July 3 (Bloomberg) -- Can Fite Biopharma Ltd. and Medigus Ltd. rallied after Tachlit Trackers issued a new exchange traded product that tracks the Tel Aviv Biomed index.
Shares of Can Fite, a biopharmaceutical company, advanced 6.2 percent, the most since April 29, to 0.328 shekel at the 4:30 p.m. close in Tel Aviv. Shares of Medigus, a developer of endoscopic procedures and devices, surged 19 percent to 0.914 shekel.
Tachlit Trackers, whose ETPs are listed on the Tel-Aviv Stock Exchange, said it raised 17 million shekels ($4.3 million) from the sale of the ETPs that track the Tel Aviv Biomed Index, according to an e-mailed statement. Trading in the ETP will start tomorrow, the company said in a statement to the exchange today.
“The issue of the product is pushing the shares up today,” said Sabina Podval, an analyst at Leader & Co. Investment House Ltd. “This is the first ETP that follows the biomed index and there is a chance we will see more in the pipeline, leading to higher demand for these shares.”
The Biomed Index, which tracks 23 biomedical companies, rose the most since April 22, gaining 1.9 percent to 723.93.
To contact the reporter on this story: Shoshanna Solomon in Tel Aviv at firstname.lastname@example.org
To contact the editor responsible for this story: Claudia Maedler at email@example.com