Tel Aviv stocks are rising strong after the expiry of June options on Maof-25 index this morning. The final index for the expiry was 358.25 points, 1.17% above the Maof's opening level today. Turnover until expiry was very low for such days at NIS 180 million. In the past, expiry mornings have commanded turnovers of half a billion shekels.
The momentum in blue chips picked up after the expiry, with the Maof-25 index now trading 2.3% up to 362.2 points. The Tel Aviv-100 index is rising by 1.7% but tech stocks are weaker with a 0.4% gain, after the turbulence on Nasdaq last night.
Teva Pharmaceuticals (Nasdaq:TEVA) is hopping with a 2% gain on turnover of NIS 13 million. Yesterday the company reported completion of a deal to acquire Italian firm Honeywell Pharmaceutical Fine Chemicals, which operates two manufacturing plants in northern Italy.
Israel Chemicals is also surging, 3% on turnover of NIS 9 million, after reporting a 10% increase in the price of the flame retardant materials and phosphates that it sells. The company is also benefiting from the strong dollar (until recently) and the strong euro (lately).
IDB group stocks lost an average of 4.5% yesterday, and are all easing up this morning. IDB Holding Corporation is gaining 0.9% and IDB Development Corporation is up 2.3%. Group member Clal Industries is up 0.8% and Discount Investment Corporation is rising by 1.3%.