Israel Stocks: Africa-Israel, Magic Software and Prolor Biotech
Israel’s TA-25 Index gained 0.1 percent to 1,251.40 at the 4:30 p.m. close in Tel Aviv, trimming the decline this week to 0.7 percent. Investors traded about 1.24 billion shekels ($363 million) in shares and convertible securities. It was the first weekly decline for the benchmark gauge in four weeks.
The following stocks rose or fell today. Symbols are in parentheses.
Cellcom Israel Ltd. (CEL) , the country’s largest mobile- phone provider, declined 1 percent to 91.70 shekels, the lowest level since April 2009. Globes reported that Select Communications Ltd. received a 700 million-shekel bank guarantee to build a rival wireless network. Partner Communications Co. (PTNR IT), the second-largest provider, retreated 2.7 percent to 52 shekels.
Magic Software Enterprises Ltd. (MGIC) rose to the highest level since May 3, advancing 1.9 percent to 21.38 shekels. The maker of software that allows vendors to build products for customers to upgrade to multiple platforms announced a partnership for Netential to develop services using Magic’s iBolt platform.
Prolor Biotech Inc. (PBTH) climbed 7.9 percent to 20.60 shekels, bringing the two-day gain to 22 percent. The drugmaker that uses proteins to improve existing treatments may be a takeover target for bigger drugmakers struggling to replace revenue from medications with expiring patents, according to Raghuram Selvaraju, an equity analyst at Morgan Joseph TriArtisan Group in New York. Ayelet Weissbach, head of administration, at the company’s offices in Nes Ziona, Israel, said Prolor has no comment on the acquisition reports.
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