TA-100 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 In finance, a stock index, or stock market index, is an Index (economics), index that measures the performance of a stock market, or of a subset of a stock market. It helps investors compare current stock price levels with past prices to calcul ...
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 the only public stock exchange in Israel and a public company itself, listed on its own exchange since August 1, 2019. It is regulated by the ''Securities Law (1968)'' a ...
(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. 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 the only public stock exchange in Israel and a public company itself, listed on its own exchange since August 1, 2019. It is regulated by the ''Securities Law (1968)'' a ...
and is calculated in
real-time Real-time, realtime, or real time may refer to: Computing * Real-time computing, hardware and software systems subject to a specified time constraint * Real-time clock, a computer clock that keeps track of the current time * Real-time Control Syst ...
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 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 the only public stock exchange in Israel and a public company itself, listed on its own exchange since August 1, 2019. It is regulated by the ''Securities Law (1968)'' a ...
, 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 Share (finance), shares of a corporation that are in the hands of public investors as opposed to locked-in shares held by promoters, company officers, control ...
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. Teva specializes primarily in generic drugs, but other business interests include branded-drugs, active pharmaceutical ...
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 Share (finance), shares of a corporation that are in the hands of public investors as opposed to locked-in shares held by promoters, company officers, control ...
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 ...
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. (), formerly known as Strauss-Elite (), is an Israeli manufacturer and marketer of consumer foods sold through retail stores. It is among the largest food manufacturers in Israel. Strauss Group focuses on dairy products, c ...
. * 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 ...
(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 petroc ...
in 2011. * Osem - Acquired by
Nestlé Nestlé S.A. ( ) is a Swiss multinational food and drink processing conglomerate corporation headquartered in Vevey, Switzerland. It has been the largest publicly held food company in the world, measured by revenue and other metrics, since 20 ...
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 petroc ...
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 Mellanox Technologies Ltd. () was an Israeli-American multinational supplier of computer networking products based on InfiniBand and Ethernet technology. Mellanox offered adapters, switches, software, cables and silicon for markets including high ...
- Acquired by
NVIDIA Nvidia Corporation ( ) is an American multinational corporation and technology company headquartered in Santa Clara, California, and incorporated in Delaware. Founded in 1993 by Jensen Huang (president and CEO), Chris Malachowsky, and Curti ...
in 2019. * Frutarom Industries - Acquired by
IFF In logic and related fields such as mathematics and philosophy, "if and only if" (often shortened as "iff") is paraphrased by the biconditional, a logical connective between statements. The biconditional is true in two cases, where either both ...
in 2018. *
Given Imaging Given Imaging Ltd. (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, ...
- Acquired by
Covidien Covidien plc was an Irish-headquartered global health care products company and manufacturer of medical devices and supplies. Covidien became an independent publicly traded company after being spun off from Tyco International in 2007. It was pu ...
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 Mellanox Technologies Ltd. () was an Israeli-American multinational supplier of computer networking products based on InfiniBand and Ethernet technology. Mellanox offered adapters, switches, software, cables and silicon for markets including high ...
in 2016. * Granite Hacarmel Investments - Acquired by Azrieli Group in 2012. * 012 Smile Communications - Acquired by Partner in 2010. *
Alvarion Alvarion Technologies Ltd. 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 e ...
- 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 () 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). The company is traded in the Te ...
- Removed from the index in August 2019. *Municipal Bank Ltd - Merged into
Mercantile Discount Bank Mercantile Discount Bank () 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 settlements On 12 February 2020, the United Nations ...
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 the only public stock exchange in Israel and a public company itself, listed on its own exchange since August 1, 2019. It is regulated by the ''Securities Law (1968)'' a ...
in January 2020, trading at
NASDAQ The Nasdaq Stock Market (; National Association of Securities Dealers Automated Quotations) is an American stock exchange based in New York City. It is the most active stock trading venue in the U.S. by volume, and ranked second on the list ...
. * Tamar Petroleum Ltd. - Removed from 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, 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%.


References


External links


The TA-125 Index at the Tel Aviv Stock ExchangeReuters page for .TA100

Bloomberg 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