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Israeli Stocks: Africa Israel Properties, Bezeq, Elbit, Paz

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Jan. 6 (Bloomberg) -- Israel’s TA-25 Index advanced for the first time in three days, increasing 0.3 percent to 1,335.99 at the 4:30 p.m. close in Tel Aviv, bringing the gain for the week to 0.7 percent. Investors traded about 2.14 billion shekels ($601 million) in shares and convertible securities.

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

Africa Israel Properties Ltd. (AFPR IT) climbed to the highest level since Nov. 28, gaining 2 percent to 58.95 shekels. The real-estate developer said it accepted commitments from institutional investors to buy 120 million shekels of series heh bonds. Investors sought to purchase 397 million shekels of bonds.

Bezeq Israeli Telecommunication Corp. (BEZQ IT) fell to the lowest since Dec. 27, dropping 1.1 percent to 10.58 shekels. The country’s largest communications company was lowered to “equalweight” with a share-price estimate of 10.70 shekels at Barclays Capital.

Elbit Systems Ltd. (ESLT IT) climbed to the highest since Oct. 6, adding 2.4 percent to 199.60 shekels. The Israeli defense contractor said its Brazilian subsidiary Aeroeletronica Ltda. was awarded a framework contract worth as much as $260 million to supply unmanned turrets to the Brazilian army.

Gilat Satellite Networks Ltd. (GILT IT) increased to the highest since Oct. 25, advancing 4.5 percent to 20.09 shekels. The developer of satellite network technology said Colombia’s Ministry of Information Technology and Communications extended contracts to provide telephone and data services to the end of 2011. The extended agreements are valued at about $21 million.

Paz Oil Co. (PZOL IT) jumped to the highest since the shares began trading in December 2006, rising 3.7 percent to 679.50 shekels. Clal Finance Brokerage Ltd. reinitiated the refiner with an “outperform” recommendation and price estimate of 750 shekels, 14 percent above yesterday’s closing price.

To contact the reporters on this story: Ronit Goodman in Tel Aviv at rgoodman9@bloomberg.net;

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

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