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Israel Stocks: Ceragon, Elbit, Negev Ceramics, Ormat Industries

Israel’s TA-25 Index dropped to the lowest level since Nov. 14, retreating 0.9 percent to 1,243.29 at the 4:30 p.m. close in Tel Aviv. Global stocks declined on concern a Japanese nuclear power plant may leak radiation. Investors traded about 2.7 billion shekels ($757 million) in shares and convertible securities.

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

Ceragon Networks Ltd. (CRNT) slid to the lowest level since Oct. 24, falling 3.3 percent to 38.11 shekels. The shares pared a drop of as much as 6.1 percent after the wireless networking-systems developer said it plans to cut 200 jobs.

Elbit Systems Ltd. (ESLT) climbed the most since June 20, gaining 3.3 percent to 181.80 shekels after Israel’s biggest non-government defense contractor reported an increase in fourth-quarter revenue.

Negev Ceramics Ltd. (NGEV) climbed the most in more than four months, advancing 6.4 percent to 21.12 shekels. Calcalist reported that Africa Israel Industries Ltd. bought Menorah Mivtachim Holdings Ltd.’s 6.5 percent stake in the maker of tiles. The deal valued the company at 300 million shekels and above yesterday’s closing price, the paper said.

Ormat Industries (ORMT) Ltd increased the most in more than five weeks, rising 2.2 percent to 25.20 shekels. The U.S. unit of the builder and operator of geothermal plants, Ormat Technologies Inc. (ORA), signed a 20-year power-purchase agreement with NV Energy.

To contact the reporter 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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