Bloomberg News

Israeli Stocks: Elbit, Teva, Protalix, Space Communication

October 25, 2011

Oct. 25 (Bloomberg) -- Israel’s TA-25 Index declined the most since Oct. 9, sliding 0.5 percent to 1,135.27, at the 4:30 p.m. close in Tel Aviv. Investors traded about 1.25 billion shekels ($342 million) of shares and convertible securities, according to bourse data.

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

Elbit Imaging Ltd. (EMIT IT) surged the most since January 2009, jumping 16 percent to 12.90 shekels. The investor in real estate and medical companies said it repurchased 67.6 million shekels of bonds under a buyback program started in May. Separately, Globes reported controlling shareholder Mordechay Zisser met with institutional investors in recent days.

Modiin-LP (MDINL IT) climbed 4.7 percent to 0.378 shekel, the highest level since Aug. 4. The gas exploration company and Zerah Oil & Gas Explorations LP (ZRAHL IT), filed an appeal of the National Infrastructures Ministry’s decision to reject changes to a work plan at the Zurim license. Zerah rose 3.9 percent to 0.054 shekel.

Separately, Zerah said it is abandoning the license from the National Infrastructures Ministry for the Maya/357 field as it wasn’t economically viable.

Protalix BioTherapeutics Inc. (PLX IT) rose to its highest in more than three months, gaining 6.4 percent to 23.10 shekels. The U.S.-traded shares of the biotechnology company surged 14 percent to $6.13 yesterday, the equivalent of 22.38 shekels, on bets the U.S. Food and Drug Administration will approve its treatment for Gaucher disease.

Space Communication Ltd. (SCC IT) increased to the highest in almost four months, rising 4.5 percent to 57.56 shekels. The satellite services provider said it signed a five-year deal to support Africa’s Amos 5 satellite.

Teva Pharmaceutical Industries Ltd. (TEVA IT) rose to the highest since Sept. 8, advancing 2.5 percent to 145.10 shekels. The FDA approved a generic version of Eli Lilly & Co.’s schizophrenia treatment Zyprexa that is made by the world’s largest generic drugmaker.

--Editors: Claudia Maedler, Alex Nicholson

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


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