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Israeli Stocks: Ampal, Isramco, Magal, Magic, Ness Technologies

Israel’s TA-25 Index gained 0.8 percent to 1,303.88 at the 4:30 p.m. close in Tel Aviv, the highest on record. Investors traded about 2.1 billion shekels ($583 million) in shares and convertible securities.

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

Ampal-American Israel Corp. (AMPL IT) climbed the most in almost seven weeks, jumping 9.7 percent to 8.662 shekels. The company’s 12.5 percent-owned unit East Mediterranean Gas Co. signed five agreements valued at as much as $10 billion to supply natural gas to units of Israel Corp.

Isramco Negev 2 LP (ISRAL IT) slid the most in three weeks, retreating 6.6 percent to 0.411 shekel. The Israeli gas and oil explorer said it and its partners are examining the continuation of their investment in the Tamar drilling site.

Separately, Isramco said last night the signing of a contract with East Mediterranean Gas by a potential customer may cause “significant damage” to the Tamar project and the Israeli economy. Delek Drilling-LP, a partner in the Tamar find, fell 3.2 percent to 13.26 shekels.

Magal Security Systems Ltd. (MAGS IT) jumped to the highest level since Nov. 22, rising 8.3 percent to 11.90 shekels. The developer of computerized security systems said it won a $21.4 million contract to secure the Port of Mombasa.

Magic Software Enterprises Ltd. (MGIC IT) climbed to the highest in more than two weeks, advancing 2.5 percent to 25.09 shekels. The software developer agreed to buy a stake in its South African distributor Magix Integration (Pty) Ltd.

Ness Technologies Inc. (NSTC IT) soared 18 percent to 20 shekels, the biggest increase since the shares began trading in Tel Aviv in September 2009. Calcalist reported that four investment funds are bidding to acquire the computer-services provider for about $300 million.

To contact the reporters on this story: Ronit Goodman in Tel Aviv at rgoodman9@bloomberg.net;

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

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