Tel Aviv stocks indicators are being lifted to moderate gains mainly by jumps in Teva Pharmaceuticals (Nasdaq:TEVA) and Nice Systems (Nasdaq:NICE).
Shares are rising by a moderate 1% at mid-day, after starting the session 1.7% up. Total turnover is slim for an expiry day at NIS 375 million. Market sources attribute the sluggish session to investors waiting for the results of the prime ministerial elections, scheduled for February 6.
The Maof-25 index is up 0.89% at this time to 467.17 points while the TA-100 index is up 1.18% to 458.94 points. Technology stocks are rising by 1.51%.
Teva Pharmaceuticals (Nasdaq:TEVA) is bouncing 7.7% up this morning on similar arbitrage gap and on turnover of NIS 40 million, after losing 30% this month. Teva's sharp rise is joined by Nice Systems (Nasdaq:NICE), now up 8.1% on NIS 13.9 million, on 4.5% arbitrage gap.
Bank stocks are lively today. Bank Leumi is slipping 1.9% on the session's highest turnover of NIS 41 million, after yesterday closing up 4.5%. Bank Hapoalim is gaining 0.5% on NIS 35 million turnover.
Elbit Systems (Nasdaq:ESLTF) is dipping 0.4% after starting on a positive 2.1% arbitrage gap. This may be due to a report in
that the Croatian government decided to postpone a $100 million deal to upgrade MIG-21 fighter jets, supposed to be carried out by an Israeli consortium led by Elbit Systems.
The oil sector is sustaining its positive trend of recent days. Avner participation units are leaping 9.1%, Isramco's participation units are gaining 6.3% and Delek Drilling units are climbing 8%.
The Israel Electric Corporation's board of directors is expected today to announce its decision on acquiring gas in coming years, with Isramco (together with British Gas), Avner and Delek Drilling (together with Tethys Sea Partnership) and the Yossi Meiman-controlled Merhav group (representing Egyptian providers) contending for this tender, estimated to be worth billions of dollars.
Another stock going up today is Time
, which is gaining 5.1% on positive rating. This morning, Union Bank of Israel (Bank Igud) analysts rated the stock a Strong Buy, and set a price target of NIS 2.93, up 56% from its market stock price.
Speculator loses all
Shlomy Golovinski adds:
A single speculator on the Maof-25 index lost about NIS 20 million this morning, when January options on the index expired. TheMarker.com has learned that the speculator, a person from Be'er Sheva, is a private investor operating via Investec Clali Bank.
The speculator reportedly bet that the Maof-25 index options would expire below 470 points. But the final index rate for the options was 471 points. The speculator, who had bought a large amount of put options, lost all his money.
The speculator is believed to have purchased 10,000 put options for an index rate of 470 points, and 5,000 put options for an index rate of 480 points.