Tel Aviv indices are gaining mildly as the Wednesday session continues, responding to a possible interest rate cut by Bank of Israel Governor David Klein. The climbs are also boosted by European markets, which are rising 0.4% on average.
The Maof-25 is climbing 0.73%, the TA-100 is gaining 0.55% and the Tel-Tech is rising 0.7%.
The dollar is posting a 0.45% climb, also in response to the interest rate cut.
Teva Pharmaceuticals (Nasdaq:TEVA) is losing 0.1% on NIS 15 million total turnover. In the last few days the share has rallied on news of approval of Lovastatin, expected to yield $2 million in revenues in Q4 this year and $18 million in 2002.
Bank shares are mixed, some recovering from their last few months on the decline. Bank Hapoalim is rising 0.24%, Bank Leumi dipping 0.65%, and Israel Discount Bank is sliding 0.5%. Mizrahi is slipping 0.16%, after an earlier climb of 1.5%.
IDB group shares are on a major northward hike. IDB Holdings is rising 1.7%, IDB Development is climbing 2%, and Discount Investment Corporation is up 1.5%.
Green Venture Capital is down 5.1% after its rights issue results published last night showed the company raised NIS 40.6 million, way below the planned NIS 58 million it was hoping to raise.
Bezeq is gaining 1.4% on total turnover of NIS 6 million. Trading at NIS 5.6, the share posted negative return of 21% this year. TheMarker today reported attempts by Yitzhak Kaul and Danny Rosen to form an investor group to acquire control in the company.
Magic Software (Nasdaq:MGIC) opened with a positive 5.3% arbitrage gap, and is now gaining 2.3%. Formula Systems (Nasdaq:FORTY) opened with a negative 1.8% arbitrage gap. It is rising 1.65%. Magal Security Systems (Nasdaq:MAGS) is losing 4.8%. Changes to the TA-100 and Tel-Tech indices were reported yesterday, indicating Magal would be included in both, following its improved performance since the terror events of September 11.