Israel Corp. Surges Most This Year on Bets Decline Overdone

Israel Corp. (ILCO) rallied the most since December on investor bets last month’s decline in the shares of the holding company was overdone.

The shares surged 4.3 percent, the most since Dec. 25, to 2,210 shekels at the close in Tel Aviv. The stock tumbled 11 percent in May, compared with an 8.5 percent drop in the benchmark TA-25 index.

“According to our model the share is trading at a 30 percent discount to its net asset value,” said Gilad Alper, a senior analyst at Excellence Nessuah Investment House Ltd. in Ramat Gan, Israel.

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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