TA-25 slides on real estate, banks

The most-active issues were Bank Leumi and Bank Hapoalim, down 1.6% to NIS 16.8 and 1.2% to NIS 20.21, respectively.

December 4, 2006 08:33
2 minute read.

MarketWatch: In-depth global business coverage Israeli stocks fell, led lower by the banks and the real estate sector. The Tel Aviv Stock Exchange's benchmark TA-25 index fell 1.33 percent to 917.25, the TA-100 index shed 1.31% to 923.84, and the Tel-Tech 15 index of top technology stocks declined 1.17% to 373.36. The most-active issues were Bank Leumi and Bank Hapoalim, down 1.6% to NIS 16.8 and 1.2% to NIS 20.21, respectively. Together they accounted for 10% of the total TASE volume of $214 million. Ormat Industries was down 1.6% to NIS 46.88. The company said a unit sold 4 million shares of Opti Canada for $69m. and that it would post a fourth-quarter after-tax capital gain of $34m. on the deal. The move cuts its stake in Opti Canada to 5.3% from 7.5%. Ormat plans to use the funds to finance its plan to develop its bio-diesel operations, among other things. The banks helped drag down the Tel Aviv Finance 15 Index by 1.05% to 1,187.47. In addition to Leumi and Hapoalim, First International Bank Issue 5 fell 2.5% to NIS 53.66, Mizrahi-Tefahot, was down 0.2% to NIS 30.91 and Union Bank was off 0.9% at 20.76. The Tel Aviv Real Estate 15 index slumped 2.27% to 665.01, reflecting declines of 4% in Gazit-Globe to NIS 55.28; 2.9% in Jerusalem Economic to NIS 62.81; 2.1% in Delek Real Estate to NIS 35.76; 2% in Africa-Israel Investments to NIS 291.6; and 2.2% in Elbit Imaging - which also has interests in medical scanning equipment - to NIS 128.5. Delek Real Estate said it was in talks to privately place 3% of its shares with the insurer Migdal and 1.9% with the real estate developer Yigal Ahuvi. The placement would be made at market prices, valuing the deal at $50m. The move would lift the company's public share float to more than 20%, putting it in line with TASE rules and ensuring its place on the TA-100 stock index, Delek Real Estate said. Jerusalem Economic said it laid out NIS 366m. to buy 11 properties in Switzerland. The one gainer in the real-estate index was a big one: GTC jumped 5% to NIS 46.19. The company closed the $287m. sale of some properties in Poland to Heitman European Property Partners III Fund and expects a capital gain of $51m. on the deal. The Tel-Tech suffered from drops in Nice Systems, Elbit Systems and Given Imaging. The dollar weakened on Friday 0.31% to NIS 4.234 shekels. MarketWatch: In-depth global business coverage

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