that it had signed a contract to plan, supply and build communications sites in Africa.

Starlims Technologies (TASE:LIMS) shares leapt 3.1% on news that the developer and marketer of lab management software has submitted its prospectus for an IPO on Nasdaq. The company plans to raise $30 million based on a company valuation of $96 million before the money. Starlims reported growth in first quarter revenue and profit.

Clal Finance Batucha Investment Management (TASE:CLFN) shares rose 2.1% after releasing positive first quarter 2007 results. Net profits were NIS 36 million, almost double the parallel 2006 results.

Bank Leumi (TASE:LUMI) rose 1.6%, as investors wait for it to respond to the Israel Securities Authority's demand to explain the manner in which management bonuses were approved last year. Investors also did not seem deterred by uncertainty over the chances of completing the bank's sale to the Cerberus-Gabriel group by May 24.