Israeli Stocks: Teva, Africa Israel Residences, ICL, Redhill

Israel’s TA-25 Index advanced the most in almost two weeks, gaining 3.3 percent to 1,067.99 at the 4:30 p.m. close in Tel Aviv. Investors traded about 1.5 billion shekels ($407 million) of shares and convertible securities today, according to Tel Aviv Stock Exchange data.

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

Africa Israel Residences Ltd. (AFRE) soared 20 percent, the biggest gain since November 2008, to 34.87 shekels. The property developer said its board approved spending as much as 40 million shekels to buy back shares.

Israel Chemicals Ltd. (ICL) increased 2.4 percent to 46.30 shekels, the highest level since Sept. 4. The company that extracts minerals from the Dead Sea to make fertilizer was initiated with a “buy” recommendation and 60 shekel share- price estimate at Excellence Nessuah Brokerage Services.

Redhill Biopharma Ltd. (RDHL IT) rose the highest since Sept. 1, advancing 3.9 percent to 2.299 shekels. The biopharmaceutical company said yesterday it agreed to buy the rights to a diagnostic test to help identify a bacteria connected to Crohn’s disease.

Teva Pharmaceutical Industries Ltd. (TEVA) declined to the lowest since Aug. 15, dropping 1.4 percent to 138.30 shekels. Clal Finance Brokerage Ltd. reduced the shares of the world’s largest maker of generic drugs to “market perform” and withdrew its price estimate.

To contact the reporter on this story: Shoshanna Solomon in Tel Aviv at ssolomon22@bloomberg.net

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

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