Tel Aviv stocks up 1% Sunday opening

Israel Corporation climbing 2% on reports it may bid for control of Bezeq
Author:
Publish date:

Tel Aviv stocks are gaining 1% on opening Sunday's session.

Dual-listed shares closed mixed Friday, but most have opened with negative arbitrage spreads.

The leading indices the Maof-25 blue chip index and the TA-100 index are each up 1%. Technology shares are gaining 0.4%. Total turnover is low at NIS 12 million.

The Israel Corporation is up 1.8% and Bezeq phone company is climbing 1.2%. Ma'ariv today reported that the Israel Corporation might bid for the control in Bezeq.

Blue Square Israel (NYSE:BSI) is rising 1.3%. Last week it was reported that Bank Hapoalim could join a consortium being formed by former Blue Square chairman Benny Gaon and Federation of Israeli Chambers of Commerce Chairman Dan Gillerman for acquiring the shares of Co-Op Blue Square Consumers' Cooperative Society.

The cooperative controls Blue Square Israel, which in turn controls Tel Aviv-traded Blue Square Properties & Investments.

The cooperative is fighting Gaon to return $2.4 million he made from stock options he received when BSI went public in New York in mid-1996.

Formula Systems (Nasdaq:FORTY) is up 2%. On Thursday Formula gained 4.3% after Goldstein brothers Dan and Gad acquired about 10% of Formula shares from the Shamrock group, and are once again the controlling shareholders. It is believed that the acquisition is related to the expected failure of the transfer of control to the Peled-Givony group.