Israel Stocks: Elad Europe, Hot, Israel Chemicals, Partner
Israel’s TA-25 index closed at the lowest since Nov. 20, sliding 2.3 percent to 1,040.61 at the 4:30 p.m. close in Tel Aviv. Investors traded about 832.3 million shekels ($213 million) of shares and convertible securities, according to bourse data.
The following stocks rose or fell today. Symbols are in parentheses.
Elad Europe Ltd. (ELER) surged 31 percent, the most since February 2011, to 1.227 shekels. T.G.I. Real Estate Investments Ltd. offered to acquire the shares it doesn’t already own in the real-estate development and management company.
Cellcom Israel Ltd. (CEL) dropped 4 percent to 26.40 shekels, the lowest level on record. The country’s largest mobile-phone provider was lowered to ilAA- from ilAA at Standard & Poor’s Maalot, citing the risk of a continued decline in profitability amid increased competition.
Hot Telecommunication System Ltd. (HOT) closed at its highest level since May 14, gaining 2.4 percent to 35.60 shekels. The board of Israel’s second-largest fixed-line operator approved a plan last week to buy back as much as 184 million shekels of stock.
Israel Chemicals Ltd. (ICL) , the company that extracts minerals from the Dead Sea to make potash and other fertilizers products, retreated 4 percent, the most since Feb. 26, to 38.82 shekels. Corn futures fell to an 18-month low on June 1 as economic data from Europe, Asia and the U.S. indicated demand for commodities will ebb. Farmers use potash on their crops to help strengthen plant root systems and make them more resistant to drought.
Israel Opportunity Energy Resources LP (ISOPL) dropped 13 percent, the most since September 2010, to 0.23 shekel. The oil and gas exploration company said most of the 6.7 trillion cubic feet of natural gas that may be found in the Pelagic prospect remained undiscovered.
Maxima Air Separation Center Ltd. (MAXM) surged 14 percent, the most since January 2010, to 8.97 shekels. The company said on June 1 that Discount Investment Corp. (DISI) entered an agreement to sell its holdings in the industrial gases producer. Discount Investment fell 1.3 percent to 7.85 shekels, the lowest level on record.
Mellanox Technologies Ltd. (MLNX) dropped 2.8 percent, the most since May 20, to 225.90 shekels, or the equivalent of $57.78. The New York-traded shares of the Israeli developer of technology used to transfer and store data quickly dropped 4.6 percent to close at $57.70 on June 1.
Partner Communications Co. (PTNR) advanced as much as 3.6 percent to 18.20 shekels before closing at 17.79 shekels. Suny Electronics Ltd. (SUNY) , a marketer of mobile phones, said it’s in advanced talks with Hutchison Whampoa Ltd. for the sale of a controlling stake in Scailex Corp. (SCIX)(SCIX IT). Scailex holds a 44.5 percent stake in Partner, according to data compiled by Bloomberg. Trading in Suny and Scailex was suspended today.
To contact the editor responsible for this story: Claudia Maedler at firstname.lastname@example.org