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. 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 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.TASE Indices Booklet TASE
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.
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. YearClosing levelChange in indexin pointsChange in indexin % 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 7.2120131,207.69158.6315.1220141,288.9381.246.7320151,315.0826.152.0320161,282.37−32.71−2.4920171,366.2283.856.5420181,333.18−33.04−2.4220191,616.70283.5221.27 2020 1,568.09 -48.61 -3.01 2021 2,056.51 488.42 31.15 2022 1,813.35 -243.16 -11.82 2023 1,887.08 73.73 4.07 2024 2,426.83 539.75 28.6 2025 3,654.94 1,228.11 50.61
Constituents TA-125 Index Components (as of 23 August 2020):
NameSymbolMarket Cap (NIS millions)Weight (%)SectorCommentsNICE Ltd.NICE47,1435.40Internet And SoftwareNASDAQ dual-listed company.Bank Hapoalim Ltd.POLI26,7454.80BanksLondon Stock Exchange dual-listed company.Bank Leumi Ltd.LUMI24,0314.50BanksPerrigo Ltd.PRGO24,5164.37BiomedNYSE dual-listed company.Teva Pharmaceutical Industries Ltd.TEVA37,0923.89BiomedNYSE dual-listed company.Israel Discount Bank Ltd.DSCT12,1173.39BanksElbit Systems Ltd.ESLT20,1413.38DefenseNASDAQ dual-listed company.Mizrahi Tefahot Bank Ltd.MZTF16,6062.78BanksIsrael Chemicals Ltd.ICL16,3532.74Chemical, Rubber & Plastic45% owned by Israel Corporation.International Flavors & Fragrances Inc.IFF43,6922.65FoodNYSE dual-listed company.Liveperson Inc.LPSN13,8982.64Internet And SoftwareBezeq The Israeli Telecommunication Corp. Ltd.BEZQ9,8732.21Communications & MediaAzrieli Group Ltd.AZRG21,8652.14Real-Estate & ConstructionTower Semiconductor Ltd.TSEM7,2072.01SemiconductorsAlony Hetz Properties & Investments Ltd.ALHE6,4401.80Real-Estate & ConstructionOPKO Health, Inc.OPK11,4071.77BiomedNASDAQ dual-listed company.Ormat Technologies Inc.ORA10,6421.68CleantechMajority owned subsidiary Ormat Technologies listed under ORA on NYSE.Nova Measuring Instruments Ltd.NVMI5,2221.45SemiconductorsStrauss Group Ltd.STRS11,3351.42FoodShufersal Ltd.SAE6,1821.38CommerceCompugen Ltd.CGEN5,1071.37BiomedNASDAQ dual-listed company.Enlight Renewable Energy Ltd.ENLT4,7741.33CleantechFirst International Bank Of Israel Ltd.FIBI7,7181.29BanksMivne Real EstateMVNE5,4681.22Real-Estate & ConstructionFormula Systems Ltd.FORTY4,9711.11IT ServicesShikun & Binui Ltd.SKBN6,1081.02ConstructionShapir Engineering And Industry Ltd.SPEN8,0811.02Metal & Building ProductsElectra Ltd.ELTR5,8980.99Investment & HoldingsSapiens International Corporation N.VSPNS5,7780.97Internet And SoftwareMatrix IT Ltd.MTRX5,7770.97IT ServicesBayside Land Corporation Ltd.BYSD4,2510.95Real-Estate & ConstructionEnergix-Renewable Energies Ltd.ENRG7,1460.90CleantechPaz Oil Company Ltd.PZOL3,1220.88EnergyAudiocodes Ltd.AUDC3,9090.87Communications EquipmentAirport City Ltd.ARPT4,9700.85Real-Estate & ConstructionHilan Ltd.HLAN3,5860.80IT ServicesHarel Insurance, Investments & Financial Services Ltd.HARL4,7630.80InsuranceAmot Investments Ltd.AMOT6,2560.79Real-Estate & ConstructionEnergean Oil & Gas Plc.ENOG4,4720.75EnergyMelisron Ltd.MLSR5,9540.75Real-Estate & ConstructionMaytronics Ltd.MTRN5,4070.68Electronics And OpticsThe Phoenix Holdings Ltd.PHOE3,9420.66InsuranceReit 1 Ltd.RIT12,3530.66Real-Estate & ConstructionMega Or Holdings Ltd.MGOR2,8630.64Real-Estate & ConstructionClal Insurance Enterprises Holdings Ltd.CLIS2,2130.62InsuranceDanel (Adir Yeoshua) Ltd.DANE2,1730.61ServicesPartner Communications Company Ltd.PTNR2,5320.57Communications & MediaNASDAQ dual-listed company.Delek Drilling LPDEDR.L4,4330.56Energy59.1% ownership by Delek Group.BATM Advanced Communications Ltd.BVC2,3550.53Investment in hi-techThe Israel Corporation Ltd.ILCO3,1180.52Investment & HoldingsHolds "Israel Chemicals" and "Bazan Oil Refineries".F.I.B.I. Holdings Ltd.FIBIH3,0890.52BanksControls "The First International Bank".Isracard Ltd.ISCD1,8460.52Financial ServicesBig Shopping Centers Ltd.BIG3,9420.50Real-Estate & ConstructionRami Levi Chain Stores Hashikma Marketing Ltd.RMLI2,8740.48CommerceAFI Properties Ltd.AFPR2,8090.46Real-Estate & ConstructionMagic Software Enterprises Ltd.MGIC2,7420.46Internet And SoftwareKenon Holdings Ltd.KEN3,5550.45Investment & HoldingsHolds "Zim Integrated Shipping Services", automotive & energy companies.Tel Aviv Stock Exchange Ltd.TASE1,5430.43Financial ServicesEquital Ltd.EQTL2,3100.39Investment & HoldingsOPC Energy Ltd.OPCE3,9020.38EnergyInrom Construction Industries Ltd.INRM1,3590.38Metal & Building ProductsSummit Real Estate Holdings Ltd.SMT2,2400.38Real-Estate & ConstructionFattal Holdings Ltd.FTAL2,9760.37Hotels & TourismIsramco Negev 2 LPISRA.L1,6500.37EnergyAllot Ltd.ALLT1,3120.36Internet And SoftwareBazan Oil Refineries Ltd.ORL2,1000.35EnergyCamtek Ltd.CAMT2,0940.35SemiconductorsElco Ltd.ELCO3,5020.34Investment & HoldingsFox-Wizel Ltd.FOX2,0070.34Fashion & ClothingKamada Ltd.KMDA1,4800.33BiomedAshtrom Group Ltd.ASHG3,3760.33ConstructionMenora Mivtachim Holdings Ltd.MMHD2,5580.32InsuranceCellcom Israel Ltd.CEL1,9110.32Communications & MediaNYSE dual-listed company.Sella Capital Real Estate LtdSLARL1,1150.31Real-Estate & ConstructionOne Software Technologies Ltd.ONE1,8150.30IT ServicesRatio Oil Exploration LPRATI.L1,2730.28EnergyMigdal Insurance & Financial Holdings Ltd.MGDL2,7430.27InsuranceDelek Automotive Systems Ltd.DLEA1,4810.25Services - Commerce22.5% ownership by Delek Group.Elecreaon Wireless Ltd.ELWS1,9720.25CleantechElectra Consumer Products Ltd.ECP1,9520.25Services - CommerceArad Investment & Industrial Development Ltd.ARAD1,9100.24Electronics & OpticsNovologNVLG1,4150.24ServicesLogistics of pharmaceuticals & healthcare.Y.H.Dimri Building & Development Ltd.DIMRI1,8730.24ConstructionAltshuler Shaham Provident Funds and Pension Ltd.ASPF3,3620.23Financial ServicesGazit Globe Ltd.GZT2,3620.23Real-Estate & ConstructionAugwind Energy Tech Storage Ltd.AUGN2,0500.23CleantechBlue Square Real Estate Ltd.BLSR1,7630.22Real-Estate & ConstructionNeto Malinda Trading Ltd.NTML1,3150.22Services - CommerceFresh Market Ltd.FRSM2,1690.21Services - CommerceIdi Insur Ltd.IDIN1,2590.21InsuranceItamar Medical Ltd.ITMR9440.21Medical EquipmentDevelopment & commercialization of non-invasive medical devices.Arko Holdings Ltd.ARKO1,5870.20EnergyBrack Capital Properties N.VBCNV1,9490.19Real-Estate & ConstructionIsras Investment Company Ltd.ISRS2,6330.18Real-Estate & ConstructionMediterranean Towers Ltd.MDTR1,0700.18Real-Estate & ConstructionHam-Let (Israel-Canada) Ltd.HAML7600.17Metal & Building ProductsTadiran Holdings Ltd.TDRN1,6690.16Services - CommerceAzorim-Investment, Development & Construction Co. Ltd.AZRM1,2890.16ConstructionAfrica Israel Residences Ltd.AFRE1,2590.16ConstructionKerur Holdings Ltd.KRUR1,2290.15FoodVictory Supermarket Chain Ltd.VCTR1,2130.15Services - CommerceArad Ltd.ARD1,1450.14Electronics And OpticsAtreyu Capital Markets Ltd.ATRY8380.14Financial ServicesMalam Team Ltd.MLTM1,4280.14IT ServicesDelta-Galil Industries Ltd.DELT1,0810.14Fashion & ClothingEllomayELLO1,1140.14CleantechBuilds & operates renewable energy & power projects.Israel Canada Ltd.ISCN1,0730.13ConstructionIlex Medical Ltd.ILX1,3040.13CommerceNaphtha Israel Petroleum Corp. Ltd.NFTA1,2980.13EnergyPlasson Industries Ltd.PLSN1,2610.12Chemical, Rubber & PlasticDelek Group Ltd.DLEKG1,1400.12Investment & HoldingsM. Yochananof and Sons Ltd.YHNF2,1880.12Services - CommerceElectra Real Estate Ltd.ELCRE8930.11Real-Estate & ConstructionAvgol Industries 1953 Ltd.AVGL1,1350.11Industry - Wood & PaperManufactures nonwoven fabric products.Ashtrom Properties Ltd.ASPR1,1350.11Real-Estate & ConstructionAdgar Investment & Development Ltd.ADGR6510.11Real-Estate & ConstructionIES Holdings Ltd.IES8590.11Investment & HoldingsThe Israel Land Development Co. Ltd.ILDC8280.10Real-Estate & ConstructionMeitav Dash Investments LtdMTDS7910.10Financial ServicesVitania Ltd.VTNA7280.09Real-Estate & ConstructionCarasso Motors Ltd.CRSO9160.09Services - CommerceLevinstein Properties Ltd.LVPR8700.09Real-Estate & ConstructionHadera Paper Ltd.HAP6560.08Wood & PaperFMS Enterprises Migun Ltd.FBRT8120.08Fashion & ClothingProducer of ballistic protection materials.Doral Group Renewable Energy Resources Ltd.DORL1,4170.08CleantechGilat Satellite Networks Ltd.GILT1,0430.00Communications Equipment
Former members of the index Elite – Merged with the Strauss Group. Agis Industries – Acquired by Perrigo (now known as Perrigo Israel Pharmaceuticals).