Mon: 7th straight day of gains

Israel Chemicals recouped yesterday's losses, while Delek and its energy exploration units enjoyed strong gains.

The Tel Aviv Stock Exchange (TASE) rose today. The Tel Aviv 25 Index rose 0.10% to 1,115.61 points, the Tel Aviv 100 Index edged up 0.03% to 1,010.54 points, but the BlueTech 50 Index fell 0.26% to 280.23 points. Turnover was NIS 1.11 billion.

The TASE continued it slow climb that it began on January 1, with a seventh straight day of gains. The leading indices seesawed through the day, after European markets fell, and a flat opening on Wall Street.

In the bond market, long-term Shahar shekel bonds were unchanged and long-term Galil CPI-linked bonds rose by up to 0.5%. The corporate bond benchmark index Tel-Bond 20 Index rose 0.13%.

In the foreign currency market, the Bank of Israel set the shekel-dollar representative exchange rate at NIS 3.839/$, unchanged on yesterday's rate, and set the shekel-euro representative exchange rate at NIS 4.899/€, down 0.39%.

In the stock market, Israel Chemicals (TASE: ICL) rose 2.4% on the day's biggest turnover of NIS 138 million, reversing yesterday's loss following the resignation of CEO Akiva Mozes. Parent company Israel Corporation (TASE: IL) fell 0.6%.

Delek Group (TASE: DLEKG) rose 2.9% and its gas exploration units Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L) rose 3.4% and 2.5%, respectively, for the biggest gains among Tel Aviv 25 shares, while Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L) rose 1.2%, after the Tamar partners announced a $5 billion gas supply contract with private power producer Dalia Power Energies Ltd. Small cap Alon Natural Gas Exploration Ltd. (TASE: ALGS), which owns 4% of Tamar, rose 0.8%. The Oil and Gas Index rose 2%.

Bank Hapoalim (TASE: POLI) fell 1.7%, for the biggest loss among Tel Aviv 25 shares, and Bank Leumi (TASE: LUMI) fell 0.9%, dragging down the Banking Index 1.1%. In a review of the sector, Psagot Investment House said, "Despite challenges, the Israeli banking system is sound and its exposure to risks in credit and securities portfolios is controlled."

Elsewhere in the market, Orckit Communications (Nasdaq: ORCT; TASE: ORCT) rose 15.1%, after announcing a deal with some bondholders, and the withdrawal of the company's petition for a stay of proceedings.

Published by Globes [online], Israel business news - undefined - on January 9, 2012

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