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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]

Overview

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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

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Main article: 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

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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

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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

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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

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

Name Symbol Market Cap (NIS millions) Weight (%) Sector Comments
NICE Ltd. NICE 47,143 5.40 Internet And Software NASDAQ dual-listed company.
Bank Hapoalim Ltd. POLI 26,745 4.80 Banks London Stock Exchange dual-listed company.
Bank Leumi Ltd. LUMI 24,031 4.50 Banks
Perrigo Ltd. PRGO 24,516 4.37 Biomed NYSE dual-listed company.
Teva Pharmaceutical Industries Ltd. TEVA 37,092 3.89 Biomed NYSE dual-listed company.
Israel Discount Bank Ltd. DSCT 12,117 3.39 Banks
Elbit Systems Ltd. ESLT 20,141 3.38 Defense NASDAQ dual-listed company.
Mizrahi Tefahot Bank Ltd. MZTF 16,606 2.78 Banks
Israel Chemicals Ltd. ICL 16,353 2.74 Chemical, Rubber & Plastic 45% owned by Israel Corporation.
International Flavors & Fragrances Inc. IFF 43,692 2.65 Food NYSE dual-listed company.
Liveperson Inc. LPSN 13,898 2.64 Internet And Software
Bezeq The Israeli Telecommunication Corp. Ltd. BEZQ 9,873 2.21 Communications & Media
Azrieli Group Ltd. AZRG 21,865 2.14 Real-Estate & Construction
Tower Semiconductor Ltd. TSEM 7,207 2.01 Semiconductors
Alony Hetz Properties & Investments Ltd. ALHE 6,440 1.80 Real-Estate & Construction
OPKO Health, Inc. OPK 11,407 1.77 Biomed NASDAQ dual-listed company.
Ormat Technologies Inc. ORA 10,642 1.68 Cleantech Majority owned subsidiary Ormat Technologies listed under ORA on NYSE.
Nova Measuring Instruments Ltd. NVMI 5,222 1.45 Semiconductors
Strauss Group Ltd. STRS 11,335 1.42 Food
Shufersal Ltd. SAE 6,182 1.38 Commerce
Compugen Ltd. CGEN 5,107 1.37 Biomed NASDAQ dual-listed company.
Enlight Renewable Energy Ltd. ENLT 4,774 1.33 Cleantech
First International Bank Of Israel Ltd. FIBI 7,718 1.29 Banks
Mivne Real Estate MVNE 5,468 1.22 Real-Estate & Construction
Formula Systems Ltd. FORTY 4,971 1.11 IT Services
Shikun & Binui Ltd. SKBN 6,108 1.02 Construction
Shapir Engineering And Industry Ltd. SPEN 8,081 1.02 Metal & Building Products
Electra Ltd. ELTR 5,898 0.99 Investment & Holdings
Sapiens International Corporation N.V SPNS 5,778 0.97 Internet And Software
Matrix IT Ltd. MTRX 5,777 0.97 IT Services
Bayside Land Corporation Ltd. BYSD 4,251 0.95 Real-Estate & Construction
Energix-Renewable Energies Ltd. ENRG 7,146 0.90 Cleantech
Paz Oil Company Ltd. PZOL 3,122 0.88 Energy
Audiocodes Ltd. AUDC 3,909 0.87 Communications Equipment
Airport City Ltd. ARPT 4,970 0.85 Real-Estate & Construction
Hilan Ltd. HLAN 3,586 0.80 IT Services
Harel Insurance, Investments & Financial Services Ltd. HARL 4,763 0.80 Insurance
Amot Investments Ltd. AMOT 6,256 0.79 Real-Estate & Construction
Energean Oil & Gas Plc. ENOG 4,472 0.75 Energy
Melisron Ltd. MLSR 5,954 0.75 Real-Estate & Construction
Maytronics Ltd. MTRN 5,407 0.68 Electronics And Optics
The Phoenix Holdings Ltd. PHOE 3,942 0.66 Insurance
Reit 1 Ltd. RIT1 2,353 0.66 Real-Estate & Construction
Mega Or Holdings Ltd. MGOR 2,863 0.64 Real-Estate & Construction
Clal Insurance Enterprises Holdings Ltd. CLIS 2,213 0.62 Insurance
Danel (Adir Yeoshua) Ltd. DANE 2,173 0.61 Services
Partner Communications Company Ltd. PTNR 2,532 0.57 Communications & Media NASDAQ dual-listed company.
Delek Drilling LP DEDR.L 4,433 0.56 Energy 59.1% ownership by Delek Group.
BATM Advanced Communications Ltd. BVC 2,355 0.53 Investment in hi-tech
The Israel Corporation Ltd. ILCO 3,118 0.52 Investment & Holdings Holds "Israel Chemicals" and "Bazan Oil Refineries".
F.I.B.I. Holdings Ltd. FIBIH 3,089 0.52 Banks Controls "The First International Bank".
Isracard Ltd. ISCD 1,846 0.52 Financial Services
Big Shopping Centers Ltd. BIG 3,942 0.50 Real-Estate & Construction
Rami Levi Chain Stores Hashikma Marketing Ltd. RMLI 2,874 0.48 Commerce
AFI Properties Ltd. AFPR 2,809 0.46 Real-Estate & Construction
Magic Software Enterprises Ltd. MGIC 2,742 0.46 Internet And Software
Kenon Holdings Ltd. KEN 3,555 0.45 Investment & Holdings Holds "Zim Integrated Shipping Services", automotive & energy companies.
Tel Aviv Stock Exchange Ltd. TASE 1,543 0.43 Financial Services
Equital Ltd. EQTL 2,310 0.39 Investment & Holdings
OPC Energy Ltd. OPCE 3,902 0.38 Energy
Inrom Construction Industries Ltd. INRM 1,359 0.38 Metal & Building Products
Summit Real Estate Holdings Ltd. SMT 2,240 0.38 Real-Estate & Construction
Fattal Holdings Ltd. FTAL 2,976 0.37 Hotels & Tourism
Isramco Negev 2 LP ISRA.L 1,650 0.37 Energy
Allot Ltd. ALLT 1,312 0.36 Internet And Software
Bazan Oil Refineries Ltd. ORL 2,100 0.35 Energy
Camtek Ltd. CAMT 2,094 0.35 Semiconductors
Elco Ltd. ELCO 3,502 0.34 Investment & Holdings
Fox-Wizel Ltd. FOX 2,007 0.34 Fashion & Clothing
Kamada Ltd. KMDA 1,480 0.33 Biomed
Ashtrom Group Ltd. ASHG 3,376 0.33 Construction
Menora Mivtachim Holdings Ltd. MMHD 2,558 0.32 Insurance
Cellcom Israel Ltd. CEL 1,911 0.32 Communications & Media NYSE dual-listed company.
Sella Capital Real Estate Ltd SLARL 1,115 0.31 Real-Estate & Construction
One Software Technologies Ltd. ONE 1,815 0.30 IT Services
Ratio Oil Exploration LP RATI.L 1,273 0.28 Energy
Migdal Insurance & Financial Holdings Ltd. MGDL 2,743 0.27 Insurance
Delek Automotive Systems Ltd. DLEA 1,481 0.25 Services - Commerce 22.5% ownership by Delek Group.
Elecreaon Wireless Ltd. ELWS 1,972 0.25 Cleantech
Electra Consumer Products Ltd. ECP 1,952 0.25 Services - Commerce
Arad Investment & Industrial Development Ltd. ARAD 1,910 0.24 Electronics & Optics
Novolog NVLG 1,415 0.24 Services Logistics of pharmaceuticals & healthcare.
Y.H.Dimri Building & Development Ltd. DIMRI 1,873 0.24 Construction
Altshuler Shaham Provident Funds and Pension Ltd. ASPF 3,362 0.23 Financial Services
Gazit Globe Ltd. GZT 2,362 0.23 Real-Estate & Construction
Augwind Energy Tech Storage Ltd. AUGN 2,050 0.23 Cleantech
Blue Square Real Estate Ltd. BLSR 1,763 0.22 Real-Estate & Construction
Neto Malinda Trading Ltd. NTML 1,315 0.22 Services - Commerce
Fresh Market Ltd. FRSM 2,169 0.21 Services - Commerce
Idi Insur Ltd. IDIN 1,259 0.21 Insurance
Itamar Medical Ltd. ITMR 944 0.21 Medical Equipment Development & commercialization of non-invasive medical devices.
Arko Holdings Ltd. ARKO 1,587 0.20 Energy
Brack Capital Properties N.V BCNV 1,949 0.19 Real-Estate & Construction
Isras Investment Company Ltd. ISRS 2,633 0.18 Real-Estate & Construction
Mediterranean Towers Ltd. MDTR 1,070 0.18 Real-Estate & Construction
Ham-Let (Israel-Canada) Ltd. HAML 760 0.17 Metal & Building Products
Tadiran Holdings Ltd. TDRN 1,669 0.16 Services - Commerce
Azorim-Investment, Development & Construction Co. Ltd. AZRM 1,289 0.16 Construction
Africa Israel Residences Ltd. AFRE 1,259 0.16 Construction
Kerur Holdings Ltd. KRUR 1,229 0.15 Food
Victory Supermarket Chain Ltd. VCTR 1,213 0.15 Services - Commerce
Arad Ltd. ARD 1,145 0.14 Electronics And Optics
Atreyu Capital Markets Ltd. ATRY 838 0.14 Financial Services
Malam Team Ltd. MLTM 1,428 0.14 IT Services
Delta-Galil Industries Ltd. DELT 1,081 0.14 Fashion & Clothing
Ellomay ELLO 1,114 0.14 Cleantech Builds & operates renewable energy & power projects.
Israel Canada Ltd. ISCN 1,073 0.13 Construction
Ilex Medical Ltd. ILX 1,304 0.13 Commerce
Naphtha Israel Petroleum Corp. Ltd. NFTA 1,298 0.13 Energy
Plasson Industries Ltd. PLSN 1,261 0.12 Chemical, Rubber & Plastic
Delek Group Ltd. DLEKG 1,140 0.12 Investment & Holdings
M. Yochananof and Sons Ltd. YHNF 2,188 0.12 Services - Commerce
Electra Real Estate Ltd. ELCRE 893 0.11 Real-Estate & Construction
Avgol Industries 1953 Ltd. AVGL 1,135 0.11 Industry - Wood & Paper Manufactures nonwoven fabric products.
Ashtrom Properties Ltd. ASPR 1,135 0.11 Real-Estate & Construction
Adgar Investment & Development Ltd. ADGR 651 0.11 Real-Estate & Construction
IES Holdings Ltd. IES 859 0.11 Investment & Holdings
The Israel Land Development Co. Ltd. ILDC 828 0.10 Real-Estate & Construction
Meitav Dash Investments Ltd MTDS 791 0.10 Financial Services
Vitania Ltd. VTNA 728 0.09 Real-Estate & Construction
Carasso Motors Ltd. CRSO 916 0.09 Services - Commerce
Levinstein Properties Ltd. LVPR 870 0.09 Real-Estate & Construction
Hadera Paper Ltd. HAP 656 0.08 Wood & Paper
FMS Enterprises Migun Ltd. FBRT 812 0.08 Fashion & Clothing Producer of ballistic protection materials.
Doral Group Renewable Energy Resources Ltd. DORL 1,417 0.08 Cleantech
Gilat Satellite Networks Ltd. GILT 1,043 0.00 Communications Equipment

Former members of the index

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Gender representation among top positions

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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, 27.6% of the total positions. Specifically, women accounted for approximately 30.2% of positions within Board of Directors, a slight raise from the previous year's 27.8% figure. However, the percentage of women in general management has remained unchanged at approximately 24.8%. [9]

References

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  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.
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