Bloomberg News

ICL Drops to Lowest in More Than 2 Years on Demand, Growth Risk

December 12, 2011

Dec. 12 (Bloomberg) -- Israel Chemicals Ltd., which extracts minerals from the Dead Sea to make fertilizer and potash, declined to the lowest in more than two years amid speculation slowing global growth will drive food prices lower.

The shares declined 2.3 percent to 35.25 shekels at the 4:30 p.m. close in Tel Aviv, the lowest level since April 2009.

“There is a worry that a worsening macro economy on a global basis will bring down demand for grain and food,” said Gilad Alper, an analyst at Excellence Nessuah Investment House Ltd. in Ramat Gan.

World food prices tracked by the United Nations retreated for a fifth consecutive month in November, the longest decline in more than two years. The U.S. government said Dec. 9 that combined global inventories of corn, soybeans and wheat will be 3.2 percent larger than anticipated a month earlier.

--Editors: Shanthy Nambiar, Daliah Merzaban

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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