List of Glossary Terms

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Numeric


A PRIORI
A Latin phrase meaning "known ahead of time" or more precisely, known without any empirical evidence or experience. The classical example would be a mathematical truism like 1 + 1 = 2. This truth... read more
 
ABANDON
An option contract which is not enforced because it is out-of-the-money. Options confer a right to either buy (call) or sell (put) a certain quantity of shares (or other instruments) at a fixed... read more
 
ABANDONED BABY
A rare candlestick pattern which can indicate either a new bullish or a new bearish trend. A bullish abandoned baby pattern occurs where there is a long red candle, representing bearish sentiment,... read more
 
ABC
Elliott wave terminology for a three-wave countertrend (or downtrend) price movement in an Elliott cycle. Wave "a" is the first down-wave against the trend of the market. Wave "b" is a corrective... read more
 
ABG
25 - 08 - 2020
ABSA (ABG) is one of the largest banking groups operating in Africa. It has well-established branches in 12 African countries and representative offices in at least 6 more.... read more
 
ABNORMAL ITEM
An income or expense which may be part of the company's normal business but which is abnormal in amount. So, an unusually high expense or income might be considered abnormal. This is to distinguish... read more
 
ABOVE-THE-LINE
Any normal expense or income which has been included in the calculation of a company's gross profit and which is a part of its normal business (such as cost-of- sales or sales). This is as opposed... read more
 
ABSA GROUP LTD
25 - 08 - 2020
ABSA (ABG) is one of the largest banking groups operating in Africa. It has well-established branches in 12 African countries and representative offices in at least 6 more.... read more
 
ACCELERATE PROPERTY FUND LIMITED
08- 09 - 2020
Accelerate Property (APF) is a real estate investment trust (REIT) which has 56 properties valued at R12,7bn, split 70% retail, 15% office and 15% industrial across six South... read more
 
ACCELERATED BOOKBUILD
An offering of new shares in the short term which is non-promoted to institutional investors in order to raise capital. An accelerated bookbuild is an immediate means of financing for a company... read more
 
ACCENTUATE LIMITED
08 - 05 - 2020
Accentuate (ACE) is a supplier of materials to the flooring, chemical blending, commercial cleaning, water treatment and maintenance industries. It has 5 regional offices... read more
 
ACCEPTANCE
Where a bank "accepts" some kind of debt instrument usually at a discount. Debt instruments are basically IOU's written by one organisation in favour of another. If the company that is owed the... read more
 
ACCEPTANCE DATE
The date on which the right acquired by a shareholder as a result of a rights issue must be exercised. Listed companies often raise additional capital from their existing shareholders by undertaking... read more
 
ACCOMMODATION
The extension of credit by the Reserve Bank to commercial banks. The central bank acts as a banker to the commercial banks, lending them money as they need it through what is known as the "discount... read more
 
ACCOUNTANCY
A set of conventions for recording and gathering financial transactions in an organisation. The academic discipline which is accountancy has established a set of conventions for totaling the... read more
 
ACCOUNTING CONSERVATISM
Accountants are notoriously conservative people. Conservatism applies to incomes, expenses, liabilities and assets of unknown amounts. To be conservative means generally expecting incomes to... read more
 
ACCOUNTING CONVENTION
These are conventions developed by the accounting profession to ensure that the financial statements display a clear and accurate picture of the progress of the business during the accounting.... read more
 
ACCOUNTING PERIOD
The period of time�over which the financial affairs of a company are being accounted for in the financial statements. The matching principle ensures that the incomes for the accounting period... read more
 
ACCOUNTING POLICY
A policy established by the board of directors for the allocation of transaction entries into the books of account. For public, listed companies, the accounting policies are normally set out... read more
 
ACCOUNTS PAYABLE
Amounts owing to the company's creditors in the balance sheet. These appear under current liabilities. These amounts are owed by the company in the short term (normal commercial periods of 30,... read more
 
ACCOUNTS RECEIVABLE
Amounts owing to the company, usually by customers who have bought products on credit. This is another term for "debtors" and appears in the balance sheet under current assets. This indicates... read more
 
ACCRUAL
A balance sheet item that consists of an expense or income which has not yet been paid or received. So, for example, if a company owes rent on the date of the balance sheet then it would be shown... read more
 
ACCUMULATION
When the volumes traded in a share start to pick up while the share price moves sideways or upwards, this is known as an "accumulation phase". It indicates that the share is becoming stronger.... read more
 
ACE
08 - 05 - 2020
Accentuate (ACE) is a supplier of materials to the flooring, chemical blending, commercial cleaning, water treatment and maintenance industries. It has 5 regional offices... read more
 
ACG
22 - 09 - 2020
Anchor (ACG) is a local and off-shore financial services holding company with primarily three businesses - asset management, private clients and stockbroking. It listed on... read more
 
ACID TEST RATIO
An accounting ratio used to determine whether a company's current assets excluding its stock (i.e. just its debtors book and cash balance) is sufficient to pay off its current liabilities. The... read more
 
ACID TURN RATIO
The ratio os a company's turnover to its assets. The ratio is calculated by dividing a company's total sales by the average value of its assets during the financial period. The purpose is to... read more
 
ACL
30 - 07- 2020
ArcelorMittal (ACL) is South Africa's largest steel producing company. It has survived where companies like Highveld Steel have disappeared. Arguably, ArcelorMittal felt the... read more
 
ACQUISITION
This is when one company acquires more than 50% of the shares of another. The company acquiring the shares then becomes the "holding company" and the acquired company becomes a "subsidiary".... read more
 
ACS
01-06-2020
Acsion (ACS) is a real estate investment trust (REIT) with properties mainly in the retail sector. The portfolio is worth R8,3bn with a gross lettable area (GLA) of 257321 square... read more
 
ACSION LIMITED
01-06-2020
Acsion (ACS) is a real estate investment trust (REIT) with properties mainly in the retail sector. The portfolio is worth R8,3bn with a gross lettable area (GLA) of 257321 square... read more
 
ACT
15 - 09 - 2020
Afrocentric (ACT) is a black-owned investment holding company which focuses on health administration and insurance. Sanlam recently acquired 28,7% of the company which will... read more
 
ACT OF GOD
A completely unpredictable event or "black swan" (see The Black Swan" by Nasssim Talbert) event, usually but not always occurring as a result of some natural phenomenon such as a hurricane, flood... read more
 
ACTUALS
(1) Refers to actual physical commodities, as distinguished from the futures on those commodities. So, for example, there is a "spot" market for gold which shows the actual trading of gold day-to-day... read more
 
ACTUARIES INDEX
Most stock market indexes, except for the very simplest are calculated by actuaries. This is because the calculation must take into account the minute-to-minute trading in the market and accommodate... read more
 
ACTUARY
An actuary is an expert in mathematics and statistics who is capable of calculating the probability of key commercial events or of calculating the changing weightings in a stock market index.... read more
 
ACZ
06 - 06 - 2020
Arden Capital (ACZ) is an investment holding company registered in Mauritius which specialises in running tourist-orientated businesses in Zimbabwe, particularly hotels, game... read more
 
ADAM SMITH
The first person to study and write about economics. Adam Smith (1723 - 1790) is regarded as the father of the discipline of economics. His book "An Inquiry into the Nature and Causes of the... read more
 
ADAPTIT HOLDINGS LTD
27 - 02 - 2020
Adapt IT (ADI) is an IT company, similar to EOH, but smaller. It has activities in the hospitality, manufacturing, energy, education and financial services sectors. It has... read more
 
ADCOCK INGRAM HOLDINGS LTD
27 - 08 - 2020
Adcock (AIP) is a leading supplier of pharmaceuticals to both the private and public sector in South Africa. It has also diversified to India and other sub-Saharan countries.... read more
 
ADCORP HOLDINGS LIMITED
27 - 08 - 2020
Adcorp (ADR) is an employment company with subsidiaries operating in South Africa and Australia. Managerially, efforts have been made in (1) defining and focusing on the core... read more
 
ADH
01-09-2020
Advtech (ADH) is one of three listed commercial educational companies on the JSE (the others are Curro and its recently spun off sister company, Stadio). Advtech has two divisions... read more
 
ADI
27 - 02 - 2020
Adapt IT (ADI) is an IT company, similar to EOH, but smaller. It has activities in the hospitality, manufacturing, energy, education and financial services sectors. It has... read more
 
ADJUSTED TOTAL EQUITY
This is also known as "adjusted shareholders' equity" and refers to the total amount of money which the shareholders have in a business - the adjustment made is that it excludes any unrealised... read more
 
ADMINISTERED PRICE
Prices of certain products in South Africa are determined, not by the forces of supply and demand, but by various government departments and institutions. For example, water, paraffin, electricity... read more
 
ADR
27 - 08 - 2020
Adcorp (ADR) is an employment company with subsidiaries operating in South Africa and Australia. Managerially, efforts have been made in (1) defining and focusing on the core... read more
 
ADRENNA PROPERTY GROUP LIMITED
26 - 08 - 2019 Adrenna (ANA) is a very thinly traded small real estate investment trust (REIT) with a market capitalisation of R53m which concentrates on property in the Western Cape. It owns... read more
 
ADRS
Certificates that are issued by a bank of US origin and traded in the U.S. as domestic shares. The certificates represent the foreign securities that the bank holds in that security's country... read more
 
ADVANCE/DECLINE RATIO
This is a refinement of the net advance/decline line (Net A/D), calculated by dividing the difference between the total number of shares up and the total number of shares down by the total number... read more
 
ADVANCED HEALTH LTD
26 - 09 - 2020
Advanced Health (AVL) is a small Alt-X listed company in the healthcare industry that specialises in day clinics in South Africa and Australia. The company listed in April... read more
 
ADVERSE EXCURSION
The loss attributable to price movement against the position in any one trade from the time that the trade began. So, for example, if XYZ shares were bought for 1000c each and the share has fallen... read more
 
ADVICE

Investment advice has become a big industry in South Africa and world-wide. Lay people with surplus cash obviously... read more

 
ADVTECH EDUCATION LTD
01-09-2020
Advtech (ADH) is one of three listed commercial educational companies on the JSE (the others are Curro and its recently spun off sister company, Stadio). Advtech has two divisions... read more
 
ADW
03 - 09 - 2020
This is a small micro-lending company, listed on the Alt-X in 2004. Its share price rose as high as 550c in November 2007, but has since fallen back to 13c. The company is... read more
 
AECI LIMITED
30 - 07 - 2020
AECI (AFE) is a leading producer of chemicals and explosives in South Africa. It supplies products for the mining industry, water treatment, animal health, food and beverages,... read more
 
AEEI
19 - 06 - 2020
This is a black-owned investment holding company which is itself a subsidiary of Sekunjalo, a company controlled by Iqbal Surve and his family. Surve is a medical doctor who... read more
 
AEG
18 - 05 - 2020
The once-massive construction company, Aveng (AEG), which traded at R69 a share in 2008, has been reduced to a 2c penny stock. This sad demise has been brought about by a... read more
 
AEL
09 - 04 - 2020
Allied Electronics Corp, or Altron (AEL), is an information and communications technology company which was started by Bill Venter in 1965. It has recently been re-focusing... read more
 
AEP ENERGY AFRICA LIMITED
12 - 02 - 2020
Afenergy (AEY) was listed on the JSE on 30th June 2017 as a special purpose acquisition company (SPAC) with the idea of pursuing acquisitions in the energy sector and commercial... read more
 
AEY
12 - 02 - 2020
Afenergy (AEY) was listed on the JSE on 30th June 2017 as a special purpose acquisition company (SPAC) with the idea of pursuing acquisitions in the energy sector and commercial... read more
 
AFE
30 - 07 - 2020
AECI (AFE) is a leading producer of chemicals and explosives in South Africa. It supplies products for the mining industry, water treatment, animal health, food and beverages,... read more
 
AFFECTED TRANSACTION
A transaction defined in the Companies Act (71 of 2008) as one which will result in a change in the control of the company. This could be any type of merger, acquisition or even a share buy-back.... read more
 
AFH
09 - 06 - 2020
Alexander Forbes (AFH) is a financial services company offering asset management, insurance, healthcare, retirement, consulting and wealth management to both corporate and... read more
 
AFRICA BOARD
A division of the JSE which was abandoned in June 2012. The Africa board was originally supposed to attract companies from the rest of Africa to list on the JSE. Only two shares were eventually... read more
 
AFRICAN AND OVERSEAS
05- 09- 2020
This is the holding company of Rex Truform (RTO) which is also listed on the JSE. Rex Trueform (RTO) is an extremely thinly-traded company listed on the JSE - which makes it... read more
 
AFRICAN DAWN CAPITAL
03 - 09 - 2020
This is a small micro-lending company, listed on the Alt-X in 2004. Its share price rose as high as 550c in November 2007, but has since fallen back to 13c. The company is... read more
 
AFRICAN EQUITY EMPOWERMENT INVESTMENTS LTD
19 - 06 - 2020
This is a black-owned investment holding company which is itself a subsidiary of Sekunjalo, a company controlled by Iqbal Surve and his family. Surve is a medical doctor who... read more
 
AFRICAN GROWTH AND OPPORTUNITY ACT
An American Act which allows certain African countries to export to America duty free. Altogether, 37 countries in Africa benefit from this piece of American legislation, but South Africa, because... read more
 
AFRICAN MEDIA ENTERTAINMENT LIMITED
12 - 06 - 2020
African Media Entertainment (AME) is a company which specialises in running radio stations and whose revenue comes principally from advertising on those stations. It has four... read more
 
AFRICAN OXYGEN LTD
14 - 09- 2020
Afrox (AFX) is the largest company supplying liquid petroleum gas (LPG) and atmospheric gases to the mining and manufacturing industries in South Africa and 7 other African... read more
 
AFRICAN PHOENIX INVESTMENTS LIMITED
06 - 03 - 2020
Phoenix (AXL) is a black-controlled investment holding company whose principal asset is its 100% subsidiary, Standard General Insurance (Stangen). African Bank Investments... read more
 
AFRICAN RAINBOW CAPITAL INV
15 - 09 - 2020
African Rainbow Capital (AIL) is a BEE investment company that was formed in 2015 and listed on the JSE in September 2017. Since it was formed, AIL has invested in more than... read more
 
AFRICAN RAINBOW MINERALS LTD
01 - 09 - 2020
African Rainbow Minerals (ARM) (ARI) is a diversified mining company controlled by Patrice Motsepe, involved in a variety of mining ventures. Its interests include platinum... read more
 
AFRICAN STOCK EXCHANGE

A stock exchange located somewhere in Africa. The largest stock exchange in Africa is the JSE with a market capitalisation... read more

 
AFRIMAT CONSTRUCTION INDEX
An index of activity in the construction sector prepared and produced quarterly by Afrimat. The index includes wages in the construction sector, new building plans passed, the sales of building... read more
 
AFRIMAT LIMITED
18 - 08 - 2020
Afrimat (AFT) is an open-pit mining company that supplies composites, construction materials and other commodities to a range of industries in Southern Africa. Until the end... read more
 
AFROCENTRIC INVESTMENT CORP LTD
15 - 09 - 2020
Afrocentric (ACT) is a black-owned investment holding company which focuses on health administration and insurance. Sanlam recently acquired 28,7% of the company which will... read more
 
AFT
18 - 08 - 2020
Afrimat (AFT) is an open-pit mining company that supplies composites, construction materials and other commodities to a range of industries in Southern Africa. Until the end... read more
 
AFTER-TAX PROFIT
The profit of the company after taxation has been deducted. This figure is shown in the income statement and is used for calculating the return on shareholders' funds. The company tax rate in... read more
 
AFTERNOON FIX
Twice every trading day members of the London Gold Market Fixing meet on a conference call to decide the gold price - at 10.30am (the morning fix) and then again at 3pm (the afternoon fix). It... read more
 
AFX
14 - 09- 2020
Afrox (AFX) is the largest company supplying liquid petroleum gas (LPG) and atmospheric gases to the mining and manufacturing industries in South Africa and 7 other African... read more
 
AGE REBATE
The Income Tax Act (58 of 1962) offers three rebates - primary, secondary and tertiary. In the tax year ending on 28th February 2021, the primary rebate allows people under the age of 65 years... read more
 
AGENT
A natural or juristic person who cats on behalf of another such person in a commercial transaction. When a stockbroker acts on behalf of his/her clients and has no personal interest in their... read more
 
AGGREGATE DEMAND
This is an economics term which refers to the total expenditure within the economy. It is a method of calculating gross domestic product. The formula is:
Gross Domestic Product = Consumer... read more
 
AGL
31 - 07 - 2020
With Anglo American (AGL), the risk normally associated with commodity stocks is mitigated in two ways. Firstly, the company has diversity of different minerals which reduces... read more
 
AGM
This is a meeting of the shareholders of a company, which is required in terms of section 61 of the Companies Act (71 of 2008). The AGM must be held within six months of the end of the company's... read more
 
AGOA
An American Act which allows certain African countries to export to America duty free. Altogether, 37 countries in Africa benefit from this piece of American legislation, but South Africa, because... read more
 
AGRICULTURAL PRODUCTS DIVISION
A division of the JSE that runs spot and derivatives markets in agricultural grain products. The main products are soya beans, wheat, sunflower and maize (yellow and white). In the spot market... read more
 
AGRICULTURE
An industry engaged in the production of a wide variety of products, both animal and vegetable, by means of cultivating the land. This industry is a major part of the economy and a significant... read more
 
AH VEST LIMITED
09 - 04 - 2020
AH Vest (AHL) produces a range of sauces under the All-Joy brand and seeks to diversify into ready meals, soups and canned vegetables. It is the second largest producer of... read more
 
AHL
09 - 04 - 2020
AH Vest (AHL) produces a range of sauces under the All-Joy brand and seeks to diversify into ready meals, soups and canned vegetables. It is the second largest producer of... read more
 
AIL
15 - 09 - 2020
African Rainbow Capital (AIL) is a BEE investment company that was formed in 2015 and listed on the JSE in September 2017. Since it was formed, AIL has invested in more than... read more
 
AIM
A part of the London Stock Exchange which caters for smaller companies - in a similar way to the JSE's Alt-X. Some South African companies are listed on both the AIM and the JSE - with either... read more
 
AIP
27 - 08 - 2020
Adcock (AIP) is a leading supplier of pharmaceuticals to both the private and public sector in South Africa. It has also diversified to India and other sub-Saharan countries.... read more
 
ALAN GREENSPAN
The Chairman of the Federal Reserve Bank of America (Fed) from 1987 to 2006. Alan Greenspan is notable because he ushered in the idea of stimulating the economy by the injection of funds to compensate... read more
 
ALARIS HOLDINGS LIMITED
23 - 09 - 2020
Alaris Holdings (ALH) is a designer, manufacturer and marketer of RF antennas and related equipment. Its products are used in communication, frequency spectrum monitoring,... read more
 
ALCO
A committee of senior executives in a large company that manage the cash flow of the business to ensure that there is sufficient liquidity to meet working capital requirements and to optimise... read more
 
ALEXANDER FORBES GROUP HOLDINGS
09 - 06 - 2020
Alexander Forbes (AFH) is a financial services company offering asset management, insurance, healthcare, retirement, consulting and wealth management to both corporate and... read more
 
ALGO
Trading automatically, usually without human intervention, through a computer system that is directly connected to an organised exchange. This type of trading has become more common with the... read more
 
ALGORITHMIC TRADING (ALGO)
Trading automatically, usually without human intervention, through a computer system that is directly connected to an organised exchange. This type of trading has become more common with the... read more
 
ALH
23 - 09 - 2020
Alaris Holdings (ALH) is a designer, manufacturer and marketer of RF antennas and related equipment. Its products are used in communication, frequency spectrum monitoring,... read more
 
ALL SHARE INDEX
All stock exchanges have indexes which provide averages of the prices of their listed shares. These averages are normally "weighted" so that larger companies are more important and smaller companies... read more
 
ALLIED ELECTRONICS CORP LTD
09 - 04 - 2020
Allied Electronics Corp, or Altron (AEL), is an information and communications technology company which was started by Bill Venter in 1965. It has recently been re-focusing... read more
 
ALLOCATION
The number of shares actually sold to a person who has applied to participate in a new issue. Where the shares of an initial public offer (IPO) are very popular and in great demand it may become... read more
 
ALLOTMENT LETTER
Formerly a letter which was issued to inform someone who had applied for shares either in a rights issue or a public issue that they had been apportioned a certain number of shares. In practice,... read more
 
ALP
28 - 05 - 2020
Atlantic Leaf Properties (ALP) is a property company, listed on the JSE and the Mauritian Stock Exchange, which has become a real estate investment trust (REIT) and intends... read more
 
ALPHA
Premium that an investment portfolio earns above a given point of reference; a measure of stock performance independent of the market. Unit trusts and other collective investment schemes (CIS)... read more
 
ALPHAMIN RESOURCES CORPORATION
12 - 08 - 2020
Alphamin (APH) is a tin mining and exploration company operating out of Mauritius. Its primary asset is just over 80% of Alphamin Bisie Mining which has a tin mine in the... read more
 
ALSI 40 INDEX
An index of the 40 biggest companies trading on the JSE. This index is weighted for the market capitalisation of the companies it includes and also their "free float". It is one of five "headline"... read more
 
ALT-X
The Alternative Exchange or Alt-X was brought in by the JSE to replace the Venture Capital Market (VCM) and the Development Capital Market (DCM) and its main purpose is to allow smaller shares... read more
 
ALT-X
The Alt-X is part of the JSE. It is a board which is available to those companies which cannot qualify to list on the "main board". The listing requirements for the Alt-X include: (1) The company... read more
 
ALTERABLE PROVISION
The Companies Act (71 of 2008) distinguishes between alterable and unalterable provisions. An alterable provision is one which may be changed to suit the company concerned - as opposed to an... read more
 
ALTERNATE DIRECTOR
An individual appointed to take the place of existing director in certain specific circumstances, or at times when he is not available. The Companies Act in section 1 defines an alternate director... read more
 
ALTERNATIVE ASSET
This is an asset which is not traded on any organised exchange in a conventional manner. So for example, properties are alternative assets, but the shares in a real estate invesment trust (REIT)... read more
 
ALTERNATIVE EXCHANGE (ALT-X)
The Alt-X is part of the JSE. It is a board which is available to those companies which cannot qualify to list on the "main board". The listing requirements for the Alt-X include: (1) The company... read more
 
ALTERNATIVE INVESTMENT MARKET
A part of the London Stock Exchange which caters for smaller companies - in a similar way to the JSE's Alt-X. Some South African companies are listed on both the AIM and the JSE - with either... read more
 
ALUMINIUM
A silvery white soft, non-magnetic and ductile metal. It is noted for it's low density and ability to resist corrosion. It is used in the transportation and building industries such as building... read more
 
ALVIVA HOLDINGS LIMITED
09 - 09 - 2020
Alviva Holdings (AVV) is "one of Africa's largest providers of information and communication technology products and services". It has three operating divisions - ICT Distribution... read more
 
AMALGAMATION
This occurs where two or more companies come under the control of one, whose shareholders then become the shareholders of the companies that were merged. The Companies Act (71 of 2008) uses the... read more
 
AME
12 - 06 - 2020
African Media Entertainment (AME) is a company which specialises in running radio stations and whose revenue comes principally from advertising on those stations. It has four... read more
 
AMERICAN DEPOSITORY RECEIPT
Certificates that are issued by a bank of US origin and traded in the U.S. as domestic shares. The certificates represent the foreign securities that the bank holds in that security's country... read more
 
AMERICAN OPTION
An options contract that allows the holder to exercise the option at any time up to and on the expiration date. This is as opposed to a European option that can only be exercied on the expiration... read more
 
AMERICAN STOCK EXCHANGE
Originally an overflow of companies that were too small to list on the New York Stock Exchange, the "Amex" or "the curb" as it was known used to trade on the street outside the NYSE (literally... read more
 
AMEX
Originally an overflow of companies that were too small to list on the New York Stock Exchange, the "Amex" or "the curb" as it was known used to trade on the street outside the NYSE (literally... read more
 
AMEX COMPOSITE INDEX
This is an index of approximately 250 shares trading on the NYSE Amex exchange. The NYSE Amex exchange started life as the "curb" exchange because it consisted of trade in shares which were too... read more
 
AMORTISATION
Accounting method in which an asset's cost is spread out over a period of time. For example, a vehicle costing R100 000 might be amortised or "depreciated" over five years at a rate of R20 000... read more
 
AMS
28 - 07 - 2020
Anglo American Platinum (AMS), or Amplats, is the second largest platinum producing company in the world (after Sibanye), producing a large portion of the world's platinum.... read more
 
ANA
26 - 08 - 2019 Adrenna (ANA) is a very thinly traded small real estate investment trust (REIT) with a market capitalisation of R53m which concentrates on property in the Western Cape. It owns... read more
 
ANAUME
Candlestick formation. An exceptional exhaustion pattern (meaning "gap filling") composed of five candles. The anaume occurs when the gap is filled in after a market price has changed directions.... read more
 
ANCHOR GROUP LIMITED
22 - 09 - 2020
Anchor (ACG) is a local and off-shore financial services holding company with primarily three businesses - asset management, private clients and stockbroking. It listed on... read more
 
AND
09 - 04 - 2020
Andulela (AND) is an investment holding company listed on the main board. It has two subsidiaries - 83,6% of Kilken Platinum, a producer of low cost PGMs (palladium, platinum,... read more
 
ANDREWS METHOD
This is a technical analysis technique (also known as "Andrews pitchfork" because of its shape) for establishing upper and lower support and resistance lines.� A median line is drawn connecting... read more
 
ANDULELA INVESTMENT HOLDINGS LIMITED
09 - 04 - 2020
Andulela (AND) is an investment holding company listed on the main board. It has two subsidiaries - 83,6% of Kilken Platinum, a producer of low cost PGMs (palladium, platinum,... read more
 
ANG
22 - 09 - 2020
Anglogold Ashanti (ANG) is an international gold producer which used to have operations in South Africa, the last of which, Mponeng, has now been sold, the DRC, Tanzania,... read more
 
ANGLO AMERICAN PLATINUM LTD
28 - 07 - 2020
Anglo American Platinum (AMS), or Amplats, is the second largest platinum producing company in the world (after Sibanye), producing a large portion of the world's platinum.... read more
 
ANGLO AMERICAN PLC
31 - 07 - 2020
With Anglo American (AGL), the risk normally associated with commodity stocks is mitigated in two ways. Firstly, the company has diversity of different minerals which reduces... read more
 
ANGLOGOLD ASHANTI LTD
22 - 09 - 2020
Anglogold Ashanti (ANG) is an international gold producer which used to have operations in South Africa, the last of which, Mponeng, has now been sold, the DRC, Tanzania,... read more
 
ANGLOVAAL INDUSTRIES LTD
08 - 09- 2020
Anglovaal Industries (AVI) is a generalised producer of consumer products in the food, cosmetics and apparel sectors. It has a diverse range of very well-known South African... read more
 
ANH
31 - 07 - 2020
Anheuser-Busch, or AB-Inbev (ANH), is the world's largest brewer of beer, operating in both first world countries and emerging markets. On 10th October 2016, AB-Inbev bought... read more
 
ANHEUSER-BUSCH SA LTD
31 - 07 - 2020
Anheuser-Busch, or AB-Inbev (ANH), is the world's largest brewer of beer, operating in both first world countries and emerging markets. On 10th October 2016, AB-Inbev bought... read more
 
ANNUAL EARNINGS CHANGE
The historical earnings change between the most recently reported fiscal year's earnings and the preceding or a forecast. Paragraph 3.4(b) of the JSE's Listing Requirements states that if a company's... read more
 
ANNUAL FINANCIAL STATEMENTS
Sometimes known as an Annual Report or just the "financial statements", this is a document required by the Companies Act (71 of 2008) to be produced once a year for presentation to the Annual... read more
 
ANNUAL GENERAL MEETING
This is a meeting of the shareholders of a company, which is required in terms of section 61 of the Companies Act (71 of 2008). The AGM must be held within six months of the end of the company's... read more
 
ANNUAL NET PROFIT MARGIN
The percentage that the company earned from gross sales (also called "turnover") for the most recently reported fiscal year. In other words, the after-tax profit expressed as a percentage of... read more
 
ANNUAL REPORT
Sometimes known as an Annual Report or just the "financial statements", this is a document required by the Companies Act (71 of 2008) to be produced once a year for presentation to the Annual... read more
 
ANNUAL RETURN
Every company is required in terms of section 33 of the Companies Act (71 of 2008) to submit a return to the Companies and Intellectual Property Commission (CIPC). This return must include their... read more
 
ANNUAL SALES CHANGE
The percentage change in sales (turnover) between the most recently reported financial year and the preceding. You should note that unless the increase in sales is more than the going inflation... read more
 
ANNUALISE
The process of adjusting performance or return which has been made over a period of less than or more than a year so that it can be compared with the annual results of other entities. For example,... read more
 
ANNUITY INCOME
An income which comes in regularly, usually as the result of a contractual obligation and a pre-arranged bank debit order. When analysing a share, it is always good to determine how much of its... read more
 
APEC
APEC is a group of 21 countries formed in 1989 to encourage trade among the pacific rim countries. The countries in APEC are: United States; Australia; Brunei Darussalam; Canada; Chile; China;... read more
 
APF
08- 09 - 2020
Accelerate Property (APF) is a real estate investment trust (REIT) which has 56 properties valued at R12,7bn, split 70% retail, 15% office and 15% industrial across six South... read more
 
APH
12 - 08 - 2020
Alphamin (APH) is a tin mining and exploration company operating out of Mauritius. Its primary asset is just over 80% of Alphamin Bisie Mining which has a tin mine in the... read more
 
APN
10 - 09 - 2020
Aspen (APN) is a pharmaceutical company which trades in 150 countries in a wide range of specialty and branded products aimed at a range of acute and chronic medical conditions.... read more
 
APPLICANT
An investor who applies for shares in a company's new issue. Sometimes, if the company is seen to be a very good investment, the shares will be heavily "over-subscribed". In this situation, the... read more
 
APPLICATION
This is a form completed by someone who wishes to buy shares as part of a primary market offer. When companies list on the stock exchange, they normally do so by way of an initial public offer... read more
 
APPRAISAL RIGHTS
Where a minority shareholder does not agree with a fundamental transaction (i.e. one which will change the control of the company, such as a merger or acquisition, or dispose of its main business)... read more
 
ARA
03 - 08 - 2020
Astoria (ARA) was an investment company which was formed to give investors exposure to an international selection of equities in developed economies. Among its investments... read more
 
ARB HOLDINGS LTD
24 - 08 - 2020
ARB Holdings (ARH) is an electrical contracting company that owns property and is involved in vehicle leasing. It owns 74% of ARB Electrical Wholesalers which has 23 branches... read more
 
ARBITRAGE
Simultaneous trading in assets, currency or bills of exchange in different international markets, to take advantage of the different rates of return ruling in each. For example, Anglo American... read more
 
ARCELORMITTAL SA LTD
30 - 07- 2020
ArcelorMittal (ACL) is South Africa's largest steel producing company. It has survived where companies like Highveld Steel have disappeared. Arguably, ArcelorMittal felt the... read more
 
ARDEN CAPITAL LIMITED
06 - 06 - 2020
Arden Capital (ACZ) is an investment holding company registered in Mauritius which specialises in running tourist-orientated businesses in Zimbabwe, particularly hotels, game... read more
 
ARGENT INDUSTRIAL LIMITED
07 - 08 - 2020
Argent (ART) is a manufacturer and beneficiator of steel and aluminium products supplying a wide range of businesses in South Africa. It also has operations in the US and... read more
 
ARH
24 - 08 - 2020
ARB Holdings (ARH) is an electrical contracting company that owns property and is involved in vehicle leasing. It owns 74% of ARB Electrical Wholesalers which has 23 branches... read more
 
ARI
01 - 09 - 2020
African Rainbow Minerals (ARM) (ARI) is a diversified mining company controlled by Patrice Motsepe, involved in a variety of mining ventures. Its interests include platinum... read more
 
ARL
15 - 09 - 2020
Astral Foods (ARL) is a leading poultry producer in South Africa. The company’s activities include integrated broiler operations, where they have a processing capacity... read more
 
ARMS INDEX
Also known as TRading INdex (TRIN): An advance/decline stock market indicator. A reading of less than 1.0 indicates bullish demand, while greater than 1.0 is bearish. The index is often smoothed... read more
 
ARROWHEAD PROPERTY LIMITED
23 - 09 - 2020
Arrowhead (AWA) is a real estate investment trust (REIT) which owns a diversified South African portfolio and shares in a number of other property companies worth in total... read more
 
ART
07 - 08 - 2020
Argent (ART) is a manufacturer and beneficiator of steel and aluminium products supplying a wide range of businesses in South Africa. It also has operations in the US and... read more
 
ARTICLES OF ASSOCIATION
Prior to the Companies Act (71 of 2008), this was a document, drawn up by the subscribers of a company at its inception, which governed the internal affairs and management of the company. The... read more
 
ASC
23 - 09 - 2020
Ascendis Health (ASC) is a South African company which manufactures brands aimed at health in animals, plants and people. The company has recently sold off its sports nutrition... read more
 
ASCENDING FORMATION
A formation, which is part of an uptrend, where the share price forms a triangle bounded by a horizontal resistance line at the top and characterised by a pattern of rising bottoms. Consider... read more
 
ASCENDING SCALLOP
Similar to the cup and handle formation, this chart formation occurs when price dips momentarily, forming a cup, before resuming its upward course. Typically bullish, the scallop form can be... read more
 
ASCENDIS HEALTH LIMITED
23 - 09 - 2020
Ascendis Health (ASC) is a South African company which manufactures brands aimed at health in animals, plants and people. The company has recently sold off its sports nutrition... read more
 
ASIA PACIFIC ECONOMIC COOPERATION (APEC)
APEC is a group of 21 countries formed in 1989 to encourage trade among the pacific rim countries. The countries in APEC are: United States; Australia; Brunei Darussalam; Canada; Chile; China;... read more
 
ASK
The price at which a investor who is holding a share (or other security) is willing to sell. Also referred to as the "offer price." The JSE's computer system will automatically execute a transaction... read more
 
ASPEN PHARMACARE HOLDINGS LTD
10 - 09 - 2020
Aspen (APN) is a pharmaceutical company which trades in 150 countries in a wide range of specialty and branded products aimed at a range of acute and chronic medical conditions.... read more
 
ASR
09 - 04 - 2020
Assore (ASR) is a miner of base metals, especially iron ore, manganese and chrome. It has 50% of Associated Manganese (Assmang) with partner African Rainbow Minerals. The... read more
 
ASSESSED LOSS
A loss made by a business which has been accepted as valid by the Receiver of Revenue. Such assessed losses can be carried forward and off-set against the profits of the next period. Sometimes... read more
 
ASSET
An item on the balance sheet that means the possessions of a company, an organisation or an individual. Assets can be tangible (e.g. a vehicle), or intangible (e.g. goodwill). Assets can be fixed... read more
 
ASSET BACKING
A strong asset backing indicates that a company has large resources of assets. These may reside in a parent company, or they may belong to the company itself. As a private investor, you need... read more
 
ASSET BASE
A concept which came from the previous Companies Act and its doctrine of Capital Preservation. Money raised by a company as a result of issuing shares to the public was protected by the Companies... read more
 
ASSET BUBBLE
An asset bubble is a period where the price of a particular asset reaches unsustainable levels due to investor enthusiasm. Over the centuries there have been a number of famous asset bubbles.... read more
 
ASSET CLASS
A category of assets which all have similar characteristics. Thus shares, property, commodities, and fixed interest investments bonds are all particular asset classes. The characteristics of... read more
 
ASSET LIABILITY COMMITTEE (ALCO)
A committee of senior executives in a large company that manage the cash flow of the business to ensure that there is sufficient liquidity to meet working capital requirements and to optimise... read more
 
ASSET MANAGEMENT
The management of listed or unlisted assets (equities, options etc.).
 
ASSET MANAGER
The JSE is dominated by institutional investors which account for as much as 90% of all trades. These institutions are pension funds, insurance companies and unit trusts. The funds which they... read more
 
ASSET MARKET
An asset market is the spot market for a particular asset. Thus, the gold market or the oil market or the market for pork bellies in America. Financial assets like shares and bonds are also asset... read more
 
ASSET OF LAST RESORT
An asset which will hold its value irrespective of any developments in the economy. Investors are primarily concerned with achieving a balance between risk and security. In general the rule is... read more
 
ASSET STRIPPING
This occurs where a company is purchased because the market price of its shares is less than the value of its assets. Assets are then sold and a profit is realised.
 
ASSET TURN RATIO
The ratio of a company's sales or turnover to the average value of assets held over the accounting period. The objective is to determine how efficiently the company is using its assets to generate... read more
 
ASSIGNMENT
When a trader sells short an option, he may be assigned in the event that the purchaser exercises the option. A trader with a short call position is assigned a short futures position. A trader... read more
 
ASSOCIATED COMPANY
A company in which between 20% and 50% of the share capital is held. Where less than 20% is held then the shares would be considered an "investment" and where more than 50% is held it would be... read more
 
ASSORE LTD
09 - 04 - 2020
Assore (ASR) is a miner of base metals, especially iron ore, manganese and chrome. It has 50% of Associated Manganese (Assmang) with partner African Rainbow Minerals. The... read more
 
ASTORIA INVESTMENTS LIMITED
03 - 08 - 2020
Astoria (ARA) was an investment company which was formed to give investors exposure to an international selection of equities in developed economies. Among its investments... read more
 
ASTRAL FOOD LIMITED
15 - 09 - 2020
Astral Foods (ARL) is a leading poultry producer in South Africa. The company’s activities include integrated broiler operations, where they have a processing capacity... read more
 
ASTROPHYSICAL CYCLE
Any earthly cycle, such as a market cycle, that has been scientifically related to the physics of the planetary system.
 
ASX
Formed in 1987 with the amalgamation of the six state exchanges, the ASX is offers organised exchanges in equities, derivatives, fixed interest and commodities. It is one of the 10 largest securities... read more
 
AT BEST
An instruction given to a stockbroker by his clients to sell or buy "at best" would give the broker freedom to purchase or sell the shares concerned at the price most advantageous to his client... read more
 
AT CALL
The term used to describe money placed, usually with a bank, which can be drawn immediately - as opposed to money which is tied up for a period of time. The rate of interest which the bank pays... read more
 
AT MARKET
An order to be transacted immediately against the best opposite order in the book at the time of making such entry.
 
AT-THE-MONEY
An option whose strike price is nearest the current price of the underlying deliverable.
 
ATL
Atlatsa (ATL) is a BEE company involved in platinum group metals (PGM) in the Bushveld Complex. It has a primary listing on the Toronto Stock Exchange (TSE) and a secondary listing on the Alt-X... read more
 
ATLANTIC LEAF PROPERTIES LIMITED
28 - 05 - 2020
Atlantic Leaf Properties (ALP) is a property company, listed on the JSE and the Mauritian Stock Exchange, which has become a real estate investment trust (REIT) and intends... read more
 
ATLATSA RESOURCES CORP
Atlatsa (ATL) is a BEE company involved in platinum group metals (PGM) in the Bushveld Complex. It has a primary listing on the Toronto Stock Exchange (TSE) and a secondary listing on the Alt-X... read more
 
ATS
ATS (see SETS). In 1996 the open outcry trading floor was closed on 7 June and replaced by an order driven, centralised, automated trading system known as the Johannesburg Equities Trading (JET)... read more
 
ATT
23 - 09 - 2020
Attacq (ATT) is a BEE level 2 property developer that converted to a real estate investment trust (REIT) in May 2018 and has been listed on the JSE since 2013. It is the owner... read more
 
ATTACQ LTD
23 - 09 - 2020
Attacq (ATT) is a BEE level 2 property developer that converted to a real estate investment trust (REIT) in May 2018 and has been listed on the JSE since 2013. It is the owner... read more
 
ATTRIBUTABLE EARNINGS
That part of a company's profit which is "attributable" to the ordinary shareholders. In other words, after the normal operating expenses have been deducted, together with finance costs, extraordinary... read more
 
ATTRIBUTABLE PROFIT
That part of a company's profit which is "attributable" to the ordinary shareholders. In other words, after the normal operating expenses have been deducted, together with finance costs, extraordinary... read more
 
AUDIT
All companies listed on the JSE have to produce at least two sets of audited financial statements each financial year - interim and final. Those financials must be audited by recognised firm... read more
 
AUDIT DISCLAIMER
This is an audit opinion given when the auditor cannot obtain sufficient documents and information to support their opinion. This can happen because management does not have the necessary documents... read more
 
AUDITOR
A person who is qualified to conduct an audit on a company or other organisation. Auditors are either internal auditors working for the company that they are auditing or external, in which case... read more
 
AUDITORS' REPORT
A part of the annual financial statements required by the Companies Act where the auditors state that they have examined the financials and that in their opinion they represent a fair picture... read more
 
AUSTRALIAN SECURITIES EXCHANGE (ASX)
Formed in 1987 with the amalgamation of the six state exchanges, the ASX is offers organised exchanges in equities, derivatives, fixed interest and commodities. It is one of the 10 largest securities... read more
 
AUTHORISED SHARES
The number of shares in each class which a company is authorised to issue to the public or in exchange for assets. The authorised shares must be stated in the Memorandum of Incorporation, but... read more
 
AUTOMATED TRADING SYSTEM
ATS (see SETS). In 1996 the open outcry trading floor was closed on 7 June and replaced by an order driven, centralised, automated trading system known as the Johannesburg Equities Trading (JET)... read more
 
AUTOREGRESSIVE INTEGRATED MOVING AVERAGE (ARIMA)
A linear stochastic model forecasting methodology described by Box and Jenkins in their book "Time Series Analysis, Forecasting and Control".
 
AVENG LTD
18 - 05 - 2020
The once-massive construction company, Aveng (AEG), which traded at R69 a share in 2008, has been reduced to a 2c penny stock. This sad demise has been brought about by a... read more
 
AVERAGE
The mean of a set of numbers. Averages are used extensively in the share market for the determination of market indexes and economic data. The moving average in its various forms (simple, exponential,... read more
 
AVERAGE COST
A method of valuing shares in a portfolio at the average of what they cost. For example, if 100 shares are bought for 100 cents each and then a further 100 of the same shares are bought for 150... read more
 
AVERAGE DIRECTIONAL MOVEMENT INDEX
Indicator developed by J. Welles Wilder to measure market trend intensity. Average Directional Movement Index Technical Indicator (ADX) helps to determine if there is a price trend. It was developed... read more
 
AVERAGE NUMBER OF SHARES IN ISSUE
Certain statistics for listed companies on the JSE are given in the form of "per share" data - such as earnings per share and dividends per share. These ratios rely on the number of shares in... read more
 
AVERAGE TRUE RANGE
A moving average of the true range. Developed by J. Welles Wilder and introduced in his book, New Concepts in Technical Trading Systems (1978), the Average True Range (ATR) indicator measures... read more
 
AVI
08 - 09- 2020
Anglovaal Industries (AVI) is a generalised producer of consumer products in the food, cosmetics and apparel sectors. It has a diverse range of very well-known South African... read more
 
AVIOR CAPITAL MARKETS HOLDINGS LIMITED
05 - 02 - 2020
Avior (AVR) is a capital markets research and trading firm covering equities, fixed interest and derivative markets in Southern Africa. The company claims to have 200 institutional... read more
 
AVL
26 - 09 - 2020
Advanced Health (AVL) is a small Alt-X listed company in the healthcare industry that specialises in day clinics in South Africa and Australia. The company listed in April... read more
 
AVOIDANCE
The organisation of a person's financial affairs in such a way as to minimise their tax liability within the requirements of the Income Tax Act (58 of 1962). In other words, avoidance means using... read more
 
AVOISION
Taking advantages of those parts of the Income Tax Act (58 of 1962) which are not clear to get out of paying tax. This practice runs the risk that it is found to be evasion rather than avoidance... read more
 
AVR
05 - 02 - 2020
Avior (AVR) is a capital markets research and trading firm covering equities, fixed interest and derivative markets in Southern Africa. The company claims to have 200 institutional... read more
 
AVV
09 - 09 - 2020
Alviva Holdings (AVV) is "one of Africa's largest providers of information and communication technology products and services". It has three operating divisions - ICT Distribution... read more
 
AWA
23 - 09 - 2020
Arrowhead (AWA) is a real estate investment trust (REIT) which owns a diversified South African portfolio and shares in a number of other property companies worth in total... read more
 
AXL
06 - 03 - 2020
Phoenix (AXL) is a black-controlled investment holding company whose principal asset is its 100% subsidiary, Standard General Insurance (Stangen). African Bank Investments... read more
 
AYO
28 - 05 - 2020
This is a black-owned technology company that was spun out of AEEI and in which AEEI still holds 49,4%. There were suspicious circumstances with a massive R4,3bn investment... read more
 
AYO TECH SOLUTIONS LTD
28 - 05 - 2020
This is a black-owned technology company that was spun out of AEEI and in which AEEI still holds 49,4%. There were suspicious circumstances with a massive R4,3bn investment... read more