Tel Aviv stocks have opened Thursday with mild gains, following three trading days of losses.
The Maof-25 index of blue chips is up 0.22% and the TA-100 index is inching up by 0.12%. Technology shares are rising by 0.3%.
Several leading companies trading on the Tel Aviv Stock Exchange yesterday released their results for the first quarter of 2001, among them Elbit (Nasdaq:ESLT), which is currently trading unchanged, agrochemicals company Makhteshim Agan, which is gaining 1.3%, and Nice Systems (Nasdaq:NICE), which is skipping with a 4.2% gain.
Except for Makhteshim Agan, which posted positive results, and for Nice, whose stock price already incorporates its quarterly losses, it seems that most technology companies are still suffering from a significant slowdown in their business.
Central Bank Governor David Klein yesterday mentioned the possibility of shocks to the financial markets. His gloomy forecast isn't helping the climate on the local exchange.
Most of the big-cap dual-listed shares opened with positive arbitrage gaps. Koor Industries (NYSE:KOR) is rising by 1.6% on a positive arbitrage gap of 2.4%, Teva Pharmaceuticals is up 0.7%, but Magic Software Enterprises (Nasdaq:MGIC) is dipping 3.6%.
Liraz Systems is diving 3% after Level 8 Systems (Nasdaq:LVEL) posted aggregate losses of some $49 million for the first quarter of 2001. Liraz has a 34% stake in Level 8.
IDB Investment House CEO Rami Dror expects Elron Electronic Industries (Nasdaq:ELRN) shares to rise on faith that the IDB group is going to consolidate. Dror says that usually mergers turn out in favor of the merged company. Bank Hapoalim is up 0.5%, Bank Leumi is climbing 0.6%, but Discount is off 0.5%.
reported that the controlling shareholders in TAT Industries discussing selling control to a foreign investor. Last week, the controlling shareholders Managing Director Dov Ze'elim and Chairman Shlomo Ostersetzer increased their holdings in TAT, investing NIS 14.5 million. TAT is trading unchanged. TAT manufactures advanced aircraft equipment. TAT Technologies (NasdaqSC:TATTF) is part of the TAT group.