Maof rises 0.9%; US stocks rise on Intel results

Maof 1,231.18 up 0.9% Dow Jones * 11,087.13 up 0.6% FTSE 5,796.25 up 0.6% Nikkei 11,204.90 up 0.4% * Intraday figures

By JERUSALEM POST STAFF
April 15, 2010 02:47
3 minute read.
The Jerusalem Post

The Tel Aviv Stock Exchange.. (photo credit: Bloomberg)

 
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The TA-25 Index climbed to the highest in more than a week, rising 0.9 percent to 1,231.18 at the close in Tel Aviv. Investors traded about NIS 1.61 billion in shares and convertible securities.

Gilat Satellite Networks, a developer of satellite networking technology, advanced 5.5% after it received a multimillion-dollar contract to provide a broadband communications network for a “large” gaming and lottery project in Africa.

First International Bank of Israel rose 1% after saying it might pay a dividend of NIS 800 million.
I.T.G.I. Medical, a maker of vascular application products, climbed 6.4% after saying the use of its stent, which opens blocked arteries, had been successful in five trial cases.

Tower Semiconductor increased 7.2% after the chipmaker was selected by Tego Inc. to make a high-memory radio-frequency identification chip.


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Stocks rose for a fifth straight day as better-than-estimated results at Intel Corp., JPMorgan Chase & Co. and CSX Corp. and an increase in retail sales bolstered confidence that a six-week rally was justified.

Intel rallied 3% after the world’s largest chipmaker forecast rising sales this quarter and record profit margins for the year, fueling optimism that a rebound in technology spending is strengthening.

JPMorgan advanced 3.4% after reporting record fixed-income trading revenue and a reduction in provisions for credit losses.

CSX rose 3.4% after the third-largest US railroad beat analyst profit estimates on increased shipping volumes.

The Standard & Poor’s 500 Index gained 0.8% to 1,206.23 at 2:05 p.m. in New York, the first time it’s risen above 1,200 since September 2008. The Dow Jones Industrial Average climbed 67.71 points, or 0.6%, to 11,087.13.

EUROPE

Shares rose, sending the Stoxx Europe 600 Index to its highest level since September 2008, after results from Intel Corp. and JPMorgan Chase & Co. spurred optimism about the economic recovery.

National benchmark indexes rose in all of the 18 Western European markets, except Greece. The UK’s FTSE 100 advanced 0.6% to 5,796.25. France’s CAC 40 rose 0.6%, while Germany’s DAX gained 0.8%.

ASIA
Stocks rose for the third time in four days after Intel’s sales estimate beat predictions, Moody’s Investors Service boosted South Korea’s credit rating and Singapore raised its economic growth forecast.

Japan’s Nikkei 225 Stock Average advanced 0.4% to 11,204.90. South Korea’s Kospi Index climbed 1.5%, Australia’s S&P/ASX 200 Index rose 0.9%, and New Zealand’s NZX 50 Index climbed 0.8% in Wellington even as the statistics office reported an unexpected decline in February retail sales.

CURRENCIES

The shekel fell 0.3% against the dollar and traded at 3.7050 as of 5:30 p.m. in Tel Aviv, versus 3.6930 on Tuesday.

The dollar declined 0.4% to $1.3664 per euro at 12:59 p.m. in New York, from $1.3614 on Tuesday.

COMMODITIES

Oil surged the most in eight weeks after the US government reported an unexpected decline in inventories and gasoline demand jumped the most in five years.

Crude oil for May delivery rose $2, or 2.4%, to $86.05 a barrel at 12:17 p.m. on the New York Mercantile Exchange, ending a five-day decline. Oil rose as much as 2.8 percent, the biggest gain since February 16. Futures have gained 74% in the past year.

Gold futures for June delivery rose $6.20, or 0.5%, to $1,159.60 an ounce on the Comex in New York. The most-active contract has climbed 5.8% this year. The price reached a record of $1,227.50 on December 3.
(Bloomberg)

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