Bloomberg News

Israeli Stocks: Discount, Phoenix, Delek Automotive, Shufersal

October 24, 2011

Oct. 24 (Bloomberg) -- Israel’s TA-25 Index dropped for the third time in four days, losing 0.2 percent to 1,140.95, at the 4:30 p.m. close in Tel Aviv. Investors traded about 1.26 billion shekels ($347 million) of shares and convertible securities, according to bourse data.

The following stocks rose or fell today. Symbols are in parentheses.

Delek Automotive Systems Ltd. (DLEA IT) slumped the most since Sept. 22, falling 4.2 percent to 29.38 shekels. Psagot Investment House Ltd. lowered the importer of Mazda vehicles to Israel to “sell” from “hold,” citing its competitive position and regulation in the industry.

Discount Investment Corp. (DISI IT), the company that has agreed to sell its stake in Shufersal Ltd. (SAE IT), dropped for the first time since Oct. 9, retreating 1.6 percent to 40.80 shekels. Ori Licht, head of research at I.B.I.-Israel Brokerage & Investments Ltd., said “media noise” about government efforts to address a concentration of power in the economy “could impede the implementation of the deal.” Shufersal slumped 3.7 percent to 16.85 shekels.

Israel Discount Bank Ltd. (DSCT IT) fell 3.4 percent, the most since Oct. 4, to 6.065 shekels. Globes reported today that the Bronfman family may be required to sell its holding in the country’s third-largest lender for the Shufersal deal to close.

Osem Investments Ltd. (OSEM IT) dropped for the third time in four days, declining 1.5 percent to 50.60 shekels. The maker of processed foods controlled by Nestle SA said it will cut the prices of 35 products as much as 10 percent on Nov. 1 and will freeze executive salaries from April 2012.

Phoenix Holdings Ltd. (PHOE1 IT) lost the most since Sept. 5, sliding 3.2 percent to 10.31 shekels. The board of the insurance company authorized management to look into the sale of as much as 400 million shekels of debt.

Silicom Ltd. (SILC IT) soared to the highest level since Aug. 2, climbing 9.8 percent to 60.38 shekels. The developer of products for mobile users said third-quarter net income increased to $2.1 million from $1.4 million a year-earlier period as revenue rose to $10 million from $7.4 million.

U. Dori Group Ltd. (DORI IT) surged the most since April 4, jumping 18 percent to 1.605 shekels. Gazit-Globe Ltd. (GLOB IT) is considering combining the real-estate developer with Gazit Israel or bringing additional partners into the company. Gazit lost 1.4 percent to 40 shekels.

--Editor: Susan Lerner

--Editors: Susan Lerner, Peter Branton

To contact the reporter on this story: Shoshanna Solomon in Tel Aviv at ssolomon22@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


The Good Business Issue
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus