The Tel Aviv Stock Exchange showed resilience and overall positive performance in the first half of 2026 despite significant volatility, followed by continued gains into the early part of the second half. Geopolitical and security developments in Israel, combined with global market trends, shaped trading patterns throughout the year so far.
H1 2026 (January–June)
The first half was marked by high volatility against the backdrop of security developments in Israel and broader global market movements. The year began strongly, supported by optimism regarding regional developments and the potential expansion of the Abraham Accords. A market correction occurred in June following reports related to a possible U.S.-Iran agreement.
Despite the mid-year pullback, the leading indices closed the half positively:
- TA-35 (flagship blue-chip index): +12%
- TA-125: +9.5%
- TA-90: +0.3%
Equity market capitalization reached NIS 2.7 trillion by the end of the second quarter, compared with NIS 1.5 trillion in the corresponding period of the previous year. Trading activity strengthened markedly, with average daily equity trading volume rising to NIS 5.7 billion — a 65% increase compared with 2025. The exchange operator itself (TASE Ltd.) reported record results for the period.
H2 2026 (July–mid-August, as of mid-August 2026)
The second half opened on a constructive note. In July the market advanced, led by banking and insurance shares amid elevated oil prices and ongoing regional concerns.
Key July performance:
- TA-35: +2.03% (year-to-date +14.26% as of 31 July)
- TA-125: +1.52% (year-to-date +11.14%)
- TA-90: +0.39% (year-to-date +0.67%)
Sector highlights in July included strong gains in the TA-Banks Index (+10.45%), TA-Oil & Gas (+9.17%), TA-Finance (+7.15%), and TA-Insurance (+6.15%). Weaker areas included construction, technology, and real estate. Cleantech remained a standout year-to-date performer (+40.84%).
Total stock market capitalization surpassed the NIS 3 trillion threshold in July (+51% year-to-date). Average daily share trading volume in July was NIS 4.6 billion. Into early and mid-August, trading remained mixed with some day-to-day volatility. As of around 11–12 August 2026, the TA-35 traded near the 4,150–4,180 range (year-to-date gains in the mid-teens) and the TA-125 near 4,030–4,060 (year-to-date gains around 10–11%).
TASE IPO Pipeline in H1 and H2 2026
The primary equity market on TASE was notably active in 2026, marking a clear recovery and expansion in new listings compared with recent years.
H1 2026
Fifteen new companies completed IPOs (versus nine in the same period of 2025). Total capital raised in the equity primary market reached approximately NIS 6.1 billion. By the end of July the cumulative figure for the year stood at 19 new companies via IPOs, which together raised NIS 7.2 billion and listed at a combined post-money market capitalization of roughly NIS 31 billion.
Notable large offerings included:
- Tidhar(real estate & construction) — the largest IPO in recent years: approximately NIS 1.72 billion raised in June, with a post-money valuation near NIS 8 billion.
- Bagira (technology – defense): NIS 855 million.
- Rami Levy Real Estate (income-producing real estate): NIS 521 million (one of the first major listings of the year, in April).
- Other significant H1 names included BST Group (approximately NIS 400 million) and various real-estate, construction, defense, food, and services companies.
Real estate and construction dominated the pipeline, alongside defense-tech, energy, and industrial names. Institutional demand was generally strong for the larger deals.
H2 2026 (July–mid-August)
July alone saw four IPOs that raised a combined NIS 1.1 billion:
- Rafa Laboratories (pharma): NIS 600 million
- Rapac Energy (renewable energy): NIS 420 million
- Sola Renewable Energies: NIS 55 million
- Cando Drones (defense technology): NIS 18 million
In addition, three companies completed dual listings during the year: Palo Alto Networks (a major milestone following its acquisition of CyberArk; it joined the TA-35 and TA-125 indices in early August under the CYBR ticker), InPlay, and Odysight. Palo Alto’s inclusion was expected to generate substantial ETF-related demand.
The overall pipeline remained healthy into August, with continued interest from real-estate, energy, defense, and other sectors, although some deals faced valuation negotiations amid market volatility. External analyses suggested the full year could approach around 30 IPOs if conditions remained supportive. Bond issuance activity was also robust, but the equity IPO channel stood out for its breadth and the return of larger private companies to the public market.
Broader Context and Themes
Banking and financial stocks provided important support during periods of strength, while selective technology, semiconductors, energy, and cleantech names contributed at different stages. Rising market capitalization, solid IPO activity, dual-listing momentum (especially Palo Alto Networks), and higher trading volumes pointed to improved liquidity and investor engagement. Geopolitical developments remained the primary source of volatility. Full-year H2 results will depend on conditions in the remaining months of 2026.
Note: All figures are drawn from official TASE reports, monthly reviews, company announcements, and contemporaneous market data as of mid-August 2026. Index levels and capital-raising totals can be revised with final official tallies. No warranty.
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