Tel Aviv stocks are rising over 0.4% at Tuesday opening in the wake of gains posted on Wall Street on Monday, when the Nasdaq climbed 1.76% and the Dow Jones rose by 0.8%.
Dual-listed shares closed with gains and are opening mixed in Tel Aviv.
The Maof-25 index of blue chips is gaining over 0.4% to 415.7 points and the TA-100 index is rising 0.4% to 399.6 points. Technology shares are up 0.5%.
Teva Pharmaceuticals (Nasdaq:TEVA) is gaining 1.6% on the session's largest turnover, NIS 3 million. Teva opened with a positive arbitrage spread of 0.7%. The company yesterday announced that after a six-month delay, it has received final approval from the U.S. Food and Drug Administration for Lovastatin tablets 10, 20 and 40 milligrams, following the expiration of the exclusivity period for Merck & Co (NYSE:MRK) patented version Mevacor. The drug is used for lowering cholesterol levels. The annual sales of Mevacor come to $200 million.
Elbit Systems (Nasdaq:ESLT) is up 2.7% on NIS 2 million volume of trade, Nice Systems (Nasdaq:NICE) is rising 2.7%, and Retalix (Nasdaq:RTLX) is climbing 1.9%.
Bank Leumi is gaining 0.4% after investment house Gmul Sahar rated it a Buy, setting a price target of NIS 9.2, 18% above the market.
Mizrahi Bank is off 0.7% despite investment house Ilanot Batucha rating it a Buy. The bank set a target of NIS 14, 13.4% above the market. Analyst Alon Glazer estimates the bank's portfolio as the highest quality in the banking sector due to Mizrahi's conservative loan policy in recent years, and its low exposure compared with other banks. But the analyst also noted the internal struggles between the Ofer and Wertheim families. The analyst believes this could damage the quality of the bank's management.