Sun: Teva acquisition sparks TASE rally: Shares opened the new week in positive territory buoyed by both Friday's acquisition by Teva of Barr Pharmaceuticals and lower oil prices. Israel Chemicals continued its retreat.

Jul 20, 2008 (Globes - McClatchy-Tribune Information Services via COMTEX) -- ISCHF | Quote | Chart | News | PowerRating -- The Tel Aviv Stock Exchange (TASE) rose today. The Tel Aviv 25 Index rose 0.87 percent to 1,018.59 points; the Tel Aviv 100 Index rose 1.23 percent to 927.60 points, while the Tel Tech Index climbed 3.56 percent to 218.74 points. Turnover totaled NIS 1.707 billion.

Trading got off to a positive start on the TASE today, as investors continued to digest the mega acquisition announced by Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) on Friday. But the market was in a buoyant mood despite the Teva's acquisition of Barr Pharmaceuticals Inc. (NYSE: BRL | Quote | Chart | News | PowerRating) for $7.46 billion in cash and shares, with today the second day in a row that the Tel Aviv 25 Index has ended above the 1,000-point level.

The deal was well received by the US market, which sent Teva up 4.4 percent on Friday, while Barr soared 10.95 percent. In Israel investors were less enthusiastic at first, but came round as the session progressed, with Teva ending the day up 2.5 percent.

In contrast to Teva, it was another lackluster day for the Tel Aviv 25 Index's engine, Israel Chemicals Ltd. (TASE: ICL). It led fallers on the index, dropping 5.05 percent.

Elsewhere, retail and tech stocks were also carried north by the upbeat sentiment on the market today, with Tel Tech Index ending the session up 3.6 percent, while the TA Real Estate 15 Index climbed 4.1 percent. Gazit-Globe (TASE: GLOB) failed to put a dampener on investors' spirits when it said it expected to record a second quarter loss following the weak results of its 39 percent-held Finnish subsidiary, Citycon ojy (HEX:CTY1S). Gazit Globe added 2.8 percent today, despite Citycon announcing a loss of â?¬62.8 million, on which Gazit Globe will, in turn, record a loss of NIS 140 million for the quarter.

Two other shares on the comeback trail today were Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY.PK), which climbed 4.1 percent, and Delek Group Ltd. (TASE: DLEKG), which gained 4 percent. Azorim Investment, Development and Construction (TASE: AZRM) was one the highest gainers in the real estate sector today, soaring 12.2 percent.

Bank shares had a largely uneventful session, save for Israel Discount Bank (TASE: DSCT), which ended the day 3.8 percent higher. El Al Israel Airlines (TASE: ELAL) rose 3.8 percent today on exceptionally large volume, as investors sensed an imminent change of direction in both oil prices and the shekel-dollar rate. The share is nearly 45 percent down on its price at the start of the year.

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