Tel Aviv stocks close dull Sunday with mild gains

Elbit Systems dropped 1.4% despite Buy rating from Bank Hapoalim and $21 target
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Tel Aviv stocks closed Sunday with mild gains. The Maof-25 index closed up 0.3% to 410 points, and the TA-100 index closed with 0.2% gains to 410 points. Tech stocks rose by 0.4%. Turnover was razor-thin low at NIS 130 million.

Trade was calm throughout the session, similar to Wall Street trade at the closing of last week, blue chips in Tel Aviv gaining 0.6% at their peak today, and dropping as much as 0.2% during the session.

Agrochemicals firm Makhteshim Agan Industries gained 2.7% on NIS 9 million turnover. Yedioth Ahronoth today reported that unless MAI stock trades above an average of NIS 8.15 in December, it will have to repurchase NIS 90 million worth of shares under an agreement with the minority shareholders of Brazilian firm Milenia, signed in August last year.

Koor Industries (NYSE:KOR) closed off 1.1% on NIS 2.5 million volume of trade. Last week the conglomerate announced revenue of NIS 1.85 billion for the third quarter, down 5% from the parallel, and huge losses of NIS 524.1 million.

Elbit Systems (Nasdaq:ESLT) dropped 1.4% on NIS 4 million turnover. Today Bank Hapoalim rated it a Buy, raising its 12-month price target from $19 to $21, 20% above the market. Elbit Systems opened with a negative arbitrage gap pf 2.7%.

Medcon Telemedicine Technology leaped 20.1% on NIS 530,000 turnover after reporting NIS 9 million sales for Q3, 130% more than for the parallel, and net profit of NIS 3.9 million, 56% more than in Q3 last year. The company develops turnkey solutions for cardiac image management and archiving.

Lipman Electronic Engineering gained 5% on lively action after reporting strong results for Q3, following several disappointing quarters. Operating profit grew to NIS 39 million, 20% more than in the parallel quarter, and net profit increased to NIS 14.9 million, 82% more than in the parallel.

Clal Insurance climbed 1.6% on NIS 2.5 million turnover after announcing a NIS 100 million dividend. It also reported NIS 39.9 million net profit for Q3, 33% down from the parallel, following a NIS 35.7 million drop in revenue from investments due to a dearth of capital gains. Earnings from insurance business increased to NIS 88.9 million, 17% more than in the parallel quarter of 2000. Profit from general insurance rose by more than 500% against the parallel to NIS 18 million.

The Agis drug company dropped 2.2% on NIS 700,000 volume of trade after Bank Hapoalim today rated the company a Hold and set its 12-month objective at NIS 32.8, from its previous objective of NIS 36.

Isramco participation units rose by 7.7% on relatively hefty turnover of NIS 3.5 million after Ha'aretz today reported plans to invest up to $8 million, together with partners, in a new exploration. The partners plan to drill for gas in the Shikma Yam permit area.

Isramco units have surged 20% in three trading days, mainly on speculation that it may also get a deal to supply natural gas to the Israel Electric Corporation

Middle East Tubes closed up 7.7% on NIS 280,000 turnover after reporting $5.6 million profit for Q3, compared with NIS 4.3 million loss for the parallel, and NIS 42 million revenue, 12% less than for the parallel.

Teva Pharmaceuticals (Nasdaq:TEVA) closed up 0.7% on the session¿s biggest turnover, NIS 16 million. But other dual-listed shares mostly closed down, Formula Systems (Nasdaq:FORTY) dropping 0.8%, Magal Security Systems (Nasdaq:MAGS) closing off 6.7%, and Elron Electronic Industries (Nasdaq:ELRN) slipping 1.1%.