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Bezeq Surges Most in Month After CEO Gabbay Buys Shares

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May 24 (Bloomberg) -- Bezeq Israeli Telecommunication Corp. advanced the most in more than a month after Israel’s largest fixed-line operator said the chief executive officer increased his stake in the company.

The shares of the Tel Aviv-based company advanced 2.9 percent, the most since April 17, to 4.24 shekels at the close in Tel Aviv, trimming the stock’s decline this year to 37 percent.

Bezeq’s CEO Avi Gabbay boosted his holdings in the company by 206,315 shares to 1.77 million shares at an average price per share of 4.15 shekels, the company said in an e-mailed statement today.

Internet Gold-Golden Lines Ltd., which has a stake in Bezeq via its B Communications Ltd. unit, advanced 8.3 percent, the most since April, to 13.12 shekels. B Communications, owner of a 31 percent interest in Bezeq, advanced 6.7 percent to 16.59 shekels.

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