Leading indices in Tel Aviv are moving upwards in early Sunday afternoon trading while turnover remains moderate at NIS 136 million. The Maof-25 index of blue chips has risen by 1.94% to 473.81 points and the TA-100 index has climbed 1.85% to 459.41 points. The Tel-Tech technology index is lagging behind showing just a 0.44% increase following Nasdaq's Friday losses.
Local traders say investors are benefiting from the current low price of shares. They believe today's gains are due in part to the imminent formation of a political coalition by Prime Minister-elect Ariel Sharon. Traders expect the market to calm down somewhat in the coming days.
(Nasdaq:TEVA) has soared 8.5% on a turnover of NIS 32 million, the session's highest so far. The shares opened on a positive arbitrage gap of 8.2%. The hike is being attributed to Teva's February 8 announcement that it had won FDA approval to market two generic drugs, one for high blood pressure and the other an anti-inflammatory.
(Nasdaq:NICE) is down 1.5% on a NIS 12 million turnover, after dropping 4% earlier. The shares opened on a negative arbitrage gap of 6.9%. 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.
National phone company
continues its correction efforts having posted losses since the beginning of the year. The shares have risen 3.6% on a NIS 11.3 million turnover.
Tefahot Israel Mortgage Bank is unchanged on an exceptional turnover of NIS 6.9 million. Today is the ex-day. In two weeks the bank will be distributing dividends of 264.7 agorot per share or 10% of the share's price.
Lipman Electronics has jumped 4% on an NIS 890,000 turnover. The company today announced it is to expand its activities in Turkey and will be providing two Turkish banks with payment terminals of $2.5 million.
Oil shares are gaining ground following heavy losses of late. Avner Oil & Gas has gone up 8.2% on a NIS 1.5 million turnover. Isramco has risen 3.2% and Delek Drilling is up by 5.5%.
(Nasdaq:RTLX) has gone up 1.9%. Today the company announced that its subsidiary StoreAlliance.com will be acquiring Discount Investments' messaging company Tradenet Electronic Commerce Services in a stock-swap deal in which Discount Investments will obtain 11.2% in StoreAlliance.com. Discount Investments has risen 1.1% on a NIS 4.4 million turnover.