Tel Aviv stocks are rising strong at Thursday opening, with the leading indices gaining 1.5% and tech stocks rising almost 2%. Total turnover is moderate at NIS 53 million.
A negative arbitrage spread is sending Teva Pharmaceuticals (Nasdaq:TEVA) down 0.6% on NIS 4 million volume of trade despite receiving a tentative okay from the U.S. Food and Drug Administration to market generic versions of Bayer's Ciprofloxacin 250 milligram, 500 milligram and 700 milligram tablets, once Bayer's patent runs out in 2003.
Koor Industries (NYSE:KOR) is rising 4.8% after its affiliated company ECI Telecom (Nasdaq:ECIL) closed up 12% on Nasdaq. Another Koor subsidiary, Clal Industries, is climbing 3.5%.
Drug maker Agis is rising 1.5% after being upgraded by Bank Hapoalim from Hold to Buy. Analyst Rakefet Levison set a price target of NIS 40, 16% above the market. Her warm note is partly based on Agis drugs in the pipeline awaiting FDA approval.
Insurance company Phoenix 1 shares are jumping 6%. The Phoenix says talks to sell control in the company have reached advanced stages.
Bank Hapoalim is up 0.5% after a 2.5% climb on Wednesday. Bank Leumi is off 0.1% on NIS 2 million turnover, after rising 3.2% yesterday.
Partner Communications (Nasdaq, TASE:PTNR, LSE:PCCD) is up 5% on NIS 600,000 volume of trade. Other stocks moving fast: Scitex (Nasdaq:SCIX) is rising 7%, and Industrial Building Corporation is up 5%.