Business in Brief

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Mizrahi sells Dankner IDB shares to cover debt

Mizrahi Tefahot Bank reported on Thursday that it sold shares in IDB Holding Corporation belonging to the indebted tycoon Nochi Dankner earlier this week. The proceeds reduced by 25%, to 61.5 million shekels ($17.5 million), the debt of his closely-held holding company, Ganden Holdings, to Mizrahi Tefahot. Bank Leumi, to which Ganden owes 470 million shekels, began selling IDB Holding shares Dankner had put up for collateral on Wednesday. Meanwhile, Dankner took another step in his exit from the IDB group, the holding company he controlled until this week. On Thursday, he submitted letters of resignation from the boards of Clal Insurance, Cellcom Israel, Super-Sol, Koor Industries and other group companies. (Sivan Aizescu and Shelly Appelberg)

Nova wins $20 million in orders, raises 4th-quarter outlook

Nova Measuring Instruments, which makes equipment for manufacturing semiconductors, said on Thursday that it won some $20 million in orders from several semiconductor foundries. The orders included Nova’s most advanced fleet of integrated and stand-alone metrology products. “These recent selections validate our strategy of increased R&D spending on advanced optical solutions in order to increase market share in this high growth market,” CEO Eitan Oppenhaim said. In addition, Nova said its fourth-quarter 2013 results will fall in the “higher range” of estimates issued October 30. Shares of Nova rose 4.3% on the Tel Aviv Stock Exchange Thursday, to 37.53 shekels. (Dror Reich)

Algomizer buys marketing technology in exchange for stock

Algomizer, whose software enables advertisers to hone on their targeted markets, said on Thursday it had agreed to buy the rights for technology used to automate and manage Internet marketing campaigns. Algomizer said it was paying the startup company Promodity Technologies 400,000 of its shares, equal to 4.4% of its equity. Algomizer shares closed up 9.4%, to 4.26 shekels, on the Tel Aviv Stock Exchange Thursday. (Dror Reich)

TA-25 ends lower, while small-cap stocks show gains

Tel Aviv shares ended broadly lower on Thursday, with small-cap stocks the only segment of the market to escape the decline. The benchmark TA-25 index dropped 0.2%, to a close of 1,324.17 points, while the broader TA-100 index fell 0.1%, to 1,218.16 points. But the TA-Midcap 50 rose 0.9%, to 572.93 points. Turnover was a brisk 1.4 billion shekels. The big losers in Thursday’s market were B Communications and its Bezeq subsidiary, which dropped 4.4% and 2.9%, respectively. The biotech company Protalix was the biggest gainer among TA-100 index stocks, advancing 6.4%. In foreign currency trading, the dollar appreciated 0.2%, to a Bank of Israel rate of 3.5070 shekels. (Dror Reich)

Nochi Dankner. Credit: Daniel Bar-On