Market flat despite Teva’s losses

The Tel Aviv Stock Exchange was mixed Sunday on very thin trading. The Tel Aviv 25 Index edged down 0.11 percent to 1,227.94 points, the Tel Aviv 100 Index rose 0.03% to 1,110.84 points and the BlueTech 50 Index rose 0.25% to 309.42 points. Turnover was NIS 356.6 million.

In the bond market, long-term Shahar unlinked shekel government bonds and long term Galil CPI-linked government bonds rose by up to 0.3%. The corporate bond benchmark Tel-Bond 20 Index gained 0.16%.

In the stock market, Teva Pharmaceutical Industries Ltd. dropped 1.8% for the biggest loss on the Tel Aviv 25 Index on the day’s biggest turnover of NIS 38m. following a US appeal court ruling that will allow generic Copaxone by next May. The other drug company on the Tel Aviv 25 Index, Perrigo Company advanced 3.2% for the largest rise on the Tel Aviv 25 Index.

Oil Refineries Ltd. fell 0.6% after raising NIS 400m. in debt last week while parent company Israel Corporation fell 0.8%. Israel Chemicals Ltd. fell by just 0.1%.

NICE Systems Ltd. dropped 1.2% while Partner Communications Ltd. gained 1.56%, Cellcom Israel Ltd. rose 0.4% but Bezeq Israeli Telecommunication Co. Ltd. fell back 0.85%.

The huge deal in which Australia’s Woodside Petroleum Ltd. is due to acquire 30 percent of the rights to the Leviathan gas reservoir for $1.25 billion is close to collapse.

Woodside, Australia’s largest gas exploration company, signed a memorandum of understanding with Noble Energy Inc., Delek Group Ltd., and Ratio Oil Exploration (1992) LP in December 2012. Under the memorandum, Woodside would make a $696 million down payment at the signing of the deal, which was scheduled for February, but has been frozen until the Israeli government decides on its gas-export policy.

Implementation of the government decision on gas exports has been delayed until the High Court of Justice rules on a petition filed against the government by MKs, headed by Labor Party chairwoman MK Shelly Yacimovich