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 2152.16, in January 2022. [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]

Contents

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).

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]

YearClosing levelChange in index
in points
Change in index
in %
1993247.67
1994173.57−74.10−29.92
1995208.2334.6619.97
1996211.042.811.35
1997290.9679.9237.87
1998299.898.933.07
1999487.23187.3462.47
2000494.587.351.51
2001446.79−47.79−9.66
2002332.45−114.34−25.59
2003534.39201.9460.74
2004635.95101.5619.00
2005822.99187.0429.41
2006925.60102.6112.47
20071,154.59228.9924.74
2008564.09−590.50−51.14
20091,066.73502.6489.11
20101,223.16156.4314.66
2011978.49−244.67−20.00
20121,049.0670.577.21
20131,207.69158.6315.12
20141,288.9381.246.73
20151,315.0826.152.03
20161,282.37−32.71−2.49
20171,366.2283.856.54
20181,333.18−33.04−2.42
20191,616.70283.5221.27

Constituents

TA-125 Index Components (as of 23 August 2020): [8]

NameSymbolMarket Cap (NIS millions)Weight (%)SectorComments
NICE Ltd. NICE47,1435.40Internet And SoftwareNASDAQ dual-listed company.
Bank Hapoalim Ltd. POLI26,7454.80BanksLondon Stock Exchange dual-listed company.
Bank Leumi Ltd. LUMI24,0314.50Banks
Perrigo Ltd. PRGO24,5164.37BiomedNYSE dual-listed company.
Teva Pharmaceutical Industries Ltd. TEVA37,0923.89BiomedNYSE dual-listed company.
Israel Discount Bank Ltd. DSCT12,1173.39Banks
Elbit Systems Ltd. ESLT20,1413.38DefenseNASDAQ dual-listed company.
Mizrahi Tefahot Bank Ltd. MZTF16,6062.78Banks
Israel Chemicals Ltd. ICL16,3532.74Chemical, Rubber & Plastic45% owned by Israel Corporation.
International Flavors & Fragrances Inc. IFF43,6922.65FoodNYSE dual-listed company.
Liveperson Inc. LPSN13,8982.64Internet And Software
Bezeq The Israeli Telecommunication Corp. Ltd. BEZQ9,8732.21Communications & Media
Azrieli Group Ltd. AZRG21,8652.14Real-Estate & Construction
Tower Semiconductor Ltd. TSEM7,2072.01Semiconductors
Alony Hetz Properties & Investments Ltd.ALHE6,4401.80Real-Estate & Construction
OPKO Health, Inc. OPK11,4071.77BiomedNASDAQ dual-listed company.
Ormat Technologies Inc. ORA10,6421.68CleantechMajority owned subsidiary Ormat Technologies listed under ORA on NYSE.
Nova Measuring Instruments Ltd. NVMI5,2221.45Semiconductors
Strauss Group Ltd. STRS11,3351.42Food
Shufersal Ltd. SAE6,1821.38Commerce
Compugen Ltd. CGEN5,1071.37BiomedNASDAQ dual-listed company.
Enlight Renewable Energy Ltd. ENLT4,7741.33Cleantech
First International Bank Of Israel Ltd. FIBI7,7181.29Banks
Mivne Real EstateMVNE5,4681.22Real-Estate & Construction
Formula Systems Ltd.FORTY4,9711.11IT Services
Shikun & Binui Ltd. SKBN6,1081.02Construction
Shapir Engineering And Industry Ltd.SPEN8,0811.02Metal & Building Products
Electra Ltd.ELTR5,8980.99Investment & Holdings
Sapiens International Corporation N.V SPNS5,7780.97Internet And Software
Matrix IT Ltd.MTRX5,7770.97IT Services
Bayside Land Corporation Ltd.BYSD4,2510.95Real-Estate & Construction
Energix-Renewable Energies Ltd. ENRG7,1460.90Cleantech
Paz Oil Company Ltd. PZOL3,1220.88Energy
Audiocodes Ltd. AUDC3,9090.87Communications Equipment
Airport City Ltd.ARPT4,9700.85Real-Estate & Construction
Hilan Ltd.HLAN3,5860.80IT Services
Harel Insurance, Investments & Financial Services Ltd. HARL4,7630.80Insurance
Amot Investments Ltd.AMOT6,2560.79Real-Estate & Construction
Energean Oil & Gas Plc. ENOG4,4720.75Energy
Melisron Ltd.MLSR5,9540.75Real-Estate & Construction
Maytronics Ltd.MTRN5,4070.68Electronics And Optics
The Phoenix Holdings Ltd.PHOE3,9420.66Insurance
Reit 1 Ltd.RIT12,3530.66Real-Estate & Construction
Mega Or Holdings Ltd.MGOR2,8630.64Real-Estate & Construction
Clal Insurance Enterprises Holdings Ltd.CLIS2,2130.62Insurance
Danel (Adir Yeoshua) Ltd.DANE2,1730.61Services
Partner Communications Company Ltd. PTNR2,5320.57Communications & MediaNASDAQ dual-listed company.
Delek Drilling LP DEDR.L4,4330.56Energy59.1% ownership by Delek Group.
BATM Advanced Communications Ltd. BVC2,3550.53Investment in hi-tech
The Israel Corporation Ltd. ILCO3,1180.52Investment & HoldingsHolds "Israel Chemicals" and "Bazan Oil Refineries".
F.I.B.I. Holdings Ltd. FIBIH3,0890.52BanksControls "The First International Bank".
Isracard Ltd. ISCD1,8460.52Financial Services
Big Shopping Centers Ltd.BIG3,9420.50Real-Estate & Construction
Rami Levi Chain Stores Hashikma Marketing Ltd. RMLI2,8740.48Commerce
AFI Properties Ltd.AFPR2,8090.46Real-Estate & Construction
Magic Software Enterprises Ltd. MGIC2,7420.46Internet And Software
Kenon Holdings Ltd. KEN3,5550.45Investment & HoldingsHolds "Zim Integrated Shipping Services", automotive & energy companies.
Tel Aviv Stock Exchange Ltd. TASE1,5430.43Financial Services
Equital Ltd.EQTL2,3100.39Investment & Holdings
OPC Energy Ltd.OPCE3,9020.38Energy
Inrom Construction Industries Ltd.INRM1,3590.38Metal & Building Products
Summit Real Estate Holdings Ltd.SMT2,2400.38Real-Estate & Construction
Fattal Holdings Ltd.FTAL2,9760.37Hotels & Tourism
Isramco Negev 2 LP ISRA.L1,6500.37Energy
Allot Ltd.ALLT1,3120.36Internet And Software
Bazan Oil Refineries Ltd. ORL2,1000.35Energy
Camtek Ltd.CAMT2,0940.35Semiconductors
Elco Ltd. ELCO3,5020.34Investment & Holdings
Fox-Wizel Ltd.FOX2,0070.34Fashion & Clothing
Kamada Ltd. KMDA1,4800.33Biomed
Ashtrom Group Ltd.ASHG3,3760.33Construction
Menora Mivtachim Holdings Ltd.MMHD2,5580.32Insurance
Cellcom Israel Ltd. CEL1,9110.32Communications & MediaNYSE dual-listed company.
Sella Capital Real Estate LtdSLARL1,1150.31Real-Estate & Construction
One Software Technologies Ltd.ONE1,8150.30IT Services
Ratio Oil Exploration LPRATI.L1,2730.28Energy
Migdal Insurance & Financial Holdings Ltd. MGDL2,7430.27Insurance
Delek Automotive Systems Ltd.DLEA1,4810.25Services - Commerce22.5% ownership by Delek Group.
Elecreaon Wireless Ltd.ELWS1,9720.25Cleantech
Electra Consumer Products Ltd.ECP1,9520.25Services - Commerce
Arad Investment & Industrial Development Ltd.ARAD1,9100.24Electronics & Optics
NovologNVLG1,4150.24ServicesLogistics of pharmaceuticals & healthcare.
Y.H.Dimri Building & Development Ltd.DIMRI1,8730.24Construction
Altshuler Shaham Provident Funds and Pension Ltd.ASPF3,3620.23Financial Services
Gazit Globe Ltd. GZT2,3620.23Real-Estate & Construction
Augwind Energy Tech Storage Ltd.AUGN2,0500.23Cleantech
Blue Square Real Estate Ltd.BLSR1,7630.22Real-Estate & Construction
Neto Malinda Trading Ltd.NTML1,3150.22Services - Commerce
Fresh Market Ltd.FRSM2,1690.21Services - Commerce
Idi Insur Ltd.IDIN1,2590.21Insurance
Itamar Medical Ltd.ITMR9440.21Medical EquipmentDevelopment & commercialization of non-invasive medical devices.
Arko Holdings Ltd.ARKO1,5870.20Energy
Brack Capital Properties N.VBCNV1,9490.19Real-Estate & Construction
Isras Investment Company Ltd.ISRS2,6330.18Real-Estate & Construction
Mediterranean Towers Ltd.MDTR1,0700.18Real-Estate & Construction
Ham-Let (Israel-Canada) Ltd.HAML7600.17Metal & Building Products
Tadiran Holdings Ltd. TDRN1,6690.16Services - Commerce
Azorim-Investment, Development & Construction Co. Ltd.AZRM1,2890.16Construction
Africa Israel Residences Ltd.AFRE1,2590.16Construction
Kerur Holdings Ltd.KRUR1,2290.15Food
Victory Supermarket Chain Ltd.VCTR1,2130.15Services - Commerce
Arad Ltd.ARD1,1450.14Electronics And Optics
Atreyu Capital Markets Ltd.ATRY8380.14Financial Services
Malam Team Ltd.MLTM1,4280.14IT Services
Delta-Galil Industries Ltd. DELT1,0810.14Fashion & Clothing
EllomayELLO1,1140.14CleantechBuilds & operates renewable energy & power projects.
Israel Canada Ltd.ISCN1,0730.13Construction
Ilex Medical Ltd.ILX1,3040.13Commerce
Naphtha Israel Petroleum Corp. Ltd.NFTA1,2980.13Energy
Plasson Industries Ltd. PLSN1,2610.12Chemical, Rubber & Plastic
Delek Group Ltd. DLEKG1,1400.12Investment & Holdings
M. Yochananof and Sons Ltd.YHNF2,1880.12Services - Commerce
Electra Real Estate Ltd.ELCRE8930.11Real-Estate & Construction
Avgol Industries 1953 Ltd.AVGL1,1350.11Industry - Wood & PaperManufactures nonwoven fabric products.
Ashtrom Properties Ltd.ASPR1,1350.11Real-Estate & Construction
Adgar Investment & Development Ltd.ADGR6510.11Real-Estate & Construction
IES Holdings Ltd.IES8590.11Investment & Holdings
The Israel Land Development Co. Ltd. ILDC8280.10Real-Estate & Construction
Meitav Dash Investments LtdMTDS7910.10Financial Services
Vitania Ltd.VTNA7280.09Real-Estate & Construction
Carasso Motors Ltd.CRSO9160.09Services - Commerce
Levinstein Properties Ltd.LVPR8700.09Real-Estate & Construction
Hadera Paper Ltd.HAP6560.08Wood & Paper
FMS Enterprises Migun Ltd.FBRT8120.08Fashion & ClothingProducer of ballistic protection materials.
Doral Group Renewable Energy Resources Ltd.DORL1,4170.08Cleantech
Gilat Satellite Networks Ltd. GILT1,0430.00Communications Equipment

Former members of the index

Gender representation among top positions

As of 2023, research by "Calcalist" established a review on the state of gender representation among executive positions within the TA-125 listed companies. Out of 2,063 executive positions identified within these companies, 570 were held by women, a mere 27.6% of the total positions. Specifically, women accounted for approximately 30.2% of positions within Board of Directors, a slight improvement from the previous year's 27.8% figure. However, the percentage of women in general management has remained unchanged at approximately 24.8%. [9]

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References

  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 (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 (^TA125.TA) Historical Data - Yahoo Finance". finance.yahoo.com. Retrieved 23 January 2020.
  8. "TA-125 Index Composition". Tel Aviv Stock Exchange. Retrieved 23 August 2020.
  9. "רק 27.6% מהמשרות הבכירות בחברות הגדולות בבורסה אוישו על ידי נשים". Calcalist. Retrieved 9 May 2024.