Tel Aviv Stock Exchange Bi-Weekly Review

TEL AVIV, Israel, October 2, 2014 /PRNewswire/ --

Trading on the Tel Aviv Stock Exchange (TASE) over the last two weeks was ended down in most of the leading shares indices; Further offerings in the share and convertible market and increased offerings in the bond market    

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TA-25  

The TA-25 index increased 0.3% over the last two weeks, bringing year-to-date increase to 9.2%.

TA-100  

The TA-100 index decreased 0.3% over the last two weeks, bringing year-to-date increase to 7.5%.

TA-Biomed 

The TA-Biomed index decreased 6.6% over the last two weeks, bringing year-to-date decrease to 28.8%.

Dual Listed Company 

The Israel Corporation completed the offer for sale of shares in the subsidiary Israel Chemicals and listed them for trading on the NYSE in the US (Symbol: ICL) on September 24.

Currently there are 43 companies whose shares are listed also in the US, and 4 other companies whose shares are listed in Europe.

Share and Convertible Offering 

In the last two weeks in the share market there were four public offerings and two rights issues amounting to US $72 million.

Among the issuers were the high-tech company Perion Network (dual-listed) that raised US $38 million in a convertible bond public offering in Israel, and the real estate company Alony Hetz that raised US $29 million in a public share offering.

Since the beginning of 2014 the business sector raised US $1.8 billion through share offerings on the TASE, an amount 5% higher than the total raised for the whole of 2013.

Corporate Bonds 

There were ten corporate bond offerings by the business sector in the last two weeks amounting to US $560 million. The largest offerings were by Union Bank and the Phoenix insurance company amounting to US $120 and US $95 million respectively. Among the issuers were Ratio Finance, a special-purpose company owned by the "Ratio" petroleum and gas partnership that raised US $100 million, and Kardan Vehicle that raised US $48 million in a public offering of commercial paper. This is the first commercial paper offering since June 2008.

Since the beginning of the year the business sector raised US $13 billion through bond offerings, of which US $3.7 billion on the "TACT Institutional" system, after raising US $10 billion for the whole of 2013.

Government Bonds 

The Ministry of Finance (MoF) made a public bond offering listed on the TASE amounting to US $0.2 billion.

Since the beginning of the year the MoF raised US $11.9 billion in bond offerings on the TASE, after raising US $18.2 billion for the whole of 2013.

Composite State-of-the-Economy Index 

The Bank of Israel released figures indicating that the Composite State-of-the-Economy index was unchanged in August, for the second consecutive month. The deterioration in the development of the Index relative to previous months, in which the Index rose at a rate of 0.1%-0.2% per month, reflects some of the economic repercussions of the security situation in Southern Israel.

Growth Forecast for 2014 

The Bank of Israel lowered its growth forecast for the economy in 2014, among other things following the "Protective Edge" campaign, from 2.9% to 2.3%. The Central Bureau of Statistics also lowered its growth forecast for 2014 from 3.2% to 2%.

Sector Indices

                     2 Weeks
                              2014
    TA Bluetech-50   (4.1%)  (9.4%)
    TA Banks         (0.5%)   2.2%
    TA Real
    Estate-15        (1.9%)   6.2%

Foreign Exchange

               2 Weeks
                        2014
    Dollar/NIS  0.0%    5.0%
    Euro/NIS   (1.9%)  (3.7%)

Facts & Figures 

The Tel-Aviv Stock Exchange features in September 2014:

• 473 companies listing equities.
• 590 Exchange Traded Notes.
• 32 series of government bonds.
• 73 Series of Institutional bonds.
• 614 series of corporate bonds.
• 1,296 mutual funds.
• Market Cap. (US$ billions)
  • Equities - 211
  • Government bonds - 135
  • Corporate bonds - 88

AboutTASE 

Established in September 1935, the Tel-Aviv Stock Exchange is Israel's sole securities exchange, offering an increasingly sophisticated range of products to investors, including equity, corporate bonds, treasury bills and notes, index products and derivatives.

International  

In recent years, TASE has enhanced its international presence, signing Memoranda of Understanding with the London Stock Exchange, NASDAQ, NYSE-Euronext the Shanghai Stock Exchange, and Toronto Stock Exchange.

                     Visit the Tel Aviv Stock Exchange's Website: http://www.tase.co.il 

For more information please contact: 

Idit Yaaron or Orna Goren, TASE, +972(076)8160405/6

SOURCE Tel Aviv Stock Exchange (TASE)