Leading Tel Aviv indices posted gains throughout Sunday's session. The Maof-25 index of blue chips rose by 2.57% to cross the 475 support level, the TA-100 index climbed 2.48% to 462.25 points and the Tel-Tech technology index gained 0.8%. Total turnover was moderate at NIS 280 million.
The rises were fuelled by
(Nasdaq:TEVA) and national phone company
. Teva jumped 9.3% on a NIS 55 million turnover, which was the session's highest. The shares opened on a positive arbitrage gap of 8.2%. The gain is attributed to Teva's February 8, 2001 announcement that it had won FDA approval to market two generic drugs, one for high blood pressure and the other an anti-inflammatory.
Bezeq continued its correction efforts having suffered a negative momentum since the beginning of the year. Its shares rose by 4.7% on a NIS 26 million turnover, despite the Hold recommendation given to the firm by the United Mizrahi Bank of Israel. The bank set Bezeq a price target of NIS 20.3 to NIS 22.3, which is 7% to 15% higher than the stock's market price.
(Nasdaq:NICE) closed down 1% on a NIS 17 million turnover. The shares opened on a negative arbitrage gap of 6.9%. During the session, the shares lost 4% but managed to rally despite having been downgraded by the Union Bank of Israel (Igud) from a Buy to a Hold. Analyst Bernard Manor cut the price target from $28 to $14.5. Last Thursday, Nice plunged 15% after releasing a profit warning for its fourth quarter of 2000 and correcting its annual financial results. Nice also announced the dismissal of 220 workers, 100 of whom will be fired from its development center in Israel.