It's green screens in Tel Aviv at Thursday mid-day as investors respond to Wednesday steep gains on Nasdaq. But total turnover is slim to pathetic at NIS 107 million.
The Maof-25 index is up 1.6% and the TA-100 index is gaining 1.3%, lifted by the bank stocks and dual-listed shares. Tech stocks are up a steeper 2.2%.
Elbit Systems (Nasdaq:ESLTF) is up 8% on the session's highest turnover after starting on a 10% arbitrage gap.
Teva Pharmaceuticals (Nasdaq:TEVA), the most popular stock in Israel, is rising 1.1% on the session's second-highest volume of trade.
Big bank stocks have lost morning gains. Hapoalim is off 0.4% and Leumi is down the same. But smaller Bank Mizrahi is up 0.8%.
This morning the press reported that rival groups are still vying to snap up Leumi stock on the market, namely Migdal Insurance ¿ controlled by Italian insurer Generali, and Israeli insurance executive Shlomo Eliyahu. Together Migdal and Eliyahu spent about NIS 32 million buying Leumi stock last week.
Discount Investments Corporation is rising 3.8% after Nessuah Zannex rated the company a Buy today. But analyst Haim Israel lowered its price target to NIS 125, still 28% above the market.
It helps that Discount Investments owns a hefty chunk of Given Imaging, the first company to brave the stormy IPO waters on Nasdaq after the September 11 attacks on the U.S. Given stock starts trade tomorrow, under the symbol GIVN, at $12 per share.
Elite5 stock is up 0.2% on unusually high turnover of NIS 4.2 million. Market sources attribute a couple of major transactions to the Strauss family, which controls the company.