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Israeli Stocks: Avner, Elbit, Evogene, Isramco, Magic, Procognia

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Jan. 19 (Bloomberg) -- Israel’s TA-25 Index was little changed advancing less than 0.1 percent to 1,340.31 at the 4:30 p.m. close in Tel Aviv. Investors traded about 2.38 billion shekels ($671 million) in shares and convertible securities.

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

Elbit Systems Ltd. (ESLT IT) climbed the most in almost three weeks, increasing 2.7 percent to 196.80 shekels. Aeroeletronica Ltda., the Brazilian subsidiary of Israel’s largest non-government defense contractor, was awarded a contract to supply 450 unmanned aircraft systems to the Brazilian air force.

Evogene Ltd. (EVGN IT) increased the most in over a month, gaining 3.2 percent to 20.66 shekels. The developer of plant traits for the biofuel industry said Biogemma SAS, a French biotechnology company, will take a yield and drought tolerance corn trait licensed from Evogene to the next phase of development.

Israel Corp. (ILCO IT) advanced to the highest since July 2008, adding 3.8 percent to 4,690 shekels. Clal Finance Brokerage Ltd. raised the holding company’s 12-month price estimate to 4,900 shekels from 4,400 shekels.

Isramco Negev 2 LP (ISRAL IT) retreated 6.9 percent to 0.391 shekel, the lowest since December 2009. Clal Finance Brokerage Ltd. and Migdal Capital Markets Ltd. cut their recommendations on the oil and gas explorer after Prime Minister Benjamin Netanyahu said he supported proposals to raise taxes on profits from natural gas and oil discoveries.

Clal lowered Isramco to “market perform” and also lowered its recommendations on Avner Oil Exploration-LP (AVNRL IT), Delek Drilling-LP (DEDRL IT) and Ratio Oil Exploration 1992 LP (RATIL IT). Migdal Capital Markets Ltd. lowered Delek, Isramco and Ratio to “hold” from “buy”. Avner lost 2.8 percent to 2.41 shekels, Delek dropped 3.8 percent to 13.60 shekels and Ratio decreased 2 percent to 0.598 shekel.

Magic Software Enterprises Ltd. (MGIC IT) rose to the highest since April 2004, increasing 4.6 percent to 29.50 shekels. The software developer signed an agreement to resell software from MicroStrategy Inc.

Melisron Ltd. (MLSR IT) fell the most in more than two months, losing 3.8 percent to 94.06 shekels. The real-estate developer controlled by the billionaire Ofer brothers was notified by the Tel Aviv District Attorney’s office that it will be indicted on charges of securities-related fraud.

Procognia (Israel) Ltd. (PRCG IT) surged to the highest in five months, jumping 26 percent to 0.57 shekel. Sharro Trustees Ltd. agreed to sell its controlling stake in the drug developer for 3.3 million shekels.

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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