Tel Aviv stocks are trading stably with a tiny negative bias on paper-thin turnover at Thursday mid-day. It is the last day of the Passover holiday and nothing much on the Tel Aviv Stock Exchange is moving, except for Teva Pharmaceuticals (Nasdaq:TEVA) and Israel Bank Discount.
The few investors not spending the day at the beach are evidently heartened by Nasdaq's 2.5% gain on Wednesday.
The Maof-25 index is down 0.35% to 402.8 points and the TA-100 index is off by 0.27% to 394.6 points. The Tel-Tech index of techstocks is up 0.34%, on the other hand.
Trade in Teva Pharmaceuticals (Nasdaq:TEVA) is hopping, though. It's inching up 0.1% on the session's highest turnover, NIS 7.2 million.
Israel Bank Discount next on the list of most-traded stocks, with a 1.3% gain on turnover of NIS 6.1 million. Earlier in the week Discount stock dived as workers freed from lock-up sold shares. Bank Hapoalim is down 1% and Leumi is losing 0.6%.
IDB Holding Corp is up 6% and IDB Development Corp is rising by 2.5%. Investors apparently appreciate the story in
this morning that Israeli tycoon Eliezer Fishman is trying to increase his holdings in the group from 5% to 15%. Another group company, Discount Investments, is up 0.7%.
Elron Electronic Industries (Nasdaq:ELRNF) is inching ahead by 0.3% and Elbit (Nasdaq:ELBTF) is rising 2.2% after TheMarker.com yesterday reported that Elron wants to sell its holdings in Elbit. Elron has also made it into Lehman Brothers's list of stock picks. Both were rising much more steeply at opening.
Israel Chemicals is down 1.8%, the Bezeq phone company is losing 2.2% and Israel Corporation 1 shares are skidding by 1.9%. This morning the Israel Corporation submitted a prospectus to raise $60 million by issuing rights.