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
The Tel Aviv Stock Exchange (TASE; ; colloquially known as The Bursa, ) is Israel's only public stock exchange and a public company that has been traded on the Tel-Aviv Stock Exchange since August 1, 2019. Legally, the exchange is regulated by ...
(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. 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.
Overview
The index is maintained by the
Tel Aviv Stock Exchange
The Tel Aviv Stock Exchange (TASE; ; colloquially known as The Bursa, ) is Israel's only public stock exchange and a public company that has been traded on the Tel-Aviv Stock Exchange since August 1, 2019. Legally, the exchange is regulated by ...
and is calculated in
real-time
Real-time or real time describes various operations in computing or other processes that must guarantee response times within a specified time (deadline), usually a relatively short time. A real-time process is generally one that happens in defined ...
during trading hours and published every 30 seconds. The index combines the companies that are listed in the TA-35 and TA-90 indices.
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
In finance, a stock index, or stock market index, is an index that measures a stock market, or a subset of the stock market, that helps investors compare current stock price levels with past prices to calculate market performance.
Two of the pri ...
of the 90 most highly
capitalised companies listed on the
Tel Aviv Stock Exchange
The Tel Aviv Stock Exchange (TASE; ; colloquially known as The Bursa, ) is Israel's only public stock exchange and a public company that has been traded on the Tel-Aviv Stock Exchange since August 1, 2019. Legally, the exchange is regulated by ...
, 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.
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
In the context of stock markets, the public float or free float represents the portion of shares of a corporation that are in the hands of public investors as opposed to locked-in shares held by promoters, company officers, controlling-interest inv ...
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
Teva Pharmaceutical Industries Ltd. (also known as Teva Pharmaceuticals) is an Israeli multinational pharmaceutical company with headquarters in Tel Aviv, Israel. It specializes primarily in generic drugs, but other business interests include ...
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
In the context of stock markets, the public float or free float represents the portion of shares of a corporation that are in the hands of public investors as opposed to locked-in shares held by promoters, company officers, controlling-interest inv ...
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
Market capitalization, sometimes referred to as market cap, is the total value of a publicly traded company's outstanding common shares owned by stockholders.
Market capitalization is equal to the market price per common share multiplied by t ...
is 20% more than a current company.
Annual Returns
The following table shows the annual development of the TA-125 Index since 1993.
Constituents
TA-125 Index Components (as of 23 August 2020):
Former members of the index
*Elite – Merged with the
Strauss Group
Strauss Group Ltd. ( he, שטראוס גרופ בע״מ), formerly known as Strauss-Elite (), is among the largest food products manufacturers in Israel. Strauss Group focuses on dairy products, coffee, water, snacks, salads, and dips. Its ...
.
*
Agis Industries – Acquired by
Perrigo
Perrigo Company plc is an American Irish–registered manufacturer of private label over-the-counter pharmaceuticals, and while 70% of Perrigo's net sales are from the U.S. healthcare system, Perrigo is legally headquartered in Ireland for tax ...
(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
China National Chemical Corporation, commonly known as ChemChina, is a Chinese state-owned chemical company in the product segments of agrochemicals, rubber products, chemical materials and specialty chemicals, industrial equipment, and petroch ...
in 2011.
*
Osem - Acquired by
Nestlé
Nestlé S.A. (; ; ) is a Swiss multinational food and drink processing conglomerate corporation headquartered in Vevey, Vaud, Switzerland. It is the largest publicly held food company in the world, measured by revenue and other metrics, since ...
in 2016.
* Koor Industries - Acquired by
ChemChina
China National Chemical Corporation, commonly known as ChemChina, is a Chinese state-owned chemical company in the product segments of agrochemicals, rubber products, chemical materials and specialty chemicals, industrial equipment, and petroch ...
in 2014.
*
VeriFone Holdings - Delisted from TASE in 2010, later turned private.
* Avner Oil Exploration - Merged into
Delek Drilling
Delek Drilling LP () is an Israeli energy Oil & Gas partnership in the exploration, development, and production of Natural Gas and Oil. Delek group owned by Yitzhak Tshuva, is the controlling shareholder of the partnership. The partnership is tr ...
.
*
Ormat Industries
Ormat Technologies, Inc. is an international company based in Reno, Nevada, United States. Ormat supplies alternative and renewable geothermal energy technology. The company has built over 190 power plants and installed over 3,200 MW. As of J ...
- Merged into
Ormat Technologies
Ormat Technologies, Inc. is an international company based in Reno, Nevada, United States. Ormat supplies alternative and renewable geothermal energy technology. The company has built over 190 power plants and installed over 3,200 MW. As of ...
.
*
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
Mellanox Technologies Ltd. ( he, מלאנוקס טכנולוגיות בע"מ) was an Israeli-American multinational supplier of computer networking products based on InfiniBand and Ethernet technology. Mellanox offered adapters, switches, softwa ...
- Acquired by
NVIDIA
Nvidia CorporationOfficially written as NVIDIA and stylized in its logo as VIDIA with the lowercase "n" the same height as the uppercase "VIDIA"; formerly stylized as VIDIA with a large italicized lowercase "n" on products from the mid 1990s to ...
in 2019.
*
Frutarom Industries - Acquired by
IFF
In logic and related fields such as mathematics and philosophy, "if and only if" (shortened as "iff") is a biconditional logical connective between statements, where either both statements are true or both are false.
The connective is bicon ...
in 2018.
*
Given Imaging
Given Imaging (Hebrew: גיוון אימג'ינג) is an Israeli medical technology company that manufactures and markets diagnostic products for the visualization and detection of disorders of the gastrointestinal tract. Until March 2014, it was ...
- 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
EZchip Semiconductor was a publicly traded fabless semiconductor company, headquartered in Yokneam, Israel, that developed and marketed Ethernet network processors. It was acquired by Mellanox Technologies in 2016.
History
EZchip was co-founde ...
- Merged into
Mellanox
Mellanox Technologies Ltd. ( he, מלאנוקס טכנולוגיות בע"מ) was an Israeli-American multinational supplier of computer networking products based on InfiniBand and Ethernet technology. Mellanox offered adapters, switches, softwa ...
in 2016.
* Granite Hacarmel Investments - Acquired by Azrieli Group in 2012.
* 012 Smile Communications - Acquired by
Partner
Partner, Partners, The Partner, or, The Partners may refer to:
Books
* ''The Partner'' (Grisham novel), by John Grisham, 1997
* ''The Partner'' (Jenaro Prieto novel), 1928
* ''The Partners'' (book), a 1983 book by James B. Stewart
* ''Partner'' (m ...
in 2010.
*
Alvarion
Alvarion Technologies is a global provider of autonomous Wi-Fi networks designed with self-organizing capabilities for carrier-grade Wi-Fi, enterprise connectivity, smart city planning, smart hospitality, connected campuses, and connected even ...
- 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
Bezeq ( he, בזק) is an Israeli telecommunications company. Bezeq and its subsidiaries offer a range of telecom services, including fixed-line, mobile telephony, high-speed Internet, transmission, and pay TV (via Yes).
History
Bezeq was f ...
- Removed from the index in August 2019.
*Municipal Bank Ltd - Merged into
Mercantile Discount Bank
Mercantile Discount Bank ( he, בנק מרכנתיל דיסקונט בע"מ) is a major commercial bank in Israel, and is a subsidiary of Israel Discount Bank. It is the sixth largest bank in Israel.
Controversies Involvement in Israeli set ...
as a private company and delisted from TASE in December 2019.
*Redhill Biopharma Ltd. - Delisted from
TASE
The Tel Aviv Stock Exchange (TASE; ; colloquially known as The Bursa, ) is Israel's only public stock exchange and a public company that has been traded on the Tel-Aviv Stock Exchange since August 1, 2019. Legally, the exchange is regulated b ...
in January 2020, trading at
NASDAQ.
*
Tamar Petroleum Ltd. - Removed from the index.
References
External links
The TA-125 Index at the Tel Aviv Stock ExchangeReuters page for .TA100Bloomberg page for TA-125:INDIndex TA-90 at the Tel Aviv Stock Exchange
{{Asian Stock market indices
Tel Aviv Stock Exchange
Israeli stock market indices