TA 25 falls as energy stocks drop

The Tel Aviv 25 Index fell 1.49 percent to 1,273.97 points and the Tel Aviv 100 Index fell 1.46% to 1,156.12 points. Turnover was NIS 821 million.

By AVIV LEVY/GLOBES
May 22, 2011 22:57
1 minute read.
Traders look at screens at a bank in Lisbon, Weds.

traders watching stocks. (photo credit: Rafael Marchante/Reuters)

The Tel Aviv Stock Exchange (TASE) fell today.

The Tel Aviv 25 Index fell 1.49 percent to 1,273.97 points and the Tel Aviv 100 Index fell 1.46% to 1,156.12 points. Turnover was NIS 821 million.

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In the bond market, long-term Shahar unlinked bonds rose by up to 0.1% and long-term Galil CPI-linked bonds rose by up to 0.2%. The Tel-Bond 60 Index fell 0.1%.

In the foreign currency market, options pointed to no change in the shekel-dollar exchange rate NIS 3.474/$, but a 1.13% drop in the shekel-euro exchange rate to NIS 4.919/euro.

In the stock market, energy companies took center stage after Oil Refineries Ltd. announced a natural gas supply deal with Yam Tethys, owned by Noble Energy Inc. and Delek Group Ltd. Oil Refineries fell 1.6%, Delek Group fell 2.2%, and its units Avner Oil and Gas LP rose 0.3%, while Delek Drilling LP fell 0.9%. Their partner in Tamar, Isramco Ltd., rose 1.4%.

Oil Refineries’ parent company, Israel Corporation fell 2%, while another subsidiary, Israel Chemicals Ltd., fell 2.4% on the day’s largest turnover of NIS 60 million.

Paz Oil Company Ltd. fell 1% ahead of the publication of its first quarter financial reports.

Elbit Systems Ltd. fell 2.2% to NIS 177.10. Migdal Capital Markets today reiterated its “Buy” recommendation, but cut its target price for the share to NIS 211.

In real estate, Elbit Imaging Ltd. fell 8.5% during the session before ending day down 1%. Market sources attributed the drop to short deals in the share. The company’s bonds also fell sharply.

HOT Telecommunication Systems Ltd. rose 1.3% to NIS 64.14. Clal Finance Ltd. reiterated its “Outperform” recommendation and raised its target price to NIS 75 from NIS 67.


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