Stock ICL (Formerly ICL) stood out against the negative trend recorded on the stock exchange today, and jumped by about 7%, while bypassing the technology company NICE and National Bank And becomes the largest company on the Tel Aviv Stock Exchange.
The fertilizer and mineral company opened the trading day with a market value of NIS 45 billion, and after the increase, its value reached more than NIS 48 billion. Idan Ofer’s Israel Company, which controls ACC, also enjoyed an increase of almost 6%.
Even before the last jump, ACL shares have returned 18% since the beginning of the year, and in the last 12 months have doubled their value. Since the stock’s low with the outbreak of the corona crisis in March 2020, it has already jumped 270%.
ICL , Which is also traded in New York, climbed the stock market mainly in light of a positive arbitrage gap it opened this weekend on Wall Street. Last Thursday the company opened trading on the New York Stock Exchange to celebrate its 30th anniversary of being public, and to launch the start of its year of existence. Reviv Zoller, the company’s president and CEO, and Yoav Duplet, chairman of the board, joined the company’s senior executives in honor of International Women’s Day this week.
ECL has benefited in the past year mainly from the rise in the prices of basic commodities, including potash and other fertilizers it produces (mainly phosphate, bromine and products that rely on them). Last month, a company reported 38% growth in revenue for 2021, which last year totaled $ 7 billion. Shareholder net income jumped to $ 783 million, compared to just $ 24 million in the 2020 corona year.
Against the background of the current crisis between Russia and Ukraine, some analysts estimate that potash prices will continue to climb, and may approach an all-time high – about $ 1,000 per ton, compared to the current price of about $ 600.
Bank of America analysts recently released a review, in which they note that the situation in Ukraine and Western sanctions on the Belarusian company will continue to support rising world potash prices. Belarus is controlled by the Belarussian government, which produces potash, among other things, and provides about 18% of global potash consumption.