The TA-100 Index, typically referred to as the Tel Aviv 100, is a share index of the 100 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 1199.38, on 1 November 2007.
[edit] 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-25 and TA-75 indices.[1]
[edit] TA-25 Index
The TA-25 Index is the TASE's flagship index. It was first published in 1992 under the name "MA'OF Index". The TA-25 index tracks the prices of the shares of the 25 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.
[edit] TA-75 Index
The TA-75 is a share index of the 75 most highly capitalised companies listed on the listed on the Tel Aviv Stock Exchange, which are not included in the TA-25 index. The index began in 1999 with a base level of 100.
[edit] Weighting
Since February 2008, the TA-100 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 9.5%, the weight of a company that should be higher is limited to 9.5% and the rest is divided between the other constitutes of the index. Since October 2007 this restriction has set the effective weight of both Teva Pharmaceutical Industries and Israel Chemicals at 9.5%.
To be included in the TA-25 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 100 index are promoted to the TA 25 index if their market capitalisation is 20% more than a current company.
[edit] Constituents
TA-100 - Index Components - As of 04/10/2009
| Name | Symbol | Market Cap (NIS millions) | Weight (%) | Sector | Comments |
| Teva Pharmaceutical Industries Ltd. | TEVA | 173,773 | 9.5 | Pharmaceuticals | NASDAQ-100 Dual-listed company |
| Israel Chemicals Ltd. | ICL | 55,230 | 9.5 | Chemicals | 53% owend by Israel Corporation |
| Bank Leumi Ltd. | LUMI | 21,750 | 8.96689 | Banks | |
| Bezeq The Israel Telecommunication Corp, Ltd. | BEZQ | 21,230 | 6.29581 | Telecommunication | |
| Israel Corporation Ltd. | ILCO | 18,168 | 2.6646 | Holding company | Has holdings in TA-100 companies Israel Chemicals Ltd. and Oil Refineries Ltd |
| Bank Hapoalim Ltd. | POLI | 17,958 | 6.94323 | Banks | London Stock Exchange Dual-listed company |
| Perrigo Company | PRGO | 11,880 | 4.68702 | Pharmaceuticals | NASDAQ Dual-listed company |
| Cellcom (Israel) | CEL | 11,362 | 2.95913 | Telecommunication | NYSE Dual-listed company |
| Partner Communications Company Ltd. | PTNR | 10,999 | 2.8972 | Telecommunication | NASDAQ Dual-listed company |
| Elbit Systems | ESLT | 10490 | 3.1514 | Aerospace and Defence | NASDAQ Dual-listed company |
| Discount Investment Corporation Ltd. | DISI | 7,409 | 0.97404 | Holding company | |
| Delek Group | DLEKG | 7,249 | 1.32168 | Holding company | |
| MA Industries (Makhteshim Agan) | MAIN | 7240 | 2.41295 | Chemicals | |
| Bank Mizrahi-Tfahot Ltd | MZTF | 7005 | 2.05435 | Banks | |
| Israel Discount Bank Ltd | DSCT | 6923 | 1.84139 | Banks | |
| NICE Systems Ltd. | NICE | 6,866 | 3.73247 | Technology | NASDAQ Dual-listed company |
| Migdal Insurance and Financial Holdings Ltd. | MGDL | 6,276 | 0.70976 | Insurance | |
| Paz Oil Company Ltd. | PZOL | 5523 | 0.78504 | Oil & Gas Services | |
| Osem | OSEM | 5,403 | 0.85549 | Food Producers | |
| Koor Industries Ltd. | KOR | 5,339 | 0.70883 | Holding company | |
| Strauss Group | STRS | 5,248 | 0.74864 | Food Producers | |
| VeriFone Holdings, Inc. | PAY | 4,643 | 2.50737 | Technology | NASDAQ Dual-listed company |
| Clal Insurance Enterprises Holdings Ltd. | CLIS | 4,235 | 0.75083 | Insurance | |
| Gazit-Globe Ltd. | GLOB | 4,186 | 0.74648 | Real Estate | |
| Delek Automotive Systems Ltd. | DLEA | 4,048 | 0.48447 | Automobiles Retailers | Owened by Delek Group |
| Delek Drilling Limited Partnership | DEDR.L | 3839 | 0.61611 | Oil & Gas Producers | Owened by Delek Group |
| Avner Oil Exploration Ltd. Partnership | AVNR.L | 3,822 | 0.92475 | Oil & Gas Producers | |
| Ormat Industries | ORMT | 3,753 | 0.93196 | Alternative Energy | |
| Shufersal Ltd | SAE | 3,590 | 0.76632 | General Retailers | |
| Harel Insurance Inv. & Fin. Services Ltd | HARL | 3,583 | 0.7641 | Insurance | |
| BAZAN - Oil Refineries Ltd | ORL | 3,360 | 0.62958 | Oil & Gas Producers | |
| First International Bank of Israel FIBI | FTIN5 | 3136 | 0.42603 | Banks | |
| Isramco, Inc. | ISRA.L | 3112 | 1.07792 | Oil & Gas Producers | |
| HOT Telecommunication Systems Ltd. | HOT | 2,791 | 0.40197 | Telecommunication | |
| Clal Industries and Investments Ltd. | CII | 2682 | 0.55449 | Holding company | |
| Kardan N.V. | KRNV | 2,591 | 0.63794 | Holding company | |
| Housing & Construction Holding Company Limited | SKBN | 2563 | 0.48662 | Construction | |
| Menorah Mivtachim Holdings Ltd | MMHD | 2,439 | 0.44826 | Insurance | |
| Elbit Imaging Ltd | EMIT | 2330 | 0.64221 | Holding company | |
| Africa Israel Investments Ltd. | AFIL | 2,259 | 0.3214 | Holding company | |
| The Phoenix Holdings Ltd. | PHOE1 | 2046 | 0.23536 | Insurance | |
| Delek Israel Fuel Corp. Ltd | DLKIS | 1904 | 0.2006 | Oil & Gas Services | |
| Mellanox Technologies, Ltd. | MLNX | 1814 | 0.5424 | Technology | |
| Bayside Land Corporation Ltd. (Gav-Yam) | BYSD | 1714 | 0.2831 | Real Estate | |
| Frutarom Industries, Ltd. | FRUT | 1,657 | 0.52928 | Chemicals | |
| FIBI | FIBI | 1627 | 0.18882 | Holding company | |
| Given Imaging | GIVN | 1607 | | Medical Equipment | |
| Melisron Ltd. | MLSR | 1571 | 0.20714 | Real Estate | |
| Blue Square-Israel Ltd. | BSI | 1546 | 0.23637 | General Retailers | |
| Amot Investments Ltd. | AMOT | 1536 | 0.17181 | Real Estate | |
| Alony-Hetz Properties & Investments Ltd. | ALHE | 1499 | 0.40301 | Real Estate | |
| Gazit Incorporated | GZIT | 1428 | 0.19388 | Real Estate | |
| British Israel Investments Ltd. | BRTS | 1384 | 0.15402 | Real Estate | |
| Nitsba Holdings 1995 Ltd. | NTBA | 1307 | 0.27466 | Real Estate | |
| Union Bank of Israel | UNON | 1289 | 0.21903 | Banks | |
| Jerusalem Economy Ltd. (formerly Jerusalem Economic Corporation Ltd.) | ECJM | 1,272 | 0.18991 | Real Estate | |
| Electra Ltd. | ELTR | 1226 | 0.23347 | Technology | |
| NetVision Ltd. | NTSN | 1161 | 0.18545 | Telecommunications | |
| Alrov Properties & Lodgings Ltd. | ALRO | 1,161 | 0.16 | Real Estate | |
| Africa Israel Properties Ltd. | AFPR | 1106 | 0.14689 | Real Estate | |
| Ceragon Networks Ltd. | CRNT | 1087 | 0.46747 | Technology | |
| Hadera Paper Ltd. | HAP | 1079 | 0.23495 | Paper | |
| FMS Enterprises Migun Ltd | FBRT | 1075 | 0.19146 | Aerospace and Defence | |
| Ness Technologies Inc | NSTC | 1,074 | 0.49795 | Software & Computer Services | |
| EZchip Semiconductor Ltd. | EZCH | 1050 | 0.45611 | Technology | |
| Granite Hacarmel Investments Ltd. | GRNT | 1047 | 0.1433 | Holding Company | |
| 012 Smile Communications Ltd. | SMLC | 988 | 0.11937 | Telecommunications | |
| Elco Holdings | ELCO | 980 | 0.15231 | Holding company | |
| Suny Electronics Ltd. | SUNY | 933 | 0.10579 | Electronics Retail | |
| Otzar Hityashvuth Hayehudin Ltd | OHH | 883 | 0.15254 | Holding company | |
| DS Apex Holdings Ltd. | DSAP | 878 | 0.17875 | Financial Services | |
| Mivtach Shamir Holdings Ltd. | MISH | 875 | 0.155 | Holding company | |
| Alvarion Ltd. | ALVR | 871 | 0.47738 | Technology | |
| Matrix IT ltd. | MTRX | 861 | 0.2089 | Software & Computer Services | |
| RAMI LEVI | RMLI | 853 | 0.12915 | Food Retailers | |
| Ituran Location and Control Ltd. | ITRN | 843 | 0.23395 | Technology | |
| Retalix Ltd. | RTLX | 839 | 0.3225 | Software | |
| Airport City Ltd. | ARPT | 817 | 0.12508 | Real Estates | |
| J.O.E.L. Jerusalem Oil Exploration Ltd. | JOEL | 798 | 0.19775 | Oil & Gas Producers | |
| Golf & Co | GOLF | 791 | 0.12179 | Retailers | |
| Blue Square Real Estate Ltd | BLSR | 787 | 0.08493 | Real Estate | |
| Naphtha Explorations Limited Partnership | NFTA | 784 | 0.12448 | Oil & Gas Producers | |
| Delek Real Estate Ltd. | DLKR | 774 | 0.13173 | Real Estate | |
| Avgol Industries Ltd. | AVGL | 715 | 0.11918 | | |
| Africa Israel Residences Ltd. | AFRE | 714 | 0.09517 | Real Estate | |
| Fundtech Ltd. | FNDT | 696 | 0.12615 | Software | |
| Kamada Ltd. | KMDA | 677 | 0.22601 | Biotechnology | |
| Plasson Industries Ltd. | PLSN | 670 | 0.11102 | Plastic products | |
| Kardan Israel Ltd. | KRIS | 654 | 0.09107 | Holding company |
| Gilat Satellite Networks Ltd. | GILT | 636 | 0.24315 | Technology | |
| Neto M.E Holdings Ltd. | NTO | 566 | 0.12752 | |
| Maabarot Products Ltd. | MABR | 562 | 0.12034 | Food Producers | |
| Internet Gold-Golden Lines Ltd. | IGLD | 558 | 0.0843 | Telecommunications | |
| Queenco Leisure International Ltd. | QNCO | 506 | 0.08683 | Travel and Leisure | |
| Scope Metals Group Ltd. | SCOP | 468 | | Metal Prodcuts | |
| El Al Israel Airlines Ltd. | ELAL | 466 | 0.10385 | Travel and Leisure | |
| Formula Systems (1985) Ltd. | FORT | 455 | 0.11184 | Software | |
| Radvision Ltd. | RVSN | 454 | 0.08736 | Technology | |
| Adgar Investment and Development Ltd. | ADGR | 453 | 0.08979 | Real Estate | |
| Ampal-American Israel Corporation | AMPL | 453 | 0.08499 | Holding company |
| Brainsway Ltd. | BRIN | 439 | 0.09312 | biotechnology | |
[edit] Former members of the index
- Elite - Merged with the Strauss Group
- Agis Industries (1983) Ltd. - Acquired by Perrigo (now known as Perrigo Israel Pharmaceuticals)
[edit] References
[edit] External links
