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Alon Holdings Jumps to Four-Month High as Unit’s Value Rises

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Oct. 9 (Bloomberg) -- Alon Holdings Blue Square-Israel Ltd., which has holdings in the retail, real estate and fuel industries, advanced to the highest level in almost four months after the value of its real estate unit surged.

The shares gained 5.2 percent to 9.082 shekels, the highest since June 13, at the close in Tel Aviv. The TA-25 benchmark index declined 1.5 percent.

“The value of its real estate unit has risen in past month on positive real estate data,” Meir Slater an analyst at DS Securities & Investments said today by phone.

Alon Holdings’ Blue Square Real Estate Ltd. unit, an owner and leaser of properties, has risen 22 percent in the past month. Housing prices rose at an annual rate of 3.8 percent in August, the Central Bureau of Statistics said Sept. 14.

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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