Tel Aviv stocks are posting mild gains in early Wednesday trade unaffected by Tuesday's drops on Wall Street.
The Maof-25 blue chip index is up 0.2% to 434.6 points, and the TA-100 index is rising 0.4% to 417.3 points. Technology shares are up 1.7%. Total turnover is now at NIS 50 million.
Teva Pharmaceuticals (Nasdaq:TEVA) is up 0.2% on large turnover of NIS 14 million, after opening with 1.8% positive arbitrage spread. Today it was reported that the trials of oral Copaxone (Coral) have failed. Copaxone is used in the treatment of relapsing-remitting multiple sclerosis, and is administered via injections. Capital market sources estimate that the drug giant will not carry out further trials of the oral version. Teva said it is still studying the results and examining options with its trials partner, Danish drug firm Lundbeck.
Bank Discount is continuing its positive trend and is up 1.5%. TheMarker yesterday reported the bank will issue 30% of the shareholders' equity of its New York branch. It is believed that the offering will be based on about $600 million company value, which is expected to generate the parent company some NIS 180 million.
Tadiran Communications is rising 4% on NIS 187,000 turnover. Globes yesterday reported that the company is poised to win a huge tender in India worth $100 million to $150 million.
Dual-listed shares closed mixed on Wall Street and are trading with a positive bias. Koor Industries (NYSE:KOR) is correcting recent losses and is up 1.3%, Formula Systems (Nasdaq:FORTY) is rising 1.3%, Metalink (Nasdaq:MTLK) is jumping 8.4% after opening with a huge positive arbitrage spread of 13.6%.