Bloomberg News

Israel Stocks: Israel Chemicals, EZchip, Kardan NV, IDB Holding

July 17, 2012

Israel’s benchmark TA-25 index rose for the first time in five days, advancing 0.3 percent to 1,059.96 at the 4:30 p.m. close in Tel Aviv. Investors traded about 851 million shekels ($214 million) of shares and convertible securities, according to bourse data.

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

EZchip Semiconductor Ltd. (EZCH) rose 3.6 percent, the most since June 21, to 133.8 shekels, or the equivalent of $33.58. The New York-traded shares of the Israeli developer of network processors gained 3.5 percent to $33.38 yesterday.

IDB Holding Corp. (IDBH) gained 8.6 percent, the most since Jan. 22, to 15.21 shekels. Controlling shareholder Nochi Dankner raised his direct stake in the holding company to 4.05 percent.

Israel Chemicals Ltd. (ICL) , a company that extracts minerals from the Dead Sea to make fertilizers and potash, gained 4 percent to 44.67 shekels, the highest level since Oct. 30. Mosaic Co., the second-most valuable North American fertilizer producer, posted quarterly earnings and revenue that beat analysts’ estimates.

“Based on the Mosaic results we expect a good set of numbers for ICL’s second quarter results, because of the higher prices of potash and the higher demand for the fertilizer,” Guil Bashan, an analyst at I.B.I.-Israel Brokerage & Investments Ltd. in Tel Aviv, said today by phone.

Kardan NV (KARD) declined 5.2 percent to 2.089 shekels, the lowest level on record, bringing its two-day decline to 8.6 percent. The Amsterdam-based investment company was yesterday lowered to ilCC from ilBBB at Standard & Poor’s Maalot on liquidity concerns.

Mivtach Shamir Holdings Ltd. (MISH) dropped 3.5 percent to 68 shekels, the lowest since June 2009, bringing its two-day drop to 8.4 percent. The Israeli investment company yesterday said the offices of its Tnuva Food Industries Ltd. holding were searched by antitrust agents.

Orckit Communications Ltd. (ORCT) gained 2.6 percent, the most since July 15, to 0.879 shekel, giving the company a market value of 21.1 million shekels ($5.3 million). The telecommunications equipment provider said it signed an agreement with India’s ITI Ltd. for a $6 million order.

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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