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Israel Stocks: Elad Canada, Kardan, Strauss, Israel Chemicals

June 10 (Bloomberg) -- Israel’s TA-25 index increased for a fifth day, advancing 0.5 percent to 1,094.66 at the 4:30 p.m. close in Tel Aviv. Investors traded about 646 million shekels ($167 million) of shares and convertible securities, according to bourse data.

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

Elad Canada Inc. (ELCN IT) soared 11 percent, the most since listing in September 2010, to 11 shekels. The real estate company agreed to sell buildings in Toronto for C$282.5 million ($275 million).

Israel Chemicals Ltd. (ICL IT) dropped 1.1 percent, the most since June 5, to 40.85 shekels. Potash Corp. of Saskatchewan Inc. has informed Israel’s Finance Ministry and the Israel Antitrust Authority that it has backed away from its intention to raise its stake in Israel Chemicals to 25 percent from 13.84 percent, Ma’ariv reported today without saying from where it got the information.

Kardan Real Estate Enterprise & Development Ltd. (KARE IT) advanced 23 percent, the biggest gain on record, to 1.154 shekels. The real estate developer said it will sell property rights for 26.5 million shekels.

Suny Electronics Ltd. (SUNY IT) declined 6.9 percent to 6.136 shekels. Psagot Investment House Ltd., which holds bonds of Scailex Corp. (SCIX IT), said last week an agreement to sell 75 percent of Scailex to a group including Hutchison Whampoa Ltd. wasn’t in bondholders’ interest. Scailex retreated 9.3 percent and Partner Communications Co. (PTNR IT), in which Scailex holds a 44.5 percent stake, dropped 2.1 percent. “There is uncertainty about the deal and the shares are not reacting well,” said Ori Licht, head of research at I.B.I.-Israel Brokerage & Investments Ltd.

Strauss Group Ltd. (STRS IT) advanced 3.7 percent, the most since Oct. 16, to 42.64 shekels. Osem Investments Ltd. (OSEM IT) climbed 2 percent to 54.97 shekels, the highest since May 24. Strauss tumbled 8 percent in May and Osem lost 6.2 percent.

“The shares are correcting off recent lows,” Gil Dattner, an analyst at Tel Aviv-based Bank Leumi Le-Israel Ltd. said today by phone.

WideMed Ltd. (WDMD IT) gained 14 percent to 0.379 shekel, the most since April 29. The provider of biomedical signal diagnostics and treatment said it received a first order from GE Healthcare for its newly configured Morpheus HX systems for a hospital in the U.S.

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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