Negev Rises Most in 4 Months on Africa Stake Purchase Report
Negev Ceramics Ltd. (NGEV) increased the most in more than four months after Calcalist reported Africa Israel Industries Ltd. (AFID) bought Menorah Mivtachim Holdings Ltd. (MMHD)’s stake in the maker of tiles.
Negev climbed 6.4 percent, the biggest gain since Nov. 9, to 21.12 shekels at the 4:30 p.m. close in Tel Aviv.
Africa Israel Industries bought 6.5 percent of the Rishon LeZion, Israel-based company at a price representing a company value of 300 million shekels ($84 million), that was 15 percent above yesterday’s closing price, the paper reported, without saying how it got the information.
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