Tel Aviv stocks are starting Wednesday with a positive bias. The two leading indices, the Maof-25 index of blue chips and the TA-100, are both rising 0.2%, while tech stocks are off 0.3%. Total turnover is low at NIS 18 million.
Teva Pharmaceuticals (Nasdaq:TEVA) is down 1.6% on NIS 6 million turnover, having opened with a negative arbitrage spread of 1.8%. Several analysts yesterday estimated that its stock has been sliding on investors fears of slower than expected proprietary drug sales.
Mizrahi Bank is up 0.9% on NIS 240,000 volume of trade. Today Ma'ariv reported that Citibank may take over the bank.
Tower Semiconductors (Nasdaq:TSEM) is down 2% after starting on a negative arbitrage gap of 3%. Tower stock has been soaring for days on estimates of a rally in the global semiconductor sector.
Israel Chemicals is inching up by 0.2% after Bank Hapoalim upgraded it from Hold to Buy. The bank set a price target of NIS 5.1, 16% above the market.
IDB group stocks are in the green, with IDB Development Corporation rising 0.7%, IDB Holding Corporation up 0.9%, Discount Investments gaining 0.7%, and Clal Industries edging up 0.3%.