Tel Aviv stocks ended Thursday with mild gains after Nasdaq corrected and rose 1.4% Wednesday evening.
There's no trade on Wall Street today because of the July 4 holiday, which intensified the influence of European stocks on Tel Aviv today, traders said.
The Maof-25 index ended up 0.8% and the Tel Aviv-100 index rose by 0.6%. Tech stocks also gained 0.8%. Total turnover was pitiful at NIS 105 million. As traders put it, people are on holiday, and those who aren't, are yawning on the fence.
DBM Investment House manager Rami Dror predicts that the low turnovers characterizing the Tel Aviv Stock Exchange lately will continue throughout the summer.
Partner Communications (Nasdaq, TASE:PTNR, LSE:PCCD) gained 4.8% after days of dropping on heavy selling, partly by Israel's Polar Investments and partly, surmise market sources, by an American institutional investor. Polar sold 0.4% of Partner's share capital during the second quarter, on which it will be booking an NIS 16.2 million capital gain. Polar also sold 0.4% of Partner's share capital during the first quarter, yielding it NIS 19 million.
Altogether Partner stock has lost 12% over two days, perhaps indicative of institutional feelings that it had become overpriced.
Teva Pharmaceuticals (Nasdaq:TEVA) ended up 0.2% after announcing that the FDA has approved its ANDA for Tizanidine, in 2 and 4 milligram tablets, used to treat muscular spasticity. The proprietary drug sells for $178 million a year. On July 1 the FDA approved two forms of lisinopril, used to treat hypertension. The drugs are expected to produce sales of $80 million a year, and a net profit of $8 million.
Discount Investments lost 1% after
wrote today that Bank Leumi decided to crack down on credit terms for the group, because of the Tevel cable TV company's debt to the bank. Tevel, a Discount Investment subsidiary, owes various banks about a billion shekels.
The banks were lively today with Hapoalim gaining 1.1% and Leumi rising 1.6%.