Lifted by a powerful back-wind from Nasdaq, Tel Aviv stocks spent the day fluctuating around gains of about 1.5%. The indices were lifted by the dual-listed shares, which corrected skywards soared on handsome positive arbitrage gaps and turnover.

Trade today was somewhat reminiscent of the market splurge that characterized the beginning of last year. It is just possible we are witnessing a belated January Effect, some market sources surmise.

Trade was characterized from the onset Sunday morning by gains of 1.5%. The gains intensified toward noon, with leading indices hovering throughout the day between rises of 1.5% and 2.2%. The Tel-Tech index today overshadowed blue chip stocks, spending most of the session with gains in excess of 4%.

The Maof-25 index finished up 1.75% to 485.6 points, while the TA-100 finished up 1.99% to 472.33 points. The Tel-Tech index is the main beneficiary of today's corrections on the market, and finished up a sharp 5.4%.

TheStreet Recommends

Teva Pharmaceuticals (Nasdaq:TEVA) gained 4.5% on the session's highest turnover of NIS 33 million, after various investment houses reiterated their Buy rating of the stock over the weekend.

Software house Liraz stood out with a 16.6% leap, on lively, NIS 8 million turnover. The stock was unfazed by a profit warning released by held company Level 8 (Nasdaq:LVEL), and after slipping 2.3% on Thursday, today bounced sharply back.

Eliezer Fishman defends Yitzhak Tshuva over jet buy

Meanwhile, Tycoon Eliezer Fishman came out swinging for fellow business mogul Yitzhak Tshuva, who was slammed by criticism after buying a $23 million executive jet via publicly traded companies he controls. Fishman said that although he himself had purchased his own private plane using his own private funds, which Tshuva hadn't, one major deal by one of Tshuva's public companies would cover the costs. Everything should be kept in proportion, Fishman concluded.