The aggregate market value of the 568 companies listed on the Tel Aviv Stock Exchange increased by 38 percent year-over-year in 2005, reaching a record high of NIS 508 billion.
The Tel Aviv Sock Exchange said in its annual report that the surge was supported by three main catalysts: a 33% share increase which contributed NIS 114b.; the addition of 32 new companies, which by the end of 2005 had a total market value of NIS 18b.; and the raising of about NIS 11b. through offerings and private allotments in Israel and abroad.
The TASE noted, however, that 26 companies with a market value of NIS 5.7b. left the exchange during the year.
Of the 32 new companies, 24 were initial public offerings including Delek Real Estate, Elektra Real Estate and Kardan Israel all joining the Tel Aviv 100-index. The remaining eight were dual-listed, of which the largest were Perrigo, Agis and Shamir Optical Industry, the first kibbutz-based company to trade on the Nasdaq.
According to the report, the 25 companies that make up the Tel Aviv 25-Index, had an aggregate market value of NIS 346b. in 2005 or 68% of the total value of all listed companies, compared with 65.5% in 2004.
The market value of the 10 largest companies on the Tel Aviv exchange, led by Teva Pharmaceutical Industries Ltd. made up NIS 269b., or 53%, compared with 48% of the value of all of the listed companies in 2004.
In the top 10, Bezeq fell to number five from number four, while Israel Corp. jumped to number six from number 10 as its value doubled and shares rose 87%. Two new companies gained entry into the top 10: Bank Discount and Africa Israel. Partner Communications Company and Migdal Insurance dropped dropped from the list.