The Tel Aviv Stock Exchange launched four new indexes and renamed two existing ones on Sunday, the first day of trading for the second quarter of the year. The four new indexes are the TA-Technology, TA-Oil and Gas, TA-Com and TA-Insurance.
The Tel-Div index was formerly called Tel Div-20 and the TA BlueTech-50 Index is the former Tel-Tech index. The TASE said it hopes the new technology indexes will encourage more high-tech firms to issue on the exchange.
Once the Israel Securities Authority and the TASE grant approval to create new exchange traded funds based on the new indexes, industry sources expect large demand for those shares in the new indexes, in particular the "niche" indexes such as the TA-Com. The TA-Com Index is comprised of all shares included in the communication and media sector, 12 in all. Their total market cap is NIS 64 billion.The TA-Technology index contains all technology shares, with the exception of those included in the Biomed index. It includes electronics, communications, IT and cleantech companies.
The Oil and Gas index includes 15 companies with a total market cap of NIS 33 billion, NIS 14 billion of which is in shares publicly held. The Insurance index has only five companies with a total market cap of NIS 23 billion.
When the changes were first announced a few months ago, said TASE CEO Ester Levanon: "The creation of these new indices addresses market demand for exchange traded notes on a wider array of underlying assets. It also affords small companies greater opportunities for gaining exposure."
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