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Israel Stocks: Migdal, Israel Land Development, Magic Software

Israel’s TA-25 index advanced for the second time in four days, gaining 0.3 percent to 1,079.59 at the 4:30 p.m. close in Tel Aviv. Investors traded about 782 million shekels ($205 million) of shares and convertible securities, according to bourse data.

The markets will be closed for a Jewish holiday tomorrow.

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

BioLineRx Ltd. (BLRX IT) climbed 2.2 percent to 1.184 shekels. The biopharmaceutical development company said it got a European patent for its BL-1020 oral treatment for schizophrenia.

Cellcom Israel Ltd. (CEL IT) declined 1.6 percent to 48.04 shekels, the lowest since they were listed in July 2007. Israel’s largest mobile-phone company said fourth-quarter net income fell to 76 million shekels from 319 million shekels a year earlier.

Israel Land Development Co. Energy Ltd. (IE IT) advanced 5.9 percent, the most since Jan 10, to 0.643 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 IT), which owns a 65.5 percent stake in Israel Land according to data compiled by Bloomberg, was little changed at 26.32 shekels.

Magic Software Enterprises Ltd. (MGIC IT) dropped 4.1 percent to 24.07 shekels, or the equivalent of $6.31. 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 IT) rose 2.7 percent, the most since Jan. 16, to 5.236 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. Bank Leumi Le-Israel Ltd. (LUMI IT), in which Eliahu holds a 10 percent stake, declined 1 percent to 10.73 shekels, the lowest since Dec. 12.

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