TASE up 51% YTD, beats S&P's 17%. Foreign institutional holdings near $20B. Bond issuance hits ₪165B record.
Re: December 31, 2025 in Israel - and what it all means for investors at home and abroad.
TASE YTD returns eclipsed Wall St. in 2025
The Tel Aviv Stock Exchange (TASE) concluded 2025 with historic gains, significantly outperforming major global benchmarks as the Israeli market rebounded sharply from geopolitical volatility.
The rally was broad and forgiving - nearly 300 stocks posted double-digit gains, 140 surged by over 50%, and 48 standout performers more than doubled their value.
The blue-chip TA-35 Index (TASE:TA35) rallied 51.27% this year, while the mid-cap TA-90 Index (TASE:TA90) gained 45.54%. By comparison, the S&P 500 and Nasdaq 100 posted returns of 17.7% and 21.5%, respectively. Since the Iron Swords war began, the TA-35 has appreciated by roughly 100%.
Foreign sentiment holds: international investors returned to Tel Aviv, purchasing a net ₪4.3B in equities, with a focus on the financial and defense sectors. Foreign institutional holdings hit a record $19.2 billion in September.
Israeli public companies issue record ₪165B in bonds this year
The corporate bond market also saw record activity, with issuance soaring 70% YoY to NIS 165 billion. In the government bond sector, yields stabilized and prices rose in the second half of the year as risk premiums contracted following the de-escalation of direct conflict with Iran.
TASE snapshot YTD, 2025
TA-35 Index (TASE:TA35): 🟢 +51.27%
TA-90 (TASE:TA90): 🟢 +45.54%
TA-125 (TASTE:TA125): 🟢 +50.19%
Top Gainers:
🥇 Space Communication Ltd (TASE:SCC) 🟢 +1608.98%
🥈 Aryt Industries Ltd (TASE:ARYT) 🟢 +378.37%
🥉 More Investments Ltd (TASE:MRIN) 🟢 +280.22%
Top Losers:
🥇 Highcon Systems Ltd (TASE:HICN): 🔴 -95.30%
🥈 PsyRx Bio-Tech (TASE:PSRX): 🔴 -92.30%
🥉 ForSight Robotics (TASE:FRSX): 🔴 -89.10%
Next Vision closes 25th deal of 2025, hits $223M in orders
Next Vision (TASE:NXSN) adds $9.5M to a record year - the stabilized camera maker is ending 2025 on a tear, securing yet another $9.5M order for delivery in 2026. This marks the company’s 25th reported deal this year, bringing its total reported transaction volume to $223M.
This comes just two weeks after signing the largest deal in its history ($76.8M), signaling sustained demand from defense and industrial clients. The stock has rocketed 240% YTD, cementing its place as a standout performer in the TA-35 Index (TASE:TA-35).
Nukkleus acquires Tiltan for ₪48M
Nukkleus acquires Tiltan for ₪48M (~$14M) Nukkleus (NASDAQ: NUKK) has completed the acquisition of Tiltan Software Engineering, instantly securing a critical technology moat in GPS-denied navigation and AI synthetic data. Tiltan brings 30 years of R&D and active contracts with Israel's Big Three (IAI, Elbit, Rafael) for pilot simulation and anti-jamming tech.
Nukkleus used smart leverage by paying just 25% in equity and 75% in deferred installments through 2026, preserving cash while capturing critical IP.
Real estate deal notes
Pioneering the Negev desert – Motag Ironi and partners secured an ILA tender to build 230 studio and special housing units in the newly residential community of Dror (near Arad). The partnership projects ₪186M in revenue from the project, having acquired the land and development rights for a total of approximately ₪15.2M.
Logistics Leverage – Ari Real Estate acquires Adama hub for ₪155M. Tzahi Abou’s Ari Real Estate is purchasing Adama's hazardous materials facility in Ashdod, securing immediate yield via a ₪11.5M annual leaseback and a separate ₪42M operational contract. The 18-dunam site holds significant upside with 20,000 sqm of unutilized building rights.
Retail Expansion – Ari Real Estate also enters Jerusalem for ₪148M. Expanding their Star brand to the capital, Ari RE acquired 75% of the commercial space (13,400 sqm + 307 parking spots) in the Migdalei Atid project on Beit HaDfus Street, establishing a major footprint in the city center.
TASE snapshot for Wednesday, Dec. 31, 2025
TA-35 Index (TASE:TA35): 🔴 -0.81%
TA-90 (TASE:TA90): 🔴 -0.49%
TA-125 (TASE:TA125): 🔴 -0.74%
That’s our Wednesday here in Israel 🎉
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Disclaimer: This brief is for informational purposes only and does not constitute investment advice. All data current as of publication date.