Teva dominates TASE
Avi Weinreb
14.08.2001 11:53
Teva is accounting for two thirds of total turnover in the TASE this morning, reflecting interest in Teva after the company announced it would raise $300 million from issuing convertible bonds, but also reflecting a lack of interest in the rest of the market.
The summer season in Tel Aviv has reached its peak, and many investors are opting for a "wait and see" approach. Consequently, turnovers are low. Yesterday, the market recorded a thin turnover of NIS 184.5 million.
The tense security situation is of course weighing on traders minds, although some note that they have "acclimatized" themselves to the violence. The ongoing tension in the region is keeping many investors, especially from abroad, at bay.
In late-morning trading, leading TASE indexes are flat. The TA-25 is up 0.1% to 450.96 points, the TA-100 is unchanged at 437.05 points and the Tel-Tech 15 index is up 0.2% to 274.22 points. Turnover so far totals NIS 40 million.
Teva (Nasdaq: TEVA) is falling 2.1% on a NIS 26 million turnover, accounting for about two-thirds of the market. Yesterday after US markets closed, Teva announced that Teva Pharmaceutical Finance, its Netherlands-based finance subsidiary, intended to offer $300 million of twenty-year convertible senior debentures. The offering is expected to close in August.
Teva expects to use the offering to fund the activities of its European and/or North American subsidiaries, for working capital, for other corporate purposes outside of Israel and to fund acquisitions, including the generic injectable products business of FH Faulding.
Teva also announced that its Board of Directors had confirmed a cash dividend for the second quarter of 2001 of NIS 0.27 (approximately $0.065), per ADR. The record date will be August 21, 2001, and the payment date will be September 5, 2001. |
