Israeli Stocks: Avner Oil Exploration, Compugen, Elbit Systems

Israel’s TA-25 Index dropped for the first time in three days, retreating 0.3 percent to 1,326.44 at the 4:30 p.m. close in Tel Aviv. The measure climbed 16 percent this year. Investors traded about 4.3 billion shekels ($1.2 billion) in shares and convertible securities.

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

Avner Oil Exploration LP (AVNRL IT) slid the most since Dec. 13, declining 3.9 percent to 2.49. Shares of the exploration company, which holds 22.7 percent of the Leviathan field, and Ratio Oil Exploration 1992 LP (RATIL IT), the owner of a 15 percent stake in the site, trade “at a much higher value than the actual value reflected by their stake in the gas discovery,” said IBI analyst Guil Bashan. Ratio dropped 7.2 percent to 0.538 shekel.

Compugen Ltd. (CGEN IT) gained the most in more than a week, increasing 3.9 percent to 17.68 shekels. The company that discovers drugs based on computational methods said it entered an agreement to receive $5 million in research and development funding from privately held Baize Investments (Israel) Ltd. to support its pipeline program.

Elbit Systems Ltd. (ESLT IT) climbed the most since June 20, advancing 3.1 percent to 189.30 shekels. The Israeli defense contractor said it bought two Brazilian companies involved in the area of defense electronic systems for “tens of millions” of Brazilian reais.

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

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.