TA-100 Index

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The TA-100 Index, typically referred to as the Tel Aviv 100, is a stock market index of the 100 most highly capitalised companies listed on the Tel Aviv Stock Exchange (TASE). The index began on 1 January 1992 with a base level of 100. The highest value reached to date is 1247.92, in January 2011.[1]

Overview[edit]

The index is maintained by the Tel Aviv Stock Exchange and is calculated in real-time during trading hours and published every 30 seconds. The index combines the companies that are listed in the TA-25 and TA-75 indices.[2]

TA-25 Index[edit]

The TA-25 Index is the TASE's flagship index. It was first published in 1992 under the name "MA'OF Index". The TA-25 index tracks the prices of the shares of the 25 companies with the highest market capitalization on the exchange. It serves as an underlying asset for options and futures, Index-Linked Certificates and Reverse Certificates traded on the exchange and worldwide. The index also began on 1 January 1992 with a base level of 100.

TA-75 Index[edit]

The TA-75 is a share index of the 75 most highly capitalised companies listed on the Tel Aviv Stock Exchange, which are not included in the TA-25 index. The index began in 1999 with a base level of 100.

Weighting[edit]

Since February 2008, the TA-100 is calculated using a free float method, the total market capitalization of the companies weighted by their effect on the index, so the larger stocks would make more of a difference to the index as compared to a smaller market cap company. The basic formula for any index is (be it capitalization weighted or any other stock index).

  • Index level= Σ(Price of stock* Number of shares)*Free float factor/ Index Divisor.

The Free float Adjustment factor represents the proportion of shares that is floated as a percentage of issued shares. The free-float method, therefore, does not include restricted stocks, such as those held by company insiders.

A company’s weight in the index has an upper-limit of 9.8%, the weight of a company that should be higher is limited to 9.8% and the rest is divided between the other constituents of the index. Since October 2007 this restriction has set the effective weight of Teva Pharmaceutical Industries at 9.8%.

To be included in the TA-25 index the company’s stock also need to adhere to the following requirement: Meet a public holding threshold of at least 25% and a minimal value of 600 million NIS (to ensure that there is a significant Free float holding, which is not controlled by insiders).

The constituents of the indices are determined twice a year; on the first trading day in January and in July. The largest companies in the TA 100 index are promoted to the TA 25 index if their market capitalisation is 20% more than a current company.

Constituents[edit]

TA-100 - Index Components - As of 10/08/2011

Name Symbol Market Cap (NIS millions) Weight (%) Sector Comments
Teva Pharmaceutical Industries Ltd. TEVA 132,069 9.81374 Pharmaceuticals NYSE dual-listed company
Israel Chemicals Ltd. ICL 60,777 9.15864 Chemicals 53% owned by Israel Corporation
Perrigo Company PRGO 26,520 9.13462 Pharmaceuticals NYSE dual-listed company, only index member based outside of Israel
Israel Corporation Ltd. ILCO 24,096 2.59362 Holding company Has holdings in TA-100 companies Israel Chemicals Ltd. and Oil Refineries Ltd
Bezeq The Israel Telecommunication Corp, Ltd. BEZQ 20,903 8.66631 Telecommunication
Bank Leumi Ltd. LUMI 20,129 8.96689 Banks
Bank Hapoalim Ltd. POLI 19,824 6.82787 Banks London Stock Exchange dual-listed company
Cellcom (Israel) CEL 11,362 2.95913 Telecommunication NYSE dual-listed company
Partner Communications Company Ltd. PTNR 10,999 2.8972 Telecommunication NASDAQ dual-listed company
Elbit Systems ESLT 10,490 3.1514 Aerospace and Defence NASDAQ dual-listed company
Discount Investment Corporation Ltd. DISI 7,409 0.97404 Holding company
Delek Group DLEKG 7,249 1.32168 Holding company
MA Industries (Makhteshim Agan) MAIN 7,240 2.41295 Chemicals
Bank Mizrahi-Tfahot Ltd MZTF 7,005 2.05435 Banks
Israel Discount Bank Ltd DSCT 6,923 1.84139 Banks
NICE Systems Ltd. NICE 6,866 3.73247 Technology NASDAQ dual-listed company
Migdal Insurance and Financial Holdings Ltd. MGDL 6,276 0.70976 Insurance
Paz Oil Company Ltd. PZOL 5,523 0.78504 Oil & Gas Services
Osem OSEM 5,403 0.85549 Food Producers
Koor Industries Ltd. KOR 5,339 0.70883 Holding company
Strauss Group STRS 5,248 0.74864 Food Producers
VeriFone Holdings, Inc. PAY 4,643 2.50737 Technology NASDAQ dual-listed company
Clal Insurance Enterprises Holdings Ltd. CLIS 4,235 0.75083 Insurance
Gazit-Globe Ltd. GLOB 4,186 0.74648 Real Estate
Delek Automotive Systems Ltd. DLEA 4,048 0.48447 Automobiles Retailers 32% ownership by Delek Group
Delek Drilling Limited Partnership DEDR.L 3,839 0.61611 Oil & Gas Producers 68.8% ownership by Delek Group
Avner Oil Exploration Ltd. Partnership AVNR.L 3,822 0.92475 Oil & Gas Producers
Ormat Industries ORMT 3,753 0.93196 Alternative Energy Majority owned subsidiary Ormat Technologies listed under ORA on NYSE
Shufersal Ltd SAE 3,590 0.76632 General Retailers
Harel Insurance Inv. & Fin. Services Ltd HARL 3,583 0.7641 Insurance
BAZAN - Oil Refineries Ltd ORL 3,360 0.62958 Oil & Gas Producers
First International Bank of Israel FIBI FTIN5 3,136 0.42603 Banks
Isramco, Inc. ISRA.L 3,112 1.07792 Oil & Gas Producers
HOT Telecommunication Systems Ltd. HOT 2,791 0.40197 Telecommunication
Clal Industries and Investments Ltd. CII 2,682 0.55449 Holding company
Kardan N.V. KRNV 2,591 0.63794 Holding company
Housing & Construction Holding Company Limited SKBN 2,563 0.48662 Construction
Menorah Mivtachim Holdings Ltd MMHD 2,439 0.44826 Insurance
Elbit Imaging Ltd EMIT 2,330 0.64221 Holding company NASDAQ dual-listed company
Africa Israel Investments Ltd. AFIL 2,259 0.3214 Holding company
The Phoenix Holdings Ltd. PHOE1 2,046 0.23536 Insurance
Delek Israel Fuel Corp. Ltd DLKIS 1,904 0.2006 Oil & Gas Services
Mellanox Technologies, Ltd. MLNX 1,814 0.5424 Technology
Bayside Land Corporation Ltd. (Gav-Yam) BYSD 1,714 0.2831 Real Estate
Frutarom Industries, Ltd. FRUT 1,657 0.52928 Chemicals
FIBI FIBI 1,627 0.18882 Holding company
Given Imaging GIVN 1,607 0.20714 Medical Equipment NASDAQ dual-listed company
Melisron Ltd. MLSR 1,571 0.20714 Real Estate
Blue Square-Israel Ltd. BSI 1,546 0.23637 General Retailers
Amot Investments Ltd. AMOT 1,536 0.17181 Real Estate
Alony-Hetz Properties & Investments Ltd. ALHE 1,499 0.40301 Real Estate
Gazit Incorporated GZIT 1,428 0.19388 Real Estate
British Israel Investments Ltd. BRTS 1,384 0.15402 Real Estate
Nitsba Holdings 1995 Ltd. NTBA 1,307 0.27466 Real Estate
Union Bank of Israel UNON 1,289 0.21903 Banks
Jerusalem Economy Ltd. (formerly Jerusalem Economic Corporation Ltd.) ECJM 1,272 0.18991 Real Estate
Electra Ltd. ELTR 1,226 0.23347 Technology
NetVision Ltd. NTSN 1,161 0.18545 Telecommunications
Alrov Properties & Lodgings Ltd. ALRO 1,161 0.16 Real Estate
Africa Israel Properties Ltd. AFPR 1,106 0.14689 Real Estate
Ceragon Networks Ltd. CRNT 1,087 0.46747 Technology NASDAQ dual-listed company
Hadera Paper Ltd. HAP 1,079 0.23495 Paper
FMS Enterprises Migun Ltd FBRT 1,075 0.19146 Aerospace and Defence
Ness Technologies Inc NSTC 1,074 0.49795 Software & Computer Services
EZchip Semiconductor Ltd. EZCH 1,050 0.45611 Technology
Granite Hacarmel Investments Ltd. GRNT 1,047 0.1433 Holding Company
012 Smile Communications Ltd. SMLC 988 0.11937 Telecommunications
Elco Holdings ELCO 980 0.15231 Holding company
Suny Electronics Ltd. SUNY 933 0.10579 Electronics Retail
Otzar Hityashvuth Hayehudin Ltd OHH 883 0.15254 Holding company
DS Apex Holdings Ltd. DSAP 878 0.17875 Financial Services
Mivtach Shamir Holdings Ltd. MISH 875 0.155 Holding company
Alvarion Ltd. ALVR 871 0.47738 Technology NASDAQ dual-listed company
Matrix IT ltd. MTRX 861 0.2089 Software & Computer Services
RAMI LEVI RMLI 853 0.12915 Food Retailers
Ituran Location and Control Ltd. ITRN 843 0.23395 Technology
Retalix Ltd. RTLX 839 0.3225 Software
Airport City Ltd. ARPT 817 0.12508 Real Estates
J.O.E.L. Jerusalem Oil Exploration Ltd. JOEL 798 0.19775 Oil & Gas Producers
Golf & Co GOLF 791 0.12179 Retailers
Blue Square Real Estate Ltd BLSR 787 0.08493 Real Estate
Naphtha Explorations Limited Partnership NFTA 784 0.12448 Oil & Gas Producers
Delek Real Estate Ltd. DLKR 774 0.13173 Real Estate
Avgol Industries Ltd. AVGL 715 0.11918
Africa Israel Residences Ltd. AFRE 714 0.09517 Real Estate
Fundtech Ltd. FNDT 696 0.12615 Software
Kamada Ltd. KMDA 677 0.22601 Biotechnology
Plasson Industries Ltd. PLSN 670 0.11102 Plastic products
Kardan Israel Ltd. KRIS 654 0.09107 Holding company
Gilat Satellite Networks Ltd. GILT 636 0.24315 Technology
Neto M.E. Holdings Ltd. NTO 566 0.12752
Maabarot Products Ltd. MABR 562 0.12034 Food Producers
Internet Gold-Golden Lines Ltd. IGLD 558 0.0843 Telecommunications
Queenco Leisure International Ltd. QNCO 506 0.08683 Travel and Leisure
Scope Metals Group Ltd. SCOP 468 Metal Products
El Al Israel Airlines Ltd. ELAL 466 0.10385 Travel and Leisure
Formula Systems (1985) Ltd. FORT 455 0.11184 Software
Radvision Ltd. RVSN 454 0.08736 Technology
Adgar Investment and Development Ltd. ADGR 453 0.08979 Real Estate
Ampal-American Israel Corporation AMPL 453 0.08499 Holding company
Brainsway Ltd. BRIN 439 0.09312 biotechnology

Former members of the index[edit]

  • Elite - Merged with the Strauss Group
  • Agis Industries (1983) Ltd. - Acquired by Perrigo (now known as Perrigo Israel Pharmaceuticals)

References[edit]

  1. ^ ת"א 100 – מבט לשווקים [TA 100 – Market overview] (in Hebrew). TheMarker. September 2011. Retrieved 2 September 2011. שער גבוה 12 חודשים 
  2. ^ TASE Indices Booklet TASE (Hebrew)

External links[edit]