TA-125 Index
The TA-125 Index, typically referred to as the Tel Aviv 125 and formerly the TA-100 Index, is a stock market index of the 125 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] On 12 February 2017, the index was expanded to include 125 instead of 100 stocks, in an attempt to improve stability and therefore reduce risk for trackers and encourage foreign investment.[2][3]
Overview
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-35 and TA-90 indices.[4]
TA-35 Index
The TA-35 Index is the TASE's flagship index. It was first published in 1992 under the name "MA'OF Index". The TA-35 index tracks the prices of the shares of the 35 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, and expanded from 25 to 35 stocks together with the TA-125 in February 2017.
TA-90 Index
The TA-90 is a share index of the 90 most highly capitalised companies listed on the Tel Aviv Stock Exchange, which are not included in the TA-35 index. The index began in 1999 with a base level of 100. The index was expanded on 12 February 2017 to include 90 instead of 75 stocks, in an attempt to improve stability and therefore reduce risk for trackers and encourage foreign investment.[5][6]
Weighting
Since February 2008, the TA-125 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.[citation needed]
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%.[citation needed]
To be included in the TA-35 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).[citation needed]
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-125 index are promoted to the TA-35 index if their market capitalisation is 20% more than a current company.[citation needed]
Annual Returns
The following table shows the annual development of the TA-125 Index since 1993.[7]
| Year | Closing level | Change in index in points |
Change in index in % |
|---|---|---|---|
| 1993 | 247.67 | ||
| 1994 | 173.57 | −74.10 | −29.92 |
| 1995 | 208.23 | 34.66 | 19.97 |
| 1996 | 211.04 | 2.81 | 1.35 |
| 1997 | 290.96 | 79.92 | 37.87 |
| 1998 | 299.89 | 8.93 | 3.07 |
| 1999 | 487.23 | 187.34 | 62.47 |
| 2000 | 494.58 | 7.35 | 1.51 |
| 2001 | 446.79 | −47.79 | −9.66 |
| 2002 | 332.45 | −114.34 | −25.59 |
| 2003 | 534.39 | 201.94 | 60.74 |
| 2004 | 635.95 | 101.56 | 19.00 |
| 2005 | 822.99 | 187.04 | 29.41 |
| 2006 | 925.60 | 102.61 | 12.47 |
| 2007 | 1,154.59 | 228.99 | 24.74 |
| 2008 | 564.09 | −590.50 | −51.14 |
| 2009 | 1,066.73 | 502.64 | 89.11 |
| 2010 | 1,223.16 | 156.43 | 14.66 |
| 2011 | 978.49 | −244.67 | −20.00 |
| 2012 | 1,049.06 | 70.57 | 7.21 |
| 2013 | 1,207.69 | 158.63 | 15.12 |
| 2014 | 1,288.93 | 81.24 | 6.73 |
| 2015 | 1,315.08 | 26.15 | 2.03 |
| 2016 | 1,282.37 | −32.71 | −2.49 |
| 2017 | 1,366.22 | 83.85 | 6.54 |
| 2018 | 1,333.18 | −33.04 | −2.42 |
| 2019 | 1,616.70 | 283.52 | 21.27 |
Constituents
TA-125 Index Components (as of 18 May 2020):[8]
| Name | Symbol | Market Cap (NIS millions) | Weight (%) | Sector | Comments |
|---|---|---|---|---|---|
| Teva Pharmaceutical Industries Ltd. | TEVA | 43,722 | 5.12 | Biomed | NYSE dual-listed company. |
| NICE Ltd. | NICE | 38,475 | 5.06 | Internet And Software | NASDAQ dual-listed company. |
| Bank Hapoalim Ltd. | POLI | 27,829 | 4.95 | Banks | London Stock Exchange dual-listed company. |
| Perrigo Ltd. | PRGO | 25,567 | 4.93 | Biomed | NYSE dual-listed company. |
| Bank Leumi Ltd. | LUMI | 25,382 | 4.52 | Banks | |
| Elbit Systems Ltd. | ESLT | 20,923 | 3.55 | Defense | NASDAQ dual-listed company. |
| Israel Discount Bank Ltd. | DSCT | 12,432 | 3.52 | Banks | |
| International Flavors & Fragrances Inc. | IFF | 48,845 | 3.09 | Food | NYSE dual-listed company. |
| Mizrahi Tefahot Bank Ltd. | MZTF | 15,623 | 2.65 | Banks | |
| Ormat Technologies Inc. | ORA | 11,788 | 2.45 | Cleantech | Majority owned subsidiary Ormat Technologies listed under ORA on NYSE. |
| Liveperson Inc. | LPSN | 8,557 | 2.42 | Internet And Software | |
| Israel Chemicals Ltd. | ICL | 14,150 | 2.40 | Chemical, Rubber & Plastic | 45% owned by Israel Corporation. |
| Azrieli Group Ltd. | AZRG | 22,654 | 2.24 | Real-Estate & Construction | |
| Tower Semiconductor Ltd. | TSEM | 7,244 | 2.05 | Semiconductors | |
| Alony Hetz Properties & Investments Ltd. | ALHE | 6,825 | 1.93 | Real-Estate & Construction | |
| Bezeq The Israeli Telecommunication Corp. Ltd. | BEZQ | 7,467 | 1.69 | Communications & Media | |
| Strauss Group Ltd. | STRS | 11,846 | 1.51 | Food | |
| First International Bank Of Israel Ltd. | FIBI | 8,028 | 1.36 | Banks | |
| Mivne Real Estate | MVNE | 5,737 | 1.30 | Real-Estate & Construction | |
| Shufersal Ltd. | SAE | 5,392 | 1.22 | Commerce | |
| Nova Measuring Instruments Ltd. | NVMI | 4,313 | 1.22 | Semiconductors | |
| Airport City Ltd. | ARPT | 6,696 | 1.14 | Real-Estate & Construction | |
| Shapir Engineering And Industry Ltd. | SPEN | 8,664 | 1.10 | Metal & Building Products | |
| Enlight Renewable Energy Ltd. | ENLT | 3,922 | 1.08 | Cleantech | |
| Electra Ltd. | ELTR | 6,011 | 1.02 | Investment & Holdings | |
| Compugen Ltd. | CGEN | 3,590 | 0.98 | Biomed | NASDAQ dual-listed company. |
| Bayside Land Corporation Ltd. | BYSD | 4,201 | 0.95 | Real-Estate & Construction | |
| Shikun & Binui Ltd. | SKBN | 5,598 | 0.95 | Construction | |
| Paz Oil Company Ltd. | PZOL | 3,163 | 0.89 | Energy | |
| OPKO Health, Inc. | OPK | 6,228 | 0.89 | Biomed | NASDAQ dual-listed company. |
| Amot Investments Ltd. | AMOT | 6,966 | 0.89 | Real-Estate & Construction | |
| Formula Systems Ltd. | FORTY | 3,761 | 0.85 | IT Services | |
| Energean Oil & Gas Plc. | ENOG | 4,587 | 0.78 | Energy | |
| Audiocodes Ltd. | AUDC | 3,456 | 0.78 | Communications Equipment | |
| Reit 1 Ltd. | RIT1 | 2,731 | 0.77 | Real-Estate & Construction | |
| Harel Insurance, Investments & Financial Services Ltd. | HARL | 4,438 | 0.75 | Insurance | |
| Sapiens International Corporation N.V | SPNS | 4,341 | 0.74 | Internet And Software | |
| Melisron Ltd. | MLSR | 5,773 | 0.74 | Real-Estate & Construction | |
| Energix-Renewable Energies Ltd. | ENRG | 5,614 | 0.71 | Cleantech | |
| Mega Or Holdings Ltd. | MGOR | 3,101 | 0.70 | Real-Estate & Construction | |
| Matrix IT Ltd. | MTRX | 4,082 | 0.69 | IT Services | |
| AFI Properties Ltd. | AFPR | 3,049 | 0.69 | Real-Estate & Construction | |
| The Phoenix Holdings Ltd. | PHOE | 4,022 | 0.68 | Insurance | |
| Hilan Ltd. | HLAN | 2,917 | 0.66 | IT Services | |
| Partner Communications Company Ltd. | PTNR | 2,883 | 0.65 | Communications & Media | NASDAQ dual-listed company. |
| Clal Insurance Enterprises Holdings Ltd. | CLIS | 2,121 | 0.60 | Insurance | |
| F.I.B.I. Holdings Ltd. | FIBIH | 3,378 | 0.57 | Banks | Controls "The First International Bank". |
| Delek Drilling LP | DEDR.L | 4,472 | 0.57 | Energy | 59.1% ownership by Delek Group. |
| Isracard Ltd. | ISCD | 1,900 | 0.54 | Financial Services | |
| Bazan Oil Refineries Ltd. | ORL | 3,135 | 0.53 | Energy | |
| Equital Ltd. | EQTL | 3,111 | 0.53 | Investment & Holdings | |
| Gazit Globe Ltd. | GZT | 4,024 | 0.51 | Real-Estate & Construction | |
| Rami Levi Chain Stores Hashikma Marketing Ltd. | RMLI | 3,003 | 0.51 | Commerce | |
| Isramco Negev 2 LP | ISRA.L | 2,207 | 0.50 | Energy | |
| The Israel Corporation Ltd. | ILCO | 2,927 | 0.50 | Investment & Holdings | Holds "Israel Chemicals" and "Bazan Oil Refineries". |
| Kenon Holdings Ltd. | KEN | 3,900 | 0.50 | Investment & Holdings | Holds "Zim Integrated Shipping Services", automotive & energy companies. |
| Danel (Adir Yeoshua) Ltd. | DANE | 1,631 | 0.46 | Services | |
| Big Shopping Centers Ltd. | BIG | 3,512 | 0.45 | Real-Estate & Construction | |
| Summit Real Estate Holdings Ltd. | SMT | 2,733 | 0.44 | Real-Estate & Construction | |
| BATM Advanced Communications Ltd. | BVC | 1,849 | 0.42 | Investment in hi-tech | |
| Inrom Construction Industries Ltd. | INRM | 1,476 | 0.42 | Metal & Building Products | |
| Tel Aviv Stock Exchange Ltd. | TASE | 1,462 | 0.41 | Financial Services | |
| Ashtrom Group Ltd. | ASHG | 3,996 | 0.40 | Construction | |
| Maytronics Ltd. | MTRN | 3,065 | 0.39 | Electronics And Optics | |
| OPC Energy Ltd. | OPCE | 3,935 | 0.39 | Energy | |
| Sella Capital Real Estate Ltd | SLARL | 1,323 | 0.37 | Real-Estate & Construction | |
| Allot Ltd. | ALLT | 1,312 | 0.37 | Internet And Software | |
| Menora Mivtachim Holdings Ltd. | MMHD | 2,771 | 0.35 | Insurance | |
| Fattal Holdings Ltd. | FTAL | 2,670 | 0.34 | Hotels & Tourism | |
| Isras Investment Company Ltd. | ISRS | 3,350 | 0.33 | Real-Estate & Construction | |
| Elco Ltd. | ELCO | 3,190 | 0.32 | Investment & Holdings | |
| Cellcom Israel Ltd. | CEL | 1,779 | 0.30 | Communications & Media | NYSE dual-listed company. |
| One Software Technologies Ltd. | ONE | 1,769 | 0.30 | IT Services | |
| Ratio Oil Exploration LP | RATI.L | 1,279 | 0.29 | Energy | |
| Fox-Wizel Ltd. | FOX | 1,653 | 0.28 | Fashion & Clothing | |
| Delek Automotive Systems Ltd. | DLEA | 1,622 | 0.28 | Services - Commerce | 22.5% ownership by Delek Group. |
| Camtek Ltd. | CAMT | 1,617 | 0.27 | Semiconductors | |
| Gilat Satellite Networks Ltd. | GILT | 1,620 | 0.27 | Communications Equipment | |
| Magic Software Enterprises Ltd. | MGIC | 1,603 | 0.27 | Internet And Software | |
| Arad Investment & Industrial Development Ltd. | ARAD | 2,098 | 0.27 | ||
| Kamada Ltd. | KMDA | 1,183 | 0.27 | Biomed | |
| Idi Insur Ltd. | IDIN | 1,528 | 0.26 | Insurance | |
| Blue Square Real Estate Ltd. | BLSR | 1,967 | 0.25 | Real-Estate & Construction | |
| Y.H.Dimri Building & Development Ltd. | DIMRI | 1,916 | 0.24 | Construction | |
| Naphtha Israel Petroleum Corp. Ltd. | NFTA | 1,641 | 0.21 | Energy | |
| Migdal Insurance & Financial Holdings Ltd. | MGDL | 2,122 | 0.21 | Insurance | |
| Brack Capital Properties N.V | BCNV | 2,022 | 0.20 | Real-Estate & Construction | |
| Electra Consumer Products Ltd. | ECP | 1,554 | 0.20 | Services - Commerce | |
| Mediterranean Towers Ltd. | MDTR | 1,137 | 0.19 | Real-Estate & Construction | |
| Ham-Let (Israel-Canada) Ltd. | HAML | 773 | 0.18 | Metal & Building Products | |
| Delta-Galil Industries Ltd. | DELT | 1,365 | 0.17 | Fashion & Clothing | |
| Ashtrom Properties Ltd. | ASPR | 1,344 | 0.17 | Real-Estate & Construction | |
| Israel Canada Ltd. | ISCN | 1,319 | 0.17 | Construction | |
| Azorim-Investment, Development & Construction Co. Ltd. | AZRM | 1,274 | 0.16 | Construction | |
| Altshuler Shaham Provident Funds and Pension Ltd. | ASPF | 2,230 | 0.16 | Financial Services | |
| Malam Team Ltd. | MLTM | 1,561 | 0.15 | IT Services | |
| Kerur Holdings Ltd. | KRUR | 1,158 | 0.15 | Food | |
| Property And Building Corp. Ltd. | PTBL | 1,448 | 0.14 | Real-Estate & Construction | |
| Neto Malinda Trading Ltd. | NTML | 1,116 | 0.14 | Services - Commerce | |
| Bet Shemesh Engines Holdings (1997) Ltd. | BSEN | 597 | 0.14 | Metal & Building Products | |
| Tadiran Holdings Ltd. | TDRN | 1,351 | 0.13 | Services - Commerce | |
| Delek Group Ltd. | DLEKG | 1,319 | 0.13 | Investment & Holdings | |
| Electra Real Estate Ltd. | ELCRE | 1,026 | 0.13 | Real-Estate & Construction | |
| IES Holdings Ltd. | IES | 1,024 | 0.13 | Investment & Holdings | |
| Arad Ltd. | ARD | 1,295 | 0.13 | Electronics And Optics | |
| Adgar Investment & Development Ltd. | ADGR | 745 | 0.13 | Real-Estate & Construction | |
| The Israel Land Development Co. Ltd. | ILDC | 990 | 0.13 | Real-Estate & Construction | |
| Victory Supermarket Chain Ltd. | VCTR | 980 | 0.12 | Services - Commerce | |
| Atreyu Capital Markets Ltd. | ATRY | 726 | 0.12 | Financial Services | |
| Scope Metals Group Ltd. | SCOP | 662 | 0.11 | Services - Commerce | |
| Plasson Industries Ltd. | PLSN | 1,099 | 0.11 | Chemical, Rubber & Plastic | |
| Norstar Holdings Inc. | NSTR | 854 | 0.11 | Real-Estate & Construction | |
| Fresh Market Ltd. | FRSM | 1,517 | 0.11 | Services - Commerce | |
| Vitania Ltd. | VTNA | 837 | 0.11 | Real-Estate & Construction | |
| Nawi Brothers Group Ltd. | NAWI | 465 | 0.11 | Financial Services | |
| FMS Enterprises Migun Ltd. | FBRT | 1,063 | 0.11 | Fashion & Clothing | Producer of ballistic protection materials. |
| M. Yochananof and Sons Ltd. | YHNF | 1,828 | 0.10 | Services - Commerce | |
| Hadera Paper Ltd. | HAP | 741 | 0.09 | Wood & Paper | |
| Levinstein Properties Ltd. | LVPR | 883 | 0.09 | Real-Estate & Construction | |
| Arko Holdings Ltd. | ARKO | 623 | 0.08 | Energy | |
| Carasso Motors Ltd. | CRSO | 893 | 0.08 | Services - Commerce | |
| Navitas Petroleum LP | NVPT.L | 449 | 0.08 | Energy | |
| Meitav Dash Investments Ltd | MTDS | 570 | 0.07 | Financial Services | |
| Dor Alon Energy In Israel Ltd. | DRAL | 1,004 | 0.07 | Energy | |
| Issta Lines Ltd. | ISTA | 549 | 0.07 | Tourism | |
| Zur Shamir Holdings Ltd. | ZUR | 528 | 0.05 | Investment & Holdings | Holds insurance & real-estate companies. |
Former members of the index
- Elite – Merged with the Strauss Group.
- Agis Industries – Acquired by Perrigo (now known as Perrigo Israel Pharmaceuticals).
- Discount Investment Corporation - Removed from the index due to decrease in free-floating shares.
- MA Industries (Makhteshim Agan) - Acquired by ChemChina in 2011.
- Osem - Acquired by Nestlé in 2016.
- Koor Industries - Acquired by ChemChina in 2014.
- VeriFone Holdings - Delisted from TASE in 2010, later turned private.
- Avner Oil Exploration - Merged into Delek Drilling.
- Ormat Industries - Merged into Ormat Technologies.
- HOT Telecommunication Systems - Acquired by Altice in 2012.
- Clal Industries and Investments - Acquired by Access Industries in 2013.
- Kardan N.V. - Removed from the index due to decrease in capitalization.
- Elbit Imaging - Removed from the index due to decrease in capitalization.
- Africa Israel Investments - Acquired by Moti Ben-Moshe in 2018.
- Delek Israel Fuel Corp. - Merged into Delek Group.
- Mellanox Technologies - Acquired by NVIDIA in 2019.
- Frutarom Industries - Acquired by IFF in 2018.
- Given Imaging - Acquired by Covidien in 2014.
- Blue Square-Israel - Acquired by Moti Ben-Moshe in 2016.
- British Israel Investments - Formerly known as Azorim Properties, bought out by Melisron in 2011.
- Nitsba Holdings - Merged into Airport City in 2015.
- NetVision - Merged into Cellcom in 2011.
- Ceragon Networks - Delisted from TASE in 2017, traded at NASDAQ.
- Ness Technologies - Split into several companies, later purchased by Hilan, IAI and Formula Systems.
- EZchip Semiconductor - Merged into Mellanox in 2016.
- Granite Hacarmel Investments - Acquired by Azrieli Group in 2012.
- 012 Smile Communications - Acquired by Partner in 2010.
- Alvarion - Trading suspended in 2014, delisted in 2016.
- Ituran Location and Control - Delisted from TASE in 2016, traded at NASDAQ.
- Retalix - Acquired by NCR Corp. in 2013.
- Jerusalem Economy - Merged with Industrial Building Corporation (also a TA-125 constituent) in November 2019.
- Alrov Properties & Lodgings - Removed from the index in August 2019.
- N.R. Spuntech Industries - Removed from the index in August 2019.
- B Communications - Removed from the index in August 2019.
- Municipal Bank Ltd - Merged into Mercantile Discount Bank as a private company and delisted from TASE in December 2019.
- Redhill Biopharma Ltd. - Delisted from TASE in January 2020, trading at NASDAQ.
- Tamar Petroleum Ltd. - Removed from the index.
References
- ^ ת"א 100 – מבט לשווקים [TA 100 – Market overview] (in Hebrew). TheMarker. September 2011. Retrieved 2 September 2011.
שער גבוה 12 חודשים
- ^ "Tel Aviv stocks mostly higher on first day of expanded indices". Reuters. 12 February 2017. Retrieved 22 July 2017.
- ^ "Move over TA-25, and say hello to the TA-35; Stock exchange to update main indexes". The Jerusalem Post. 28 January 2017. Retrieved 22 July 2017.
- ^ TASE Indices Booklet[permanent dead link] TASE (in Hebrew)
- ^ "Tel Aviv stocks mostly higher on first day of expanded indices". Reuters. 12 February 2017. Retrieved 22 July 2017.
- ^ "Move over TA-25, and say hello to the TA-35; Stock exchange to update main indexes". The Jerusalem Post. 28 January 2017. Retrieved 22 July 2017.
- ^ "TA-125 (^TA125.TA) Historical Data - Yahoo Finance". finance.yahoo.com. Retrieved 23 January 2020.
- ^ "TA-125 Index Composition". Tel Aviv Stock Exchange. Retrieved 18 May 2020.