Business in Brief: Tel Aviv Shares Take Cue From Europe and Climb

Nice to buy U.S. company Nexidia; Hauser to seen second term as top securities regulator; Property & Building, Electra Real Estate sell Indian property, seeking market exit.

Bloomberg

Nice to buy U.S. company Nexidia

Nice Systems said on Monday it agreed to buy the U.S. company Nexidia for $135 million in cash to expand its growing analytics business. “The acquisition of Nexidia is part and parcel of our strategy to enhance our analytics offering,” said Nice CEO Barak Eilam, Nice’s chief executive. “Nexidia enjoys a reputation for unrivalled technology and domain expertise.” Nice has been banking on analytical tools — which allow companies to delve into large amounts of data to spot fraud and fend off security threats — to deliver faster growth amid slowing sales of systems for helping call centers and surveillance of buildings and transport networks. The acquisition is expected to close in the first quarter of 2016 and Nice said the acquisition would be accretive to earnings on an adjusted basis this year. Shares of Nice Systems closed up 2% to 222.70 shekels ($56.58). (Reuters)

Hauser to seen second term as top securities regulator

Shmuel Hauser is seeking a second term as chairman of the Israel Securities Authority, TheMarker has learned. His current five-year term is due to end in May and if Finance Minister Moshe Kahlon approves it he can stay another three years, under the law. Since he was appointed in 2011, Hauser has sought to introduce reforms at shoring up Israel’s flagging capital market, including measures to regularize the process by which companies reach debt bailouts with creditors and preventing non-banking financial companies from raising capital without a formal prospectus. But other efforts, such as restructuring the Tel Aviv Stock Exchange into a profit-making company better able to compete with other word bourses and easing what he has term an excess of regulations, have yet to be realized. The ISA declined to comment, (Ruti Levy)

Property & Building, Electra Real Estate sell Indian property, seeking market exit

Property & Building Limited and Electra Real Estate are reducing their exposure to the Indian real estate market, joining a list of other Israeli property investors that piled into the country in 2007 and 2008 only to be disappointed by excessive regulation and other problems. The two companies said on Sunday they are each selling 45% stakes in a Hyberbad development project to an Indian buyer for $34 million. The two bought the land in 2007 with plans to build offices, stores and 2,750 housing units, but only four of 14 towers were completed. The two companies said they expect to record a combined capital gain of 20 million shekels ($5.1 million). The two have three other Indian properties they are likely to be selling as well. Shares of P&B, a unit of the IDB group, ended 1% higher at 269.90 shekels  Electra rose 3.7% on Sunday but retreated Monday by 0.9% to end at 7.07 shekels. (Eran Azran)

Tel Aviv shares take cue from Europe and climb

The Tel Aviv Stock Exchange looked West rather than East on Monday as investors shrugged off another drop in Asian markets and took their cue from higher European and U.S. share prices. Both the TA-25 and TA-100 indices ended up about 0.4% at 1,492.80 and 1,282.94 points, respectively, on turnover of 1.79 billion shekels ($450 million). “After a difficult start to the year, investors are hunting for bargains in the market, which is likely to lead to a correction in the coming days,” said Idan Azoulay, head of mutual funds at Epsilon. But, he said, China’s economic woes and depressed oil prices would continue to weigh on markets. Gainers in the TA-100 were led by Africa Israel Properties’ 6.4% jump to a close of 43.84. Elco ended 3.8% higher at 35.03 after it said it would buy back 30 million shekels worth of shares. Tower Jazz finished 2.5% higher at 51.25 shekels. The company said it had begun production of a new image sensor for Korea’s Pixelplus. In the fixed-income market, the price of the government’s 10-year shekel bond fell 0.32% to raised its yield to 2%. Its Galil bond for the same period ended down 0.6% to a yield of 0.68%. (Omri Zerachovitz)