Gazit-Globe leads stocks higher

Israeli stocks advanced, paced by Gazit-Globe Ltd. The real-estate developer sued to block the sale of a US shopping mall, which an analyst said is crucial for Gazit's future development.

November 9, 2006 06:58
3 minute read.


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SHARES TEL AVIV Israeli stocks advanced, paced by Gazit-Globe Ltd. The real-estate developer sued to block the sale of a US shopping mall, which an analyst said is crucial for Gazit's future development. The Tel Aviv-25 Index gained 0.1 percent, to 912.57. Sixteen stocks climbed and nine fell. Investors bought and sold about NIS 1.49 billion worth of shares. Gazit rose 2.3%, to NIS 55.44. The owner of a 9.7% stake in Mills Corp., the would-be builder of the stalled $2 billion New Jersey mall project, filed a lawsuit in Delaware, Gazit said in a filing with the US Securities and Exchange Commission. The suit seeks to put Mills "on notice" not to sell the company or any significant assets, the filing said. Gazit also wants to force an annual meeting and propose a new slate of directors. Makhteshim-Agan Industries Ltd., the world's biggest maker of generic agro-chemicals, decreased 3.3% to NIS 20.18. Makhteshim said net income plunged 48% to $24.5m. in the third quarter as sales to Latin America declined. Super-Sol Ltd., Israel's biggest supermarket chain, fell 2.6% to NIS 15.45. The Rishon Lezion-based company said third-quarter profit rose 69%, boosted by the acquisition of Clubmarket Marketing Chains Ltd. Teva Pharmaceutical Industries Ltd., the world's largest maker of generic drugs, dropped 1.1% to NIS 140.50. Shares of Teva were cut by J.P. Morgan Securities Inc. and Wachovia Capital Markets LLC after the company released third-quarter earnings Tuesday. WALL STREET US stocks fell for the first time in three days on speculation Democrats, who won control of the House and may also capture the Senate, will adopt policies that will hinder the earnings of health-care companies. The Dow Jones Industrial Average dropped 0.2% to 12,127.80 as of early afternoon trade in New York. The Standard & Poor's 500 Index lost 0.2% to 1380.57. The Nasdaq Composite Index fell 2.29, or 0.1%, to 2373.59. EUROPE European stocks failed to sustain a three-day rally as GlaxoSmithKline Plc and AstraZeneca Plc led a retreat by drugmakers. The Dow Jones Stoxx 600 Index lost 0.1% to 359.56. The Stoxx 50 fell 0.2%, while the Euro Stoxx 50, a measure for the 12 nations sharing the euro, added less than 0.1%. National benchmarks fell in nine of the 18 western European markets today. The UK's FTSE 100 slid 0.1% to 6,239. Germany's DAX lost 0.2%. ASIA Asian stocks fell from a six-month high after Yamada Denki Co. and CSR Ltd. predicted earnings growth may slow. The Morgan Stanley Capital International Asia-Pacific Index slid 0.8% to 132.44 in late trade in Tokyo, after closing Tuesday at its highest since May 18. Japan's Nikkei 225 Stock Average lost 1.1% to 16,215.74. Indexes in Australia, Hong Kong, Singapore and Indonesia dropped from records. CURRENCIES The dollar was little changed, trading near a six-week low against the euro, after the Democratic Party took control of the House of Representatives, giving them more power to block government spending and reverse tax cuts. The dollar traded at $1.2776 per euro at early afternoon trade in New York from $1.2775 Tuesday. It also traded at 117.75 yen from 117.71. The euro traded at 150.43 yen from 150.36. COMMODITIES ENERGY Crude oil rose after an Energy Department report showed that US diesel inventories fell for a fourth week. Crude oil for December delivery rose $1.12, or 1.9%, to $60.05 a barrel at midday trade on the New York Mercantile Exchange. Prices are little changed from a year ago. Futures have traded in a range of $56.55 to $61.79 for the past month. GOLD Gold prices fell in New York as some investors bet a four-week rally was overdone. Gold futures for December delivery fell $3, or 0.5%, to $624.70 an ounce in morning trade on the Comex division of the New York Mercantile Exchange. (News agencies)

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