Tel Aviv stocks and bonds are correcting upwards from the steep losses of the last three trading days, as the shekel rebounds against the dollar.
The Maof-25 index is up 0.8%, the TA-100 index is rising by 0.4%, long-term shekel-denominated Shahar bonds are gaining between 0.5% to 0.7% and the dollar is trading at about NIS 4.823, as the shekel gains 0.3% against the greenback.
The gains are small, but they are significant in being across the board, and relative to the steep losses suffered on all fronts in recent days.
The volume of trade is moderate to low, however, at NIS 25 million an hour after opening.
Banks stocks had dropped as much as 10% since being downgraded from A-minus to BBB+ by Standard & Poor's last week. Today all are correcting strongly.
Bank Hapoalim (TASE:
) is rising by 1.4% and its arch-rival and
Bank Leumi (TASE:
) is bouncing with a gain of 1.2%.
Israel Discount Bank (TASE:
) is gaining 1.6%.
Longest-term fixed interest Shahar bonds, the 2681 series redeemable in 9.7 years, is rising by 1% while its yield is falling to 11.01%, from almost 11.2% yesterday. The series 2671 Shahar bond redeemable in 6.4 years is rising by 0.5% while its yield is sinkin back to 11.0%.
Generic drugs giant
) is inching down by 0.1% on the session's highest turnover, NIS 6 million.
Trade is brisk in
Mivtach Shamir Holdings (TASE:
), though it has reversed from handsome morning gains to drop 1.1% on turnover of NIS 1.3 million. The identity of last week's buyer who breathed life into the share, building up a 6% equity stake, has yet to be elucidated.
According to the regulations, anybody acquiring a share interest greater than 5% has to report it, and subsequent actions in the share, to the Tel Aviv Stock Exchange. But the buyer has a few days' grace in which to file a report. Market sources surmise that in the case of Mivtach Shamir, the buyer is indeed a single body, hence a report should be filed shortly.
Other movers today include the telecommunications companies:
) is adding 0.8% on turnover of NIS 2.5 million, and
Partner Communications (TASE:
) is rising by 0.7%.
Chemicals companies are in the green, with
Israel Chemicals (TASE:
) up 0.9% and
Makhteshim Agan Industries (TASE:
) rising 0.2%.