TASE indices opening with slight gains Monday

Teva is maintaining upswing on news of upcoming approval of new generic drug
Publish date:

Tel Aviv indices are switching to mild gains this morning, having opened with 0.2% dips.

The Maof-25 is now up a miniscule 0.04%. Slightly ahead of it are the Tel Tech, up 0.05%, and the TA-100, rising 0.06%.

Teva Pharmaceuticals (Nasdaq:TEVA) is continuing its climb from yesterday, rising 0.2% on an NIS 5.5 million total turnover, the highest on the floor. The company expressed faith in its own performance in Q4, and is apparently intending to go ahead with its purchase of the American Impax Labs. An estimate from Investec Bank analyst Kobby Finkelstein of an upcoming FDA approval of a generic drug that could generate the company $200 million in revenue is also boosting the stock.

Banks shares are mixed. Bank Leumi is climbing 0.8% on a Buy rating and an NIS 9.2 price target it received this morning from Gmul Sahar Investments. Israel Discount Bank is gaining 0.2%, while Bank Hapoalim remains unchanged. Mizrahi Bank is down 0.9%.

Bezeq is recovering from an early morning 0.2% drop with a 1.2% climb.

Koor Industries (Nasdaq:KOR) is gaining 0.2% after Ma¿ariv published it reneged on its plans of selling Elisra. Instead, Koor is now looking for an investor interested in acquiring 49% of its subsidiary.

IDB shares are mixed with a negative bias. Clal Industries is losing 0.1%, the Discount Investment Corporation is shedding a somewhat heftier 0.7%and IDB Development is down 0.8%. IDB Holdings on the other hand is climbing 0.5%.