The TA-25 Index climbed for a second day, closing at a record, after adding 6.20, or 0.6 percent, to 1,132.57 as 13 shares gained and 12 declined. Investors bought and sold about NIS 1.53 billion in shares and convertibles.
Israel Corp. rose NIS 63, or 2.1%, to 3,094. The stock was raised to "outperform" from "market perform," by Yisca Erez, an analyst at Clal Finance Batucha Investment Management Ltd., who cited the "hidden value" in the company's new energy unit. The stock trades at a 16% discount to underlying assets, wrote Erez, who has a price estimate of NIS 3,550 on the stock.
Separately, the company said Nir Gilad, who was the company's deputy CEO, will replace Yossi Rosen as chief executive officer. Rosen becomes chairman of the company's Oil Refineries Ltd. unit. Shares of Oil Refineries rose NIS 0.1, or 2.8%, to NIS 3.58.
Africa Israel Investments Ltd., a holding company and real-estate developer, rose NIS 14.50, or 3.2%, to NIS 474.70. Global depositary receipts of its real estate unit AFI Development Plc jumped 5.8% in London on June 1. Africa Israel owns 88 percent of Russian developer AFI.(Bloomberg)
Delek Group Ltd. rose NIS 32.30, or 3.4%, to NIS 986.20. The company will probably post "strong" second-quarter earnings because higher profit from its US energy business, as well as its automobile-importing and insurance units, Clal Finance said in a report. Shares of Delek will probably trade at NIS 1,100, up from a previous estimate of NIS 975, UBS AG said in a report May 31.
Perrigo Co. advanced NIS 1.43, or 1.8%, to NIS 80.20. The biggest US maker of non-prescription, store-branded drugs won approval from US regulators to sell a generic form of fruit-flavored nicotine gum to help people stop smoking.
Israel Salt Industries Ltd. gained NIS 0.78, or 2.5%, to NIS 32.55. Arison Holdings Ltd., the investment vehicle of Carnival Cruise Lines heiress Shari Arison, finished buying a controlling stake in Salt from the Dankner family, ending a dispute between the two groups on the shares.
Teva Pharmaceutical Industries Ltd. gained NIS 1.90, or 1.2%, to NIS 160.80. American depositary receipts of the world's largest maker of generic drugs will probably gain 16% over the next six to 12 months, London-based International Investment Research Plc said in a report, reiterating its $45.32 (NIS 184.34) price estimate.
