Clal Insurance buys U. Chicago property
Clal Insurance bought a building from the University of Chicago for 400 million shekels ($112 million), as part of its expanding real-estate portfolio. The building is located on the main street in Chicago’s Hyde Park neighborhood, where U.S. President Barack Obama lives. Like many Israeli insurers Clal, part of the IDB group, is expanding its real estate holdings in an effort to achieve higher returns for their customers. Clal invested 2 billion shekels in commercial real estate last year. Most of that was in assets abroad. The company now owns 5.3 billion shekels in real-estate assets. Yesterday, the company reported that profits had dropped due to a 165-million-shekel writeoff on its life insurance portfolio. (Michael Rochvarger)
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TASE drops amid war and Q2 reports
The Tel Aviv Stock Exchange lost ground yesterday, the first day of the trading week in Tel Aviv, as fighting continued in the south and second-quarter financial reports continued to come in. The blue-chip TA-25 index lost 0.5% to close at 1,372 points, while the broader TA-100 index lost 0.6% to close at 1,234 points. The Banks-5 index lost 0.7% and the Real Estate-15 was off 0.5%. Total turnover, which tends to be low on Sundays, was 404 million shekels. Notable shares included hair removal device company Photomedex, which lost 6%, and Clal Insurance, off 2%. (Eran Azran)