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MarketScreener Homepage  >  Equities  >  TEL AVIV STOCK EXCHANGE  >  The Tel-Aviv Stock Exchange Ltd.    TASE   IL0011590291

THE TEL-AVIV STOCK EXCHANGE LTD.

(TASE)
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Tel Aviv Stock Exchange to launch fossil free share index

11/09/2020 | 05:30am EST

JERUSALEM, Nov 9 (Reuters) - The Tel Aviv Stock Exchange (TASE) said on Monday it would launch a new index next month comprising Israel's largest companies but excluding those involved in the production chain of fossil fuels.

The new Fossil Fuel Free Climate Index will start trading on Dec. 6 and is expected to comprise 112 companies - all of which are in the benchmark TA-125 index - with a current total market value of 545 billion shekels ($162 billion).

A simulation by the TASE performed on Oct. 15 found that the new green index outperformed the TA-125 over the prior year with a yield of 12.15% versus 9.71%, and over five years with a yield of 221.6% versus 186.3%.

Similarly, the S&P 500's Fossil Fuel Free Index outperformed the S&P 500 over the past five years, TASE noted.

"The capital market can and should trigger environmental and social change that affects all of our lives as well as the future generations," said TASE chief executive Ittai Ben Zeev.

The bourse is joining the world’s leading exchanges, in "allowing investors and market players to take a moral stand in their investments, by offering a broader and more diversified range of products as part of TASE’s long-term strategy," he added.

TASE said a company engaged in the exploration, production, conveying, storage and refining of fossil fuels - gas, coal, petroleum, oil shale and their derivatives - would not be a part of the new index.

Companies engaged in the construction and operation of power plants that use fossil fuels to generate electricity and firms whose main objective is financing a fossil fuel entity and/or receiving royalties from a fossil fuel entity will also be excluded.

The new index will joining another green index launched by TASE on Sunday - the TA-Cleantech, which comprises shares of 12 renewable energy companies.

($1 = 3.3676 shekels) (Reporting by Steven Scheer; Editing by Mark Potter)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL -0.57% 30814.26 Delayed Quote.1.26%
NASDAQ 100 -0.73% 12803.932503 Delayed Quote.-0.65%
NASDAQ COMP. -0.87% 12998.502287 Delayed Quote.0.86%
S&P 500 -0.72% 3768.25 Delayed Quote.0.32%
THE TEL-AVIV STOCK EXCHANGE LTD. 0.91% 1658 Delayed Quote.1.41%
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Financials
Sales 2020 296 M 90,6 M 90,6 M
Net income 2020 - - -
Net Debt 2020 - - -
P/E ratio 2020 -
Yield 2020 -
Capitalization 1 676 M 513 M 513 M
Capi. / Sales 2020 5,66x
Capi. / Sales 2021 5,19x
Nbr of Employees 250
Free-Float 100%
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Mean consensus BUY
Number of Analysts 1
Average target price 20,00 ILS
Last Close Price 16,58 ILS
Spread / Highest target 20,6%
Spread / Average Target 20,6%
Spread / Lowest Target 20,6%
Managers and Directors
NameTitle
Ittai Ben Zeev Chief Executive Officer
Amnon Neubach Chairman
Uri Shavit EVP-Information Technology & Operations
Yehuda van der Walde Executive Vice President-Finance
Merav Ben Cnaan Heller Independent External Director