Teva stocks rise on successful tests of Parkinson's drug

Despite the rise in Teva stocks, Israel's TA-25 Index was almost unchanged.

By NEWS AGENCIES
June 17, 2008 09:52
3 minute read.

SHARES Tel Aviv Israel's TA-25 Index was almost unchanged, losing 0.14, or less than 0.1%, to 1,116.16, as 16 shares dropped and nine gained. Alvarion Ltd. rose NIS 0.27, or 1%, to NIS 26.94, paring the 3.8% drop of the previous day. The maker of broadband wireless WiMax products won a contract from Bharti Airtel, India's largest mobile-phone operator, to provide broadband Internet services for business customers. Kardan NV gained the most in a month, advancing NIS 2.36, or 5.4%, to 46.10. The Dutch-Israeli holding company was raised to "market outperform" from "market perform" at Psagot Investment House Ltd. Paz Oil Ltd. climbed for a second day, adding NIS 10, or 1.7%, to 595. Israel's largest energy company's shares will probably reach NIS 610 in the next 12 months, up from a previous estimate of NIS 520, Clal Finance Batucha Investment Management Ltd. said in an e-mailed report today. Retalix Ltd. fell the most in two weeks, dropping NIS 1.69, or 3.5%, to 46.69. The maker of software used by grocery chains was cut to "neutral" from "buy" at UBS AG today. Teva Pharmaceutical Industries Ltd. (TEVA IT) climbed for the first time in three days, advancing NIS 4.3, or 3%, to 149. The world's biggest maker of generic drugs said its Azilect medicine helped slow the progression of Parkinson's disease in the final phase of clinical tests. WALL STREET US stocks rose, erasing earlier declines, as a retreat in oil prices sparked gains in consumer companies and Lehman Brothers Holdings Inc.'s results fueled a rally in financial shares. TJX Cos. and Lowe's Cos. helped retailers recover from losses as crude prices slipped from an all-time high. Lehman, the fourth-largest US securities firm, rallied 5.8% as Chief Executive Officer Richard Fuld said the company isn't losing clients. The Standard & Poor's 500 Index gained 3.45 points, or 0.3%, to 1,363.48 in afternoon trading in New York. The Dow Jones Industrial Average increased 1.55 to 12,308.9. The Nasdaq Composite Index added 23.48, or 1%, to 2,477.98. Almost two stocks rose for each that fell on the New York Stock Exchange. Stocks fell earlier after a bigger-than-forecast drop in New York manufacturing added to concern that the slowing economy will prolong the slump in corporate earnings. EUROPE UK stocks declined, led by Unilever Plc and Cadbury Plc, after UBS AG recommended selling shares in the companies. British Airways Plc dropped as crude oil rose to a record $139.89 a barrel in New York. Barclays Plc advanced the most in 16 years after the U.K. bank said a share sale to help raise capital is under "active consideration" and May profit was ahead of last year's figure. Anglo American Plc paced mining companies higher after the Observer reported that Cia. Vale do Rio Doce may consider a possible takeover of the world's second-largest mining company. The FTSE 100 Index lost 8.2, or 0.1%, to 5794.6 in London. ASIA Asian stocks advanced the most in almost two months after the dollar rose to a four-month high against the yen and crude-oil prices declined, boosting shares of car and consumer electronics makers. Toyota Motor Corp., which gets about half its profit from North America, climbed to the highest in more than three months in Tokyo. Samsung Electronics Co. rose on speculation consumer spending in the US will be sustained. Korean Air Lines Co. jumped after South Korea allowed its two biggest carriers to increase fuel surcharges. Japan's Nikkei 225 Stock Average added 2.7% to 14,354.37. China's CSI 300 Index declined for a ninth day, closing almost 50% below its October record. Indexes advanced in other Asian markets open for trading, except for Australia, New Zealand, Indonesia, Sri Lanka and Pakistan. CURRENCIES The shekel gained against the dollar, snapping a four-day decline, advancing 1% to 3.3920, from 3.4255 on June 13. The dollar declined 0.6% to $1.5477 per euro in afternoon trading in New York, from $1.5380 on June 13. COMMODITIES Crude oil fell, retreating from a record, on signs that Saudi Arabia will increase production to stabilize prices. Saudi Arabia will produce 9.7 million barrels of oil a day next month, an increase of 200,000 barrels above June's level, King Abdullah told United Nations Secretary-General Ban Ki-Moon, according to a UN spokesman. Prices earlier climbed to a record $139.89 after a fire cut North Sea output and the dollar declined against the euro, bolstering the appeal of commodities. Gold rebounded and silver jumped the most in three months as the euro climbed against the dollar, boosting the appeal of the precious metals as alternative investments. Gold often moves in tandem with the euro, which rose as much as 0.9%. Before today, gold gained 34% in the past year as the euro rose 16%. Gold surged to a record $1,033.90 an ounce on March 17, and the euro reached an all-time high of $1.6019 on April 22.


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