TASE indices are dipping about 0.6% midday Wednesday on slim NIS 71 million turnover following drops posted at this time in European stock exchanges. The LSE is down 0.3%, the Nouveau Marche is shedding 1.3% and the FTSE is slipping about 0.5%.The Maof-25 is down 0.8%, The TA-100 is losing 0.35% as is the Tel Tech.
Elco Holdings is maintaining its positive trend from yesterday with a 10.6% leap on NIS 670,000 turnover. The share yesterday climbed 4.1% on news in TheMarker the company purchased the giant French electronics manufacturer Brandt for $225 million. Elco will thus have a 90% stake in Brandt, whose sales in 2000 totaled $1.25 billion.
Matav (Nasdaq:MATV) is losing 0.6% on NIS 10 million turnover after negotiations on its merger with Yes satellite TV were halted following the Communication Minister's demands and the approval provided by his ministry to launch fast Internet services beginning next month.
Teva Pharmaceuticals (Nasdaq:TEVA), which opened with a negative 0.9% arbitrage gap is down 0.6% on NIS 10 million turnover, the highest on the floor. UBS Warburg yesterday reiterated a Strong Buy rating for the share, and hiked its target price to $80, 27% higher than its current Nasda price.
Partner Communications (Nasdaq:PTNR) is down 2% and market estimates are it will take a hit from Polar Investments NIS 19 million sale of its shares announced yesterday.
Tower semiconductor (Nasdaq:TSEM) is shedding 2.2% on its announcement it would raise $22 million in convertible bonds next week, to be invested in its Fab 2 plant in Migdal Ha'emek. The bonds' conversion price is NIS 41, higher than its market price by 19%. The CEO of Tower said the company intends to raise another $100 million in the next few months, all of which will be invested in the plant.
Osem is losing 2% after a Neutral rating from Ilanot Batucha investment house, based on estimates the share was trading at a price higher than its value. Ilanot lowered the revenue forecasts for Osem in 2002 to NIS 127.1 million, compared with an earlier forecast of an NIS 129.6 million.
AMS Electronics is rising 8.7% on NIS 250,000 turnover. The share yesterday climbed 9.9% on news of a NIS 160 million contract with Nexus Telocations, which last month won a tender to provide $50 million worth of 1.3 million gas meters to an international gas company