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Israel Stocks: Africa Israel Industries, Bank Leumi, Ormat

March 18 (Bloomberg) -- Israel’s TA-25 index advanced for the third time in four days, gaining 0.4 percent to 1,113.86 at the 4:30 p.m. close in Tel Aviv. Investors traded about 832 million shekels ($222 million) of shares and convertible securities, according to bourse data.

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

Africa Israel Industries Ltd. (AFID IT) increased 2.3 percent, the biggest gain since Jan. 18, to 263.30 shekels. The importer of steel coils and bobbins said net income for the period climbed to 14.8 million shekels ($4 million) from 8.7 million shekels in the year-earlier period. Africa Israel Investments Ltd. (AFIL IT), which holds a 76.6 percent stake in Africa Israel Industries, rose 8.1 percent to 14.36 shekels.

Israel Chemicals Ltd. (ICL IT), which extracts minerals from the Dead Sea to make fertilizer and potash, rose 1.7 percent to 40.67 shekels. Potash Corp. of Saskatchewan Inc., the world’s largest fertilizer producer by market value, gained 6.6 percent to C$45.40 on March 16 after data from the Fertilizer Institute showed a decline in potash inventories in February.

Bank Leumi Le-Israel Ltd. (LUMI IT) climbed 1.8 percent to 11.65 shekels, the highest level since Feb. 23. A local website reported investor Haim Saban and outgoing Leumi Chief Executive Officer Galia Maor may be looking to acquire a stake in the country’s largest bank by assets. Calls and an e-mail sent to the Bank Leumi’s media office weren’t immediately replied to. Moshe Debby, a spokesman for Saban Capital Group in Israel, declined to comment.

Ormat Industries Ltd. (ORMT IT) jumped 6.5 percent, the most since Sept. 27, to 18 shekels. The developer of geothermal power plants agreed to sell a 12 percent stake to Fimi Opportunity Funds for about 297 million shekels or 21.7 shekels a share. Separately, the company said its fourth-quarter loss narrowed.

Perrigo Co. (PRGO IT), the largest U.S. maker of generic over-the-counter drugs, declined 2.1 percent, the most since Feb. 12, to 380.60 shekels, or the equivalent of $101.54. Perrigo closed at $101.29 in New York on March 16.

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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