Israel Stocks: Israel stocks lower; Alvarion soars on contract
TEL AVIV (MarketWatch) — Israeli stocks dropped on Wednesday, with blue chips led lower by Israel Chemicals, oil firm Isramco and Bank Leumi, while a big jump in Alvarion shares helped keep the technology benchmark close to the flat line.
Late in the trading day, the Tel Aviv Stock Exchange’s benchmark TA-25 Index fell 1.79% to 842.12, while the TA-100 Index declined 1.99% to 776.91.
The Tel-Tech 15 Index of top technology issues retreated 0.34% to 179.54.
The most-active issue was fertilizer producer Israel Chemicals, down 9%, while parent holding company Israel Corp. fell 8%.
Agrichemicals specialist Makhteshim-Agan rose 0.7%.
The banks were mixed, with Leumi down 3.3%, Hapoalim shed 1.9% and Discount off 1.7%, while Mizrahi Tefahot rose 0.6%.
Another notable loser in the blue chips was real-estate developer Africa-Israel Investments , down 2.8%.
The drugmakers diverged: Teva edged down 0.4% while Perrigo rose 1.4%.
Isramco shares fell 1.8%. Paz Oil fell 2.1% and Oil Refineries Ltd. gave back 1.3%.
Ormat Industries, parent of Ormat Technologies , the producer of geothermal power plants, rose 1.4%.
In technology, Alvarion Ltd. , the provider of wireless broadband networking solutions, leaped 10%.
The company said it received a more than $100 million five-year contract to provide Open Range Communications Inc. with a wireless broadband network. The system will span 17 states and reach as many as 6 million people in 546 rural communities, Alvarion said. Open Range is the Greenwood Village, Colo., provider of broadband wireless Internet service.
Also higher within technology was Fundtech , the provider of bank-transaction systems, up 1.5%.
But holding back the index were Ceragon Networks , down 3.9%; Retalix , the provider of management solutions for supermarkets and distributors, off 3.7%; and VeriFone , the producer of payment-processing systems, losing 1.6%.
Within the real-estate Index, which fell 2.25% to 240.80, 14 of the 15 members declined. Africa-Israel Investments subsidiary Africa Properties squeezed out a 1.7% rise.
After that, it was all red.
Elbit Imaging , which also has medical-equipment interests, fell 3.9%, Alony Hetz lost 3.4%, Jerusalem Economic fell 3.3% and Nitsba shed 3.7%.
Israel Stocks: Israel stocks lower; Alvarion soars on contract
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