Israel Chemicals Gains Most in Two Weeks on Corn, Wheat Prices
Israel Chemicals Ltd. (ICL), the company that extracts minerals from the Dead Sea to make fertilizer and potash, advanced the most in two weeks on speculation price rises in corn and wheat will fuel demand for fertilizers.
“ICL is rising because the price of corn, wheat and soy rose last week,” analyst Ilanit Sherf at Psagot Investment House Ltd. in Tel Aviv said today by phone. “The price rises indicate that farmers will be willing to buy more fertilizers and pay more for them.”
In the week ended Feb. 17, corn and wheat for May delivery rose 1.5 percent and soybeans for May delivery advanced 2.9 percent.
Shares of Israel Corp. (ILCO), which holds a 52.30 percent stake in Israel Chemicals according to data compiled by Bloomberg, advanced 1.7 percent to 2,317 shekels, headed for the biggest gain since Feb. 2.
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