Weekly Review: 18-22 August 2013

 
 
18 - 22 August 2013
 
 
Biomed company, OPKO Health, dual listed on TASE. Trading has started and it is anticipated that OPKO shares will join the TA-25 and TA BlueTech-50 indices in October.
 
Trading on the Tel-Aviv Stock Exchange (TASE) during the third week of August was marked by mixed trending in all leading indices.
 
 
 
TA-25
The TA-25 index decreased 0.3% over the week, bringing year-to-date increase to 1.3%.
TA-100
The TA-100 index decreased 0.4% over the week, bringing year-to-date increase to 4.4%.
TA-Biomed
The TA-Biomed index stood out and increased 4.2% over the week and bringing returns since the beginning of 2013 to 24%.
Dual Listings
OPKO Health, whose shares are traded on the NYSE, completed a dual listing of its share on TASE, starting 21 August, 2013. OPKO is an American company which invests in bio-pharma and diagnostic R&D firms.
 
Having a market cap of US $2.8 billion, it is anticipated that the company’s shares will be “fast tracked” on to the TA-25 and TA BlueTech-50 indices this coming October.
Corporate Bonds
Three real estate companies raised US$62 million in public bond offerings.
Since the beginning of the year the business sector has raised US $6.5 billion through bond offerings. Real estate companies stood out, raising 43% of the total
Government Bonds
This week the Ministry of Finance (MoF) floated US $0.3 billion government bonds in an offering on the local market. 
Since the beginning of 2013 the MoF raised US $12.3 billion in public bond offerings as opposed to US $21.3 billion in 2012.
 
Growth Rate
Figures released by the Central Bureau of Statistics indicate that economic growth came to 5.1% (annualized) in the second quarter of 2013, compared to 2.7% in the previous quarter and 3.1% in the last quarter of 2012.
 
CPI Index
Figures release by the Central Bureau of Statistics (CBS) indicate that the Consumer Price Index (CPI) increased by 0.3% in July.
 
Since the beginning of the year, the CPI has risen 1.6%, similar to its increase for the entire 2012 year.
 
Composite State-of-the Economy Index
The Bank of Israel released figures indicating that the Composite State-of-the-Economy Index increased 0.2% in July.
The accelerated pace of increase in the index over the past most stems primarily from accelerated growth of private sector production in the second quarter of the year.
 
 
Sector Indices
 
WEEK
YTD
TA Bluetech-50
 2.3%
2.9%
TA Banks
 1.0%
0.8%
TA Real Estate-15
 -0.9%
 18.2% 
 
Foreign Exchange
 
WEEK
YTD
Dollar/NIS
  0.7%
-3.9%
Euro/NIS
  0.5%
-3.0%
 
 
 
 
 
 
Facts & Figures
The Tel-Aviv Stock Exchange features in July 2013:
·   518 companies listing equities (Ex. ETNs).
·   461 index-tracking products.
·   34 series of government bonds.
·   77 Series of Institutional bonds.
·   614 series of corporate bonds.
·   1,251 mutual funds.
·   Market Cap. (US$ billions)
o    Equities - 176
o    Government bonds – 133
o    Corporate bonds - 88
About TASE
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.