Israeli Stocks Rise as Perrigo Jumps to Record; India Advances
Israel’s benchmark index rose to a two-week high after U.S. equities last week had their longest rally since July and Tel Aviv’s exchange chose a new chief executive officer. Indian stocks gained in a special session.
The TA-25 Index (TA-25) advanced 0.4 percent to 1,293.42 in Tel Aviv, the highest close since Oct. 27. Perrigo Co. (PRGO), the largest maker of generic over-the-counter medicines in the U.S., climbed to an all-time high following gains in its New York-traded shares last week. Egypt’s benchmark EGX 30 Index rose for a fourth day, adding less than 0.1 percent.
U.S. stocks capped a fourth week of gains Nov. 1, as better-than-estimated corporate earnings offset concern the Federal Reserve may reduce monetary stimulus in coming months. The Tel-Aviv Stock Exchange last week tapped Yossi Beinart, currently CEO of IG Group Holdings Plc (IGG)’s Nadex, to lead its effort to increase trading after volumes plunged 44 percent between the start of 2010 and the end of last year. Beinart is scheduled to take up the job on Jan. 1, the bourse said today.
“The optimistic tone in global shares over the weekend and the appointment of a new CEO at the TASE are what are pushing up the market,” Daniel Rapoport, head of equity trading and derivatives at Tel Aviv-based Bank Leumi Le-Israel Ltd. (LUMI), said today by phone. “People are hoping the new CEO will help increase the attractiveness of the market.”
Perrigo led the gains, adding 5.9 percent to 501.8 shekels, or $141.89, after rising 3.3 percent to $142.38 in the U.S. on Nov. 1. Globe Exploration LP (GLEX) surged 49 percent in 15 times the three-month daily average volume. The oil and gas explorer said it found “significant” signs of petroleum at the Ofek/381 license.
Egypt’s benchmark gauge advanced ahead of the start of the trial of former President Mohamed Mursi tomorrow. Mursi’s mostly Islamist backers have vowed to stage demonstrations to protest his military-led ouster in July. Talaat Moustafa Group, the country’s biggest publicly traded property developer, added 0.5 percent to close at the highest in almost two weeks.
Kuwait’s index fell 0.9 percent, while Qatar’s declined 0.4 percent and Oman’s climbed 0.3 percent. Saudi Arabia’s Tadawul All Share Index rose 0.2 percent and Bahrain’s gauge was little changed. Markets in the United Arab Emirates were closed for a public holiday.
In India, the 30-stock S&P BSE Sensex (SENSEX) rose 0.2 percent to 21,239.36 in a special, shortened trading session for the Diwali festival holiday in Mumbai. Tata Motors Ltd. (TTMT), the owner of Jaguar Land Rover, rallied to its all-time high. Indian Oil Corp. (IOCL) surged the most in two months, leading other state-owned refiners higher.
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