Leading indices in Tel Aviv are gaining ground on Sunday afternoon with the Maof-25 index of blue chips rising by 2.9% to 403.78 points, and the TA-100 index climbing 2.81% to 394.86 points. Technology shares are gaining 3.05%. But turnover continues to be low at NIS 90 million.
Teva Pharmaceuticals (Nasdaq:TEVA) has risen 1.1% on a turnover of NIS 8 million, the session's highest. Teva has pulled up other dual-listed shares, such as Tower Semiconductor (Nasdaq:TSEM) and Metalink (Nasdaq:MTLK), and Nice Systems (Nasdaq:NICE), all of which have risen over 5% each.
The big banks are also doing well. Bank Leumi has jumped 2.7% on a NIS 3.4 million turnover, and Bank Hapoalim has climbed 2.5% on a NIS 3 million turnover, after reporting on Thursday a record profit of NIS 1.6 billion for 2000.
Trade in the shares of the Israel Corporation has resumed, after it was halted earlier this morning following the release of the firm's results for 2000. The company reverted to a loss of NIS 18 million in its fourth quarter of 2000, and posted a sharp drop in annual earnings, which came to NIS 129.2 million, compared with NIS 465.6 million profit in 1999. Its shares have fallen 2.4%.
The Israel Chemical Corporation's shares have dropped 1.9% after the firm announced on Sunday its weak results for 2000. Its fourth quarter earnings shrunk by 70% to NIS 16 million, and its annual earnings fell by 20% to NIS 100.4 million, compared to NIS 125 million in1999.
Poalim Electronic Communications has plummeted 6.1%. The company reverted to a loss of NIS 8.6 million in the fourth quarter of 2000, compared with a profit of NIS 4.9 million in the parallel quarter in 1999.
Shares in the IDB group are rising. IDB Holdings has climbed 4.3%, Clal Electronics has jumped 5.1%, Clal Industries has increased 5.1% and Discount Investments has added 4.9%. IDB Development has gone up 4.1%.
Real estate company Azorim has risen 5%. Today, the company announced that its holding company Gandan will acquire a stake in Azorim Properties at a company valuation of $125 million, which is 50% higher than Azorim Properties' market value. Azorim said that it is to distribute dividends of $100 million before the deal, NIS 61 million of which will be distributed to Azorim.
Engineering company Baran has jumped 8% on a NIS 1.2 million turnover. The satellite communications company Yes today announced that it will pay part of its debt to the company, after Baran issued an ultimatum threatening to stop its installation works for Yes unless a payment of NIS 56.5 million (75% of what Yes owes Baran) is transferred by noon on Sunday.