Tel Aviv stocks closed with negligible gains of 0.2% on Tuesday on moderate turnover of NIS 327 million after a flip-flopping session.
The Maof-25 blue chip index closed up 0.2% to 433.7 points and the TA-100 index climbed 0.2% to 415.5 points. Technology shares closed up 0.4%.
Stocks opened with 0.9% gains following gains on Wall Street on Monday, but leading indices soon turned to losses and at mid-day were dropping 1.6% despite gains in Europe. After 16:00 stocks began recovering and were rising 0.5%, but a negative Nasdaq opening slowed the rally.
Market players related the moderated gains to the weakening of the dollar against the shekel after the Bank of Israel governor said it will not be possible to persist with short-term low interest rates unless long-term interest rates drop relatively.
Teva Pharmaceuticals (Nasdaq:TEVA) closed up 1% on the session's biggest turnover NIS 38 million. Teva opened with a 1.8% positive arbitrage spread after gaining 1.6% Monday. On Monday Teva announced the U.S. Food and Drug Administration had granted it tentative approval for Quinapril HCL 5, 10, 20 and 40 milligram tablets. This is the first FDA tentative approval for Quinapril. The drug is the generic version of Parke Davis' Accupril for treating hypertension. Annual sales of the original drug come to $500 million.
Koor Industries (NYSE:KOR) closed off 4.3% and Clal Industries closed down 1.8%. The drops were attributed to affiliate ECI Telecom (Nasdaq:ECIL) plunging 16% on Monday. ECI reported $232.8 million revenue for Q4, 11% less than in Q3. Revenue was 7% less than the average estimate. Net loss came to $43.1 million. Yesterday, Koor dropped 3.8% and Clal Industries closed down 2%
Bank Discount closed up 0.5% on big turnover of NIS 8.5 million after opening with 1.8% gains. The lively action is attributed to TheMarker's report on Monday that the bank is planning a Nasdaq IPO of its wholly-owned subsidiary Israel Discount Bank of New York. Leader DS estimated that the New York branch is worth at least $400 million.
Team Computers rose 2.6% on NIS 465,000 turnover after the affiliated company TTI Telecom (Nasdaq:TTIL) released excellent results for Q4, posting increased revenue and profit for the 20th consecutive quarter. Profit rose to $4 million, 33% more than in the parallel quarter of 2000. The company estimates that in 2002 revenue will rise by 30% to 35% against 2001, and net profit will grow by 16% to 19%.
Retalix (Nasdaq:RTLX) climbed 2.9% on NIS 4 million volume of trade after posting record revenue of $15.5 million in Q4, and $635,000 operating profit, compared with $151,000 in the parallel quarter of 2000. Net profit came to $635,000, compared with a loss of $427,000 in the parallel.
IBI Underwriting & Investments jumped 9.4% on NIS 388,000 turnover, after revenue in 2001 sharply dropped to NIS 18.3 million, and net profit shrunk to NIS 10.5 million. In 2000, revenue came to NIS 42.1 million, and profit came to NIS 20.3 million. The 9.4% gain is related to the company announcing a NIS 35 million-dividend distribution, 266.55 agorot per share, which reflects 32% gross yield per share for investors.
IDB group stocks closed with gains. IBI Development Corporation closed up 0.9%, and IBI Holding Corporation rose by 2%. Discount Investments closed up 1.2%.