Israeli Stocks: Teva, ICL, Isramco, Perrigo, Mellanox, Kamor
Israel’s TA-25 Index advanced to the highest level in almost three months, climbing 2.5 percent to 1,168.52 at the 4:30 p.m. close in Tel Aviv. The benchmark has gained 4.1 percent this week. Investors traded about 3.53 billion shekels ($977 million) of shares and convertible securities, according to bourse data.
The following stocks rose or fell today. Symbols are in parentheses.
Kamor Motors Ltd. (KMRS) tumbled the most since February 2007, plunging 25 percent to 13.91 shekels. The importer of BMW vehicles to Israel said the antitrust authority expressed concern that its planned merger with Delek Automotive Systems Ltd. (DLEA) may hurt competition in the local automotive market. Delek Automotive declined 2 percent to 27.38 shekels.
Israel Chemicals Ltd. (ICL) , the company that extracts minerals from the Dead Sea to make fertilizer, advanced 2.5 percent to 46.22 shekels, the highest since Sept. 21. Potash Corp. of Saskatchewan Inc., the world’s largest crop-nutrient producer by market value, reported third-quarter profit that more than doubled.
Isramco Negev 2 LP (ISRAL IT) jumped to the highest since July 27, gaining 3.5 percent to 0.439 shekel. The gas exploration company was raised to “buy” from “outperform” and its price estimate was increased to 0.53 shekel from 0.47 shekel at Clal Finance Brokerage Ltd.
Medical Compression Systems (DBN) Ltd. (MDCL IT) slid the most since Sept. 8, retreating 7.4 percent to 3.622 shekels. The manufacturer of non-invasive blood circulation solutions said the warning letter it received from the U.S. Food and Drug Administration that covers all of the company’s products relates to the production process, labeling and quality control and not to safety or efficacy.
Mellanox Technologies Ltd. (MLNX) declined 3.4 percent to 116.80 shekels, the lowest since Oct. 4. The adapter maker that is part-owned by Oracle Corp. reported third-quarter adjusted earnings of 31 cents per share.
Oil Refineries Ltd. (ORL) , the country’s largest refiner, jumped to the highest level since Aug. 4, gaining 4.4 percent to 2.129 shekels. Gasoline futures climbed the most in three weeks.
Perrigo Ltd. (PRGO IT) declined the most since Oct. 4, dropping 4.3 percent to 344.50 shekels. The maker of over-the- counter drugs reported quarterly earnings that analyst Natali Gotlieb at I.B.I.-Israel Brokerage & Investments Ltd. said showed the maker of over-the-counter generics was facing more competition.
Teva Pharmaceutical Industries Ltd. (TEVA) , the world’s largest generic drugmaker, advanced 4.8 percent to 150.40 shekels, the highest since Aug. 2. The cheapest valuation among global peers outweighed a study that showed a competitor’s drug was more effective.
To contact the editor responsible for this story: Claudia Maedler at email@example.com
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.