Friday, August 21, 2009

TA-25 Up 1.5%, But Falls 1% For The Week

. Friday, August 21, 2009

By stockOzone team

Shares rose sharply yesterday on the Tel Aviv Stock Exchange, but two days of deep losses at the start of the week left the market down about 1% since Sunday. Investors began the trading week with fears that the market had turned around, or at the very least the time had come for serious profit taking, but the past few days blew away the black clouds, mostly.

The benchmark TA-25 was up 1.5% yesterday to end the day at 948 points, but lost 1% for the week. The broader TA-100 gained 1.8% yesterday to close at 886 points, but fell 1.2% over the week. Advertisement

The Real Estate-15 climbed 3.7% and the Banks-5 rose 3.6%. Turnover was a weak NIS 1.5 billion.

All in all, the major indexes have shown impressive gains since the beginning of the year, with the blue chip TA-25 up 45% and the TA-100 rising 57%. Real estate shares have jumped 129% since January.

Africa Israel was up 3.7% yesterday on NIS 34 million of turnover, but for the week Africa still lost 14%. On Tuesday the firm issued a profit warning for the second quarter to the tune of NIS 1.4 billion.

Bank Hapoalim climbed 3.9% for the day and Bank Leumi gained 3% on NIS 81 million in trading. Yesterday morning its Leumi Card credit card subsidiary reported NIS 36 million in profits for the second quarter of 2009, a 9% increase from the parallel quarter last year.

Bezeq was down 0.5% after the Supreme Court ruled it may not merge with satellite broadcaster Yes. (See story on Page A8.)

NICE rose 1.4% to make it a 11% gain for the week. On Wednesday the share was up 5% on the announcement of its largest contract ever, a $55 million defense deal starting in 2010 and lasting for two to three years.

Delek Automotive was up 2.4% as the importer of Ford and Mazda ended the second quarter with a NIS 102.5 million profit despite the recession, and a 27% drop in revenues to NIS 963 million. (See story on Page A8.)

El Al gained 0.2% as it released its second quarter financial report showing even wider losses. (See story on Page A8.)

Housing and Construction climbed 3.4%.

Dor Alon rose 4.5% despite a 23.8% drop in operating profit in the second quarter, but with a 62.4% rise in net profit to NIS 21.2 million due to lower financing costs.

Disclosure: Author does not own any of the stocks discussed here.





Bookmark and Share

0 comments:

Post a Comment

 
Visit blogadda.com to discover Indian blogs