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.

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

TA-125 Index Components (as of 21 November 2019):[7]

Name Symbol Market Cap (NIS millions) Weight (%) Sector Comments
Teva Pharmaceutical Industries Ltd. TEVA 38,824 7.02 Biomed NYSE dual-listed company.
Bank Hapoalim Ltd. POLI 37,251 5.10 Banks London Stock Exchange dual-listed company.
Bank Leumi Ltd. LUMI 36,783 4.99 Banks
NICE Ltd. NICE 32,254 4.87 Internet And Software NASDAQ dual-listed company.
Perrigo Ltd. PRGO 22,876 4.35 Biomed NYSE dual-listed company.
Israel Discount Bank Ltd. DSCT 18,031 4.34 Banks
Elbit Systems Ltd. ESLT 24,333 3.51 Defense NASDAQ dual-listed company.
International Flavors & Fragrances Inc. IFF 50,580 3.33 Food NYSE dual-listed company.
Mizrahi Tefahot Bank Ltd. MZTF 20,894 3.01 Banks
Israel Chemicals Ltd. ICL 19,845 2.86 Chemical, Rubber & Plastic 45% owned by Israel Corporation.
Azrieli Group Ltd. AZRG 31,191 2.63 Real-Estate & Construction
Ormat Technologies Inc. ORA 13,661 2.42 Cleantech Majority owned subsidiary Ormat Technologies listed under ORA on NYSE.
Tower Semiconductor Ltd. TSEM 8,239 1.98 Semiconductors
Alony Hetz Properties & Investments Ltd. ALHE 8,770 1.69 Real-Estate & Construction
Bezeq The Israeli Telecommunication Corp. Ltd. BEZQ 7,942 1.53 Communications & Media
First International Bank Of Israel Ltd. FIBI 10,033 1.45 Banks
Strauss Group Ltd. STRS 12,597 1.36 Food
Paz Oil Company Ltd. PZOL 5,366 1.29 Energy
Airport City Ltd. ARPT 8,599 1.24 Real-Estate & Construction
Liveperson Inc. LPSN 8,388 1.23 Internet And Software
Shufersal Ltd. SAE 5,718 1.10 Commerce
Delek Drilling LP DEDR.L 10,119 1.09 Energy 59.1% ownership by Delek Group.
Energean Oil & Gas Plc. ENOG 7,325 1.06 Energy
Melisron Ltd. MLSR 9,579 1.04 Real-Estate & Construction
Amot Investments Ltd. AMOT 9,382 1.02 Real-Estate & Construction
Bayside Land Corporation Ltd. BYSD 5,233 1.01 Real-Estate & Construction
Gazit Globe Ltd. GZT 6,972 1.01 Real-Estate & Construction
Reit 1 Ltd. RIT1 4,098 0.98 Real-Estate & Construction
Harel Insurance, Investments & Financial Services Ltd. HARL 6,217 0.90 Insurance
Nova Measuring Instruments Ltd. NVMI 3,518 0.84 Semiconductors
Shikun & Binui Ltd. SKBN 5,754 0.83 Construction
Bazan Oil Refineries Ltd. ORL 5,504 0.79 Energy
The Israel Corporation Ltd. ILCO 5,264 0.76 Investment & Holdings Holds "Israel Chemicals" and "Bazan Oil Refineries".
Shapir Engineering And Industry Ltd. SPEN 6,902 0.75 Metal & Building Products
The Phoenix Holdings Ltd. PHOE 5,168 0.75 Insurance
Formula Systems Ltd. FORTY 3,791 0.73 IT Services
Electra Ltd. ELTR 4,814 0.69 Investment & Holdings
AFI Properties Ltd. AFPR 3,579 0.69 Real-Estate & Construction
Fattal Holdings Ltd. FTAL 7,778 0.65 Hotels & Tourism
Delek Group Ltd. DLEKG 5,998 0.65 Investment & Holdings
Enlight Renewable Energy Ltd. ENLT 2,675 0.64 Cleantech
Isramco Negev 2 LP ISRA.L 3,290 0.63 Energy
Hilan Ltd. HLAN 3,226 0.62 IT Services
Matrix IT Ltd. MTRX 4,289 0.62 IT Services
F.I.B.I. Holdings Ltd. FIBIH 4,265 0.62 Banks Controls "The First International Bank".
Clal Insurance Enterprises Holdings Ltd. CLIS 2,973 0.57 Insurance
Sapiens International Corporation N.V SPNS 3,835 0.55 Internet And Software
Equital Ltd. EQTL 3,775 0.54 Investment & Holdings
Big Shopping Centers Ltd. BIG 4,916 0.53 Real-Estate & Construction
Ratio Oil Exploration LP RATI.L 2,702 0.52 Energy
Isracard Ltd. ISCD 2,664 0.51 Financial Services
Partner Communications Company Ltd. PTNR 2,622 0.50 Communications & Media NASDAQ dual-listed company.
Sella Capital Real Estate Ltd SLARL 1,964 0.47 Real-Estate & Construction
Audiocodes Ltd. AUDC 2,370 0.45 Communications Equipment
Kenon Holdings Ltd. KEN 4,119 0.45 Investment & Holdings Holds "Zim Integrated Shipping Services", automotive & energy companies.
OPKO Health, Inc. OPK 3,333 0.44 Biomed NASDAQ dual-listed company.
Summit Real Estate Holdings Ltd. SMT 2,945 0.42 Real-Estate & Construction
Mega Or Holdings Ltd. MGOR 2,878 0.42 Real-Estate & Construction
Energix-Renewable Energies Ltd ENRG 3,821 0.41 Cleantech
Rami Levi Chain Stores Hashikma Marketing Ltd. RMLI 2,812 0.41 Commerce
Inrom Construction Industries Ltd. INRM 1,687 0.41 Metal & Building Products
Menora Mivtachim Holdings Ltd. MMHD 3,394 0.37 Insurance
OPC Energy Ltd. OPCE 4,298 0.36 Energy
Maytronics Ltd. MTRN 3,329 0.36 Electronics And Optics
Isras Investment Company Ltd. ISRS 4,239 0.36 Real-Estate & Construction
Danel (Adir Yeoshua) Ltd. DANE 1,470 0.35 Services
Migdal Insurance & Financial Holdings Ltd. MGDL 3,628 0.31 Insurance
Industrial Building Corporation Ltd. IBLD 6,586 0.30 Real-Estate & Construction
Tel Aviv Stock Exchnage Ltd. TASE 1,257 0.30 Financial Services
Ashtrom Group Ltd. ASHG 3,401 0.29 Construction
Fox-Wizel Ltd. FOX 1,856 0.27 Fashion & Clothing
Delta-Galil Industries Ltd. DELT 2,447 0.26 Fashion & Clothing
Idi Insur Ltd. IDIN 1,748 0.25 Insurance
Magic Software Enterprises Ltd. MGIC 1,740 0.25 Internet And Software
One Software Technologies Ltd. ONE 1,715 0.25 IT Services
Elco Ltd. ELCO 2,935 0.25 Investment & Holdings
Allot Ltd. ALLT 1,026 0.25 Internet And Software
Brack Capital Properties N.V BCNV 2,881 0.24 Real-Estate & Construction
Gilat Satellite Networks Ltd. GILT 1,629 0.24 Communications Equipment
Mediterranean Towers Ltd. MDTR 1,629 0.23 Real-Estate & Construction
Blue Square Real Estate Ltd. BLSR 2,085 0.23 Real-Estate & Construction
Naphtha Israel Petroleum Corp. Ltd. NFTA 1,971 0.21 Energy
Ashtrom Properties Ltd. ASPR 1,884 0.20 Real-Estate & Construction
Norstar Holdings Inc. NSTR 1,867 0.20 Real-Estate & Construction
Camtek Ltd. CAMT 1,366 0.20 Semiconductors
Property And Building Corp. Ltd. PTBL 2,333 0.20 Real-Estate & Construction
Bet Shemesh Engines Holdings (1997) Ltd. BSEN 1,303 0.19 Metal & Building Products
Cellcom Israel Ltd. CEL 1,162 0.17 Communications & Media NYSE dual-listed company.
Municipal Bank Ltd. MCPL 688 0.17 Banks
Kamada Ltd. KMDA 844 0.16 Biomed
BATM Advanced Communications Ltd. BVC 843 0.16 Investment in hi-tech
Neto M.E Holdings Ltd. NTO 1,036 0.15 Food
Electra Consumer Products Ltd. ECP 1,355 0.15 Services - Commerce
IES Holdings Ltd. IES 1,299 0.15 Investment & Holdings
Nawi Brothers Group Ltd. NAWI 743 0.14 Financial Services
Azorim-Investment, Development & Construction Co. Ltd. AZRM 1,312 0.14 Construction
Y.H.Dimri Building & Development Ltd. DIMRI 1,759 0.14 Construction
Tamar Petroleum Ltd. TMRP 734 0.14 Energy Holds 16.75% of the "Tamar" gas reservoir.
Arko Holdings Ltd. ARKO 1,277 0.14 Energy
Ham-Let (Israel-Canada) Ltd. HAML 954 0.14 Metal & Building Products
Scope Metals Group Ltd. SCOP 937 0.14 Services - Commerce
Delek Automotive Systems Ltd. DLEA 1,235 0.13 Services - Commerce 22.5% ownership by Delek Group.
Kerur Holdings Ltd. KRUR 1,235 0.13 Food
Electra Real Estate Ltd. ELCRE 1,227 0.13 Real-Estate & Construction
Israel Canada Ltd. ISCN 1,474 0.12 Construction
Altshuler Shaham Provident Funds and Pension Ltd. ASPF 2,009 0.12 Financial Services
Plasson Industries Ltd. PLSN 1,433 0.12 Chemical, Rubber & Plastic
Malam Team Ltd. MLTM 1,393 0.12 IT Services
Redhill Biopharma Ltd. RDHL 737 0.11 Biomed
Carasso Motors Ltd. CRSO 1,354 0.11 Services - Commerce
Levinstein Properties Ltd. LVPR 1,323 0.11 Real-Estate & Construction
Arad Ltd. ARD 1,317 0.11 Electronics And Optics
Dor Alon Energy In Israel Ltd. DRAL 1,227 0.10 Energy
Hadera Paper Ltd. HAP 940 0.10 Wood & Paper
FMS Enterprises Migun Ltd. FBRT 1,192 0.10 Fashion & Clothing Producer of ballistic protection materials.
Adgar Investment & Development Ltd. ADGR 1,249 0.10 Real-Estate & Construction
Meitav Dash Investments Ltd MTDS 913 0.10 Financial Services
Issta Lines Ltd. ISTA 910 0.10 Tourism
Afcon Holdings Ltd. AFHL 905 0.10 Electrical
Tadiran Holdings Ltd. TDRN 1,134 0.10 Services - Commerce
Mivtach Shamir Holdings Ltd. MISH 627 0.09 Investment & Holdings Invests in industry, high-tech & real-estate companies.
The Israel Land Development Co. Ltd. ILDC 1,017 0.09 Real-Estate & Construction
Victory Supermarket Chain Ltd. VCTR 743 0.08 Services - Commerce
Avgol Industries Ltd. AVGL 903 0.08 Wood & Paper
Fresh Market Ltd. FRSM 1,208 0.07 Services - Commerce
Zur Shamir Holdings Ltd. ZUR 822 0.07 Investment & Holdings Holds insurance & real-estate companies.
Klil Industries Ltd. KLIL 724 0.06 Metal & Building Products
Enlivex Therapeutics Ltd. ENLV 315 0.06 Biomed NASDAQ dual-listed company.

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.

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 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 Index Composition". Tel Aviv Stock Exchange. Retrieved 21 November 2019.
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