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
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

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.

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 %
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
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
  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 (^TA125.TA) Historical Data - Yahoo Finance". finance.yahoo.com. Retrieved 23 January 2020.
  8. "TA-125 Index Composition". Tel Aviv Stock Exchange. Retrieved 18 May 2020.
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