Israel Stocks: Migdal, Israel Land Development, Magic Software

Israel’s TA-25 index declined for a third day, sliding 0.1 percent to 1,075.32 at 1:02 p.m. in Tel Aviv.

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

Israel Land Development Co. Energy Ltd. (IE) advanced 4.3 percent, the most since Feb. 21, to 0.633 shekels. The natural gas exploration company said it sold shares for gross proceeds of 29.7 million shekels ($7.8 million). Israel Land Development Co. (ILDC) , which owns a 65.5 percent stake in Israel Land according to data compiled by Bloomberg, was unchanged at 26.31 shekels.

Magic Software Enterprises Ltd. (MGIC) dropped 4.9 percent to 23.89 shekels, or the equivalent of $6.28. The Or Yehuda, Israel-based company’s U.S.-traded stock tumbled 5.8 percent to $6.30 yesterday.

Migdal Insurance & Financial Holding Ltd. (MGDL) rose 4.3 percent, the most since Jan. 15, to 5.321 shekels. Israeli businessman Shlomo Eliahu said he signed an agreement with Assicurazioni Generali SpA to acquire its stake in the insurance holding company for 4.2 billion shekels.

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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