TA-125 Index

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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[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-35 and TA-90 indices.[4]

TA-35 Index[edit]

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[edit]

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 February 12, 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[edit]

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.

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-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).

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.

Constituents[edit]

TA-125 Index Components (as of June 30, 2019): [7]

Name Symbol Market Cap (Million NIS) Weight (%) Sector Comments
International Flavors & Fragrances Inc. IFF 55,048 3.11 Food NYSE dual-listed company.
Bank Leumi Ltd. LUMI 38,662 5.20 Banks
Teva Pharmaceutical Industries Ltd. TEVA 37,362 4.06 Biomed NYSE dual-listed company.
Bank Hapoalim Ltd. POLI 36,343 5.06 Banks London Stock Exchange dual-listed company.
NICE Ltd. NICE 31,780 4.97 Internet And Software NASDAQ dual-listed company.
Azrieli Group Ltd. AZRG 27,687 2.64 Real-Estate & Construction
Perrigo Ltd. PRGO 24,575 5.02 Biomed NYSE dual-listed company.
Elbit Systems Ltd. ESLT 23,843 3.77 Defense NASDAQ dual-listed company.
Israel Chemicals Ltd. ICL 23,647 3.86 Chemical, Rubber & Plastic 45% owned by Israel Corporation.
Mizrahi Tefahot Bank Ltd. MZTF 19,622 3.21 Banks
Israel Discount Bank Ltd. DSCT 17,053 4.64 Banks
Strauss Group Ltd. STRS 12,616 1.54 Food
Delek Drilling LP DEDR.L 11,662 1.43 Energy 59.1% ownership by Delek Group.
Ormat Technologies Inc. ORA 11,515 2.43 Cleantech Majority owned subsidiary Ormat Technologies listed under ORA on NYSE.
First International Bank Of Israel Ltd. FIBI 8,966 1.46 Banks
Amot Investments Ltd. AMOT 8,258 1.00 Real-Estate & Construction
Melisron Ltd. MLSR 8,189 1.00 Real-Estate & Construction
Airport City Ltd. ARPT 7,988 1.31 Real-Estate & Construction
Alony Hetz Properties & Investments Ltd. ALHE 7,828 1.70 Real-Estate & Construction
Energean Oil & Gas Plc. ENOG 7,137 0.87 Energy
Delek Group Ltd. DLEKG 7,130 0.87 Investment & Holdings
Bezeq The Israeli Telecommunication Corp. Ltd. BEZQ 7,121 1.55 Communications & Media
The Israel Corporation Ltd. ILCO 6,621 1.08 Investment & Holdings Holds "Israel Chemicals" and "Bazan Oil Refineries".
Liveperson Inc. LPSN 6,332 1.26 Internet And Software
Tower Semiconductor Ltd. TSEM 6,200 1.69 Semiconductors
Fattal Holdings Ltd. FTAL 6,120 0.58 Hotels & Tourism
Shufersal Ltd. SAE 5,806 1.26 Commerce
Bazan Oil Refineries Ltd. ORL 5,792 0.95 Energy
Harel Insurance, Investments & Financial Services Ltd. HARL 5,784 0.95 Insurance
The Phoenix Holdings Ltd. PHOE 5,642 0.92 Insurance
Gazit Globe Ltd. GZT 5,404 0.88 Real-Estate & Construction
Paz Oil Company Ltd. PZOL 5,154 1.40 Energy
OPKO Health, Inc. OPK 4,683 0.77 Biomed NASDAQ dual-listed company.
Shapir Engineering And Industry Ltd. SPEN 4,633 0.57 Metal & Building Products
Migdal Insurance & Financial Holdings Ltd. MGDL 4,278 0.41 Insurance
Shikun & Binui Ltd. SKBN 4,189 0.68 Construction
Jerusalem Economy Ltd. ECJM 4,039 0.88 Real-Estate & Construction
Bayside Land Corporation Ltd. BYSD 4,030 0.66 Real-Estate & Construction
Kenon Holdings Ltd. KEN 3,915 0.48 Investment & Holdings Holds "Zim Integrated Shipping Services", automotive & energy companies.
Big Shopping Centers Ltd. BIG 3,884 0.44 Real-Estate & Construction
Equital Ltd. EQTL 3,855 0.63 Investment & Holdings
F.I.B.I. Holdings Ltd. FIBIH 3,765 0.62 Banks Controls "The First International Bank".
Electra Ltd. ELTR 3,732 0.61 Investment & Holdings
OPC Energy Ltd. OPCE 3,669 0.19 Energy
Isramco Negev 2 LP ISRA.L 3,632 0.79 Energy
Menora Mivtachim Holdings Ltd. MMHD 3,461 0.42 Insurance
Matrix IT Ltd. MTRX 3,441 0.56 IT Services
Alrov Properties & Lodgings Ltd. ALRPR 3,409 0.19 Real-Estate & Construction
Clal Insurance Enterprises Holdings Ltd. CLIS 3,374 0.73 Insurance
Reit 1 Ltd. RIT1 3,223 0.87 Real-Estate & Construction
Industrial Building Corporation Ltd IBLD 3,204 0.31 Real-Estate & Construction
Africa Israel Properties Ltd AFPR 3,126 0.68 Real-Estate & Construction
Isras Investment Company Ltd. ISRS 3,075 0.29 Real-Estate & Construction
Energix-Renewable Energies Ltd ENRG 3,010 0.37 Cleantech
Sapiens International Corporation N.V SPNS 2,897 0.47 Internet And Software
Ratio Oil Exploration LP RATI.L 2,889 0.63 Energy
Formula Systems Ltd. FORTY 2,791 0.61 IT Services
Maytronics Ltd. MTRN 2,740 0.34 Electronics And Optics
Hilan Ltd. HLAN 2,736 0.60 IT Services
Delta-Galil Industries Ltd. DELT 2,713 0.33 Fashion & Clothing
Brack Capital Properties N.V BCNV 2,642 0.25 Real-Estate & Construction
Rami Levi Chain Stores Hashikma Marketing Ltd. RMLI 2,613 0.43 Commerce
Nova Measuring Instruments Ltd. NVMI 2,564 0.70 Semiconductors
Partner Communications Company Ltd. PTNR 2,499 0.54 Communications & Media NASDAQ dual-listed company.
Isracard Ltd. ISCD 2,428 0.53 Financial Services
Summit Real Estate Holdings Ltd. SMT 2,312 0.38 Real-Estate & Construction
Elco Ltd. ELCO 2,192 0.21 Investment & Holdings
Ashtrom Group Ltd. ASHG 2,164 0.21 Construction
Property And Building Corp. Ltd. PTBL 2,102 0.20 Real-Estate & Construction
Mega Or Holdings Ltd. MGOR 2,098 0.31 Real-Estate & Construction
Naphtha Israel Petroleum Corp. Ltd. NFTA 2,092 0.26 Energy
Idi Insur Ltd. IDIN 2,071 0.34 Insurance
Enlight Renewable Energy Ltd. ENLT 1,979 0.51 Cleantech
Blue Square Real Estate Ltd. BLSR 1,720 0.21 Real-Estate & Construction
Ashtrom Properties Ltd. ASPR 1,647 0.20 Real-Estate & Construction
Audiocodes Ltd. AUDC 1,644 0.35 Communications Equipment
Delek Automotive Systems Ltd. DLEA 1,624 0.20 Services - Commerce 22.5% ownership by Delek Group.
Gilat Satellite Networks Ltd. GILT 1,622 0.27 Communications Equipment
Magic Software Enterprises Ltd. MGIC 1,605 0.26 Internet And Software
Hadera Paper Ltd. HAP 1,532 0.19 Wood & Paper
Sella Capital Real Estate Ltd SLARL 1,475 0.40 Real-Estate & Construction
Plasson Industries Ltd. PLSN 1,463 0.14 Chemical, Rubber & Plastic
One Software Technologies Ltd. ONE 1,393 0.17 IT Services
Fox-Wizel Ltd. FOX 1,362 0.22 Fashion & Clothing
Inrom Construction Industries Ltd. INRM 1,359 0.37 Metal & Building Products
Norstar Holdings Inc. NSTR 1,271 0.16 Real-Estate & Construction
Y.H.Dimri Building & Development Ltd. DIMRI 1,271 0.12 Construction
Carasso Motors Ltd. CRSO 1,246 0.12 Services - Commerce
Danel (Adir Yeoshua) Ltd. DANE 1,228 0.33 Services
IES Holdings Ltd. IES 1,203 0.14 Investment & Holdings
Arad Ltd. ARD 1,199 0.11 Electronics And Optics
Kerur Holdings Ltd. KRUR 1,185 0.15 Food
Camtek Ltd. CAMT 1,173 0.18 Semiconductors
Cellcom Israel Ltd. CEL 1,155 0.19 Communications & Media NYSE dual-listed company.
Neto M.E Holdings Ltd. NTO 1,134 0.14 Food
Azorim-Investment, Development & Construction Co. Ltd. AZRM 1,119 0.14 Construction
Israel Canada Ltd. ISCN 1,112 0.11 Construction
Avgol Industries Ltd. AVGL 1,112 0.11 Wood & Paper
Tadiran Holdings Ltd. TDRN 1,081 0.10 Services - Commerce
Arko Holdings Ltd. ARKO 1,074 0.13 Energy
Electra Consumer Products Ltd. ECP 1,032 0.13 Services - Commerce
Mediterranean Towers Ltd. MDTR 1,019 0.17 Real-Estate & Construction
Malam Team Ltd. MLTM 1,001 0.10 IT Services
Levinstein Properties Ltd. LVPR 991 0.09 Real-Estate & Construction
Bet Shemesh Engines Holdings (1997) Ltd. BSEN 978 0.16 Metal & Building Products
The Israel Land Development Co. Ltd. ILDC 963 0.09 Real-Estate & Construction
Allot Ltd. ALLT 945 0.26 Internet And Software
Ham-Let (Israel-Canada) Ltd. HAML 941 0.12 Metal & Building Products
Scope Metals Group Ltd. SCOP 923 0.15 Services - Commerce
Tamar Petroleum Ltd. TMRP 912 0.20 Energy Holds 16.75% of the "Tamar" gas reservoir.
Dor Alon Energy In Israel Ltd. DRAL 894 0.09 Energy
FMS Enterprises Migun Ltd. FBRT 867 0.08 Fashion & Clothing Producer of ballistic protection materials.
Meitav Dash Investments Ltd MTDS 853 0.10 Financial Services
Adgar Investment & Development Ltd. ADGR 851 0.08 Real-Estate & Construction
Afcon Holdings Ltd. AFHL 845 0.10 Electrical
Kamada Ltd. KMDA 840 0.18 Biomed
Issta Lines Ltd. ISTA 825 0.10 Tourism
Nawi Brothers Group Ltd. NAWI 736 0.16 Financial Services
Zur Shamir Holdings Ltd. ZUR 716 0.07 Investment & Holdings Holds insurance & real-estate companies.
Klil Industries Ltd. KLIL 711 0.09 Metal & Building Products
Victory Supermarket Chain Ltd. VCTR 661 0.08 Services - Commerce
Mivtach Shamir Holdings Ltd. MISH 660 0.11 Investment & Holdings Invests in industry, high-tech & real-estate companies.
Redhill Biopharma Ltd. RDHL 659 0.14 Biomed
Municipal Bank Ltd. MCPL 657 0.18 Banks
N.R. Spuntech Industries Ltd. SPNTC 592 0.06 Wood & Paper
B Communications Ltd. BCOM 203 0.03 Communications & Media Holding company controlling "Bezeq" telecommunication provider.

NASDAQ dual-listed company.

Former members of the index[edit]

  • 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.

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. ^ "Tel Aviv stocks mostly higher on first day of expanded indices". Reuters. 12 February 2017. Retrieved 22 July 2017.
  3. ^ "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.
  4. ^ TASE Indices Booklet[permanent dead link] TASE ‹See Tfd›(in Hebrew)
  5. ^ "Tel Aviv stocks mostly higher on first day of expanded indices". Reuters. 12 February 2017. Retrieved 22 July 2017.
  6. ^ "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.
  7. ^ "TA-125 Index Composition". Tel Aviv Stock Exchange. Retrieved 8 July 2019.

External links[edit]