IDB Holding at Two-Month High After Credit Suisse Beats Estimate

IDB Holding Corp. (IDBH) rose to the highest level in almost two months after Credit Suisse Group AG (CSGN), in which it holds a stake via Koor Industries Ltd. (KOR), reported profit that topped estimates.

IDB, which owns a stake in Koor through its holdings in Discount Investment Corp. (DISI), advanced 5.9 percent at the close in Tel Aviv to 16.10 shekels, the highest level since May 28. Koor Industries Ltd., which holds a 2.9 percent stake in Credit Suisse advanced 1.6 percent to 32.50 shekels, according to data compiled by Bloomberg. The benchmark TA-25 index lost 0.2 percent.

IDB has advanced 23 percent in past three days after the company said yesterday that shareholder Nochi Dankner raised his direct stake in the company to 4.05 percent.

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