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


DAILY DEALS
One of the pieces of information supplied by the JSE for each listed company after each trading day. There are no indicators which utilise this piece of information, but it can be useful to distinguish... read more
 
DAILY FLUCTUATIONS
Charles Dow in his "Dow Thoery" proposed that share prices, and especially indexes, move in three distinct patterns - bull and bear trends which can last from about 18 months to five years or... read more
 
DAILY RANGE
The difference between the high and low price during one trading day. This range shows the degree of uncertainty prevailing among the investors interested in a particular share. A large range... read more
 
DARK CLOUD COVER
A top reversal candlestick formation which consists of a long green candle followed by a red candle. Confirmation to this signal would be the appearance of another red candle with an open that... read more
 
DARK POOL LIQUIDITY
Trade which takes place between institutional investors on private confidential exchanges which are not open to the public. Institutions do this to prevent other institutions from knowing what... read more
 
DATA MINING
The process of using super-computers to sift through the massive quantities of data produced every day by the securities markets to establish potentially profitable correlations. This process... read more
 
DATA PREPROCESSING
Altering data to some extent to be more accurately analysed; smoothing, reducing unwanted data, removing trend. Processing data is mathematically transforming the data from one form into another... read more
 
DATA SMOOTHING
Removing the variability and market noise in a chart to reveal the correct underlying trend. This can be done by using a moving average, among other mathematical algorithms.
 
DATA STREAM
A data stream is any continuous flow of end-of-day financial data. The most common form of this is the end-of-day high, low, open, close and volume for each listed equity share. But there are... read more
 
DATATEC LIMITED
22-07-2020
Datatec (DTC) is an international IT and telecommunications company operating in more than 50 countries. It operates in the United States, South America, Europe, Africa, the Middle... read more
 
DATE ISSUE CLOSES
The date on which a rights issue closes. A right issue is the issue by a company of additional shares to its existing shareholders. Shareholders who have received their rights must exercise them... read more
 
DATE OF DECLARATION
The date on which a dividend is declared by a company's board of directors once they have seen the results from the interim or final accounting period. This date is usually followed by the last... read more
 
DATE OF FOUNDING
The date on which a company was founded. You should bear in mind that this date is often long before the date that the company was listed on the JSE. Your stock exchange handbook gives the year... read more
 
DATE OF INCORPORATION
The date on which a company was granted its certificate of incorporation by the Companies and Intellectual Property Commission (CIPC). Every company must register a Memorandum of Incorporation... read more
 
DATE OF LISTING
The date on which a company was listed on the JSE. Most listing are accompanied by an initial public offer (IPO) whereby the company raises capital from the public to fund its business. One of... read more
 
DATE OF PAYMENT
The date on which a dividend is paid. These days, dividend payments are mostly paid directly into shareholders' stockbroking accounts automatically. There are five dates associated with dividend... read more
 
DATE OF PAYMENT
One of the dates associated with the payment of a dividend by a listed company. The dates are the date of declaration when the board announces the dividend, the last day to register (LDR) by... read more
 
DATE OF RECORD
The date on which a dividend payout or rights issue is based. These "corporate actions" apply to shares which are in the company register on the date of record. The date of record is normally... read more
 
DAVID LI
A Chinese actuary and quatitative analyst who is best known for his application of gaussian copulas for securitised mortgage bonds leading to the "sub-prime" crisis of 2007/8. Li's formulae justified... read more
 
DAW
Dawn (DAW) is a manufacturer and retailer of bathroom fittings, sanitary ware and related products in Southern Africa. The company has been battling with the depressed consumer environment in... read more
 
DAX
This is the main index of the Frankfurt Stock exchange, better known as the "Dax". This is a simple average of the 30 largest companies trading on the Frankfurt Stock Exchange - and so is the... read more
 
DAX
This is a simple index of the thirty largest shares trading on the German stock exchange. The DAX is a Paasche index which began on 30-12-1987 at a base value of 1000. The DAX generally follows... read more
 
DAX INDEX
This is a simple index of the thirty largest shares trading on the German stock exchange. The DAX is a Paasche index which began on 30-12-1987 at a base value of 1000. The DAX generally follows... read more
 
DAY ORDER
An order that if not executed expires automatically at the end of the last trading session on the day it was entered.
 
DAY'S MOVE
The extent to which a share moves during the course of the trading day on the Stock Exchange. You will find the day's move quoted as a separate column in the newspapers, both in cents and as... read more
 
DBSA
The DBSA is a government funded and run bank which aims to promote development in South Africa and the rest of Africa. It is involved in the design, preparation, funding and building of infrastructure... read more
 
DBSA
This is a state owned enterprise which focuses on supporting projects which will enhance the standard of living and infrastructure of South Africa and the rest of Africa. It is engaged in a wide... read more
 
DCM
 
DCP
26 - 08 - 2020
Dis-Chem Pharmacies (DCP) listed in November 2016 and competes directly with Clicks (CLS) in the pharmaceutical, medicine and beauty products markets. It is a family business... read more
 
DE-LEVERAGE
Leverage is an American term which refers to the level of debt which a company has in relation to its equity. In South Africa we use the term "gearing" to mean the same thing. When a company... read more
 
DE-LISTING
The removal of a security from an organised exchange - after which it can no longer be traded. This typically happens in the share market when a company has been taken over by another company... read more
 
DEAD CAT BOUNCE
A rebound in a market that sees prices recover from a very sharp fall and come back up somewhat. Usually this occurs at the start of a bear market where the extent of the initial fall is beyond... read more
 
DEAL
In the context of the share market this means a transaction whereby shares are exchanged for cash, either in the primary or the secondary market. In heavily traded shares, like Naspers as much... read more
 
DEALER
An individual or firm acting as a principal or counterparty to a transaction. Principals take one side of a position, hoping to earn a spread (profit) by closing out the position in a subsequent... read more
 
DEALING COSTS
The costs of trading in shares are brokerage - which varies according to the stockbroker you are dealing through, STRATE settlement costs (0,005% of the value of the transaction) and securities... read more
 
DEBASEMENT
The reduction of a commodity currency by adding a base metal - such as lead. During the time of the Roman empire, periodically the gold coins of the realm were brought in and melted down on the... read more
 
DEBENTURE
This is a form of long-term loan. A company issues debentures, usually at R1000 each, at a fixed percentage return. Debentures are then redeemable at a certain specified date, but in some cases... read more
 
DEBIT BALANCE
A stockbroking account with no positions and a negative adjusted total equity. A debit balance typically arises as a result of a trader losing more money in the marketplace than was available... read more
 
DEBSWANA
Debswana Mining Company Limited (Debswana) is a 50/50 joint venture formed in 1969 between the government of Botswana and De beers. De beers is 85% owned by Anglo American. Debswana focuses on... read more
 
DEBSWANA DIAMOND MINING COMPANY LTD
Debswana Mining Company Limited (Debswana) is a 50/50 joint venture formed in 1969 between the government of Botswana and De beers. De beers is 85% owned by Anglo American. Debswana focuses on... read more
 
DEBT
Money owed by one person (natural or juristic) to another. Debt which is expected to be repaid withing normal commercial periods of 30, 60 or 90 days is usually not interest-bearing. Longer term... read more
 
DEBT CEILING
A debt ceiling is a legally imposed limit to the amount of debt which the treasury of a country can uncur. In America the constitution (article 1, section 8) says that the debt ceiling can only... read more
 
DEBT INSTRUMENT
A form of long-term debt whereby the borrower agrees to pay the lender annual interest (the "coupon") until the debt is settled or converted into equity. Governments, state-owned enterprises... read more
 
DEBT LIMIT
A debt ceiling is a legally imposed limit to the amount of debt which the treasury of a country can uncur. In America the constitution (article 1, section 8) says that the debt ceiling can only... read more
 
DEBT MORATORIUM
A period of grace on the repayment of debt and the interest due on it. If a company is placed underr business rescue, then it is immune to any attempt to pursue its debts at law until the business... read more
 
DEBT TO INCOME RATIO
This is the ratio of an individual's monthly debt repayments and other expenses to their gross income. In South Africa, we have an average debt to income ratio of 72,8% - and it has come down... read more
 
DEBT TRAP
A debt trap is when a borrower is in a cycle of re-borrowing or rolling over their debt. This can occur because of high interest rates or because the borrower cannot keep up with the scheduled... read more
 
DEBT/EBITDA RATIO
The ratio of a company's net debt (or interest-bearing liabilities) to it earnings before interest, taxation, depreciation and amortisation (EBITDA). A ratio above 3 can indicate that the company... read more
 
DEBT/EQUITY RATIO
The ratio of shareholders' equity in the company (share capital and reserves) to the company's borrowing. The company has two primary sources of capital: shareholders' equity (consisting of the... read more
 
DEBTOR
An item on the balance sheet which shows the amount the company is owed, and which is to be paid over the short term. It is common for companies to allow their customers credit of 30 days, or... read more
 
DEBTORS DAYS OUTSTANDING RATIO
The average number of days that it takes for a company to collect its debts. This can be calculated by dividing the debtors figure and then multiplying by 365 (the number of days in the year).... read more
 
DEBTORS' BOOK
A debtors' book is a collection of all the receivable invoices, i.e the cash that is due or owing to a business from it's clients.
 
DECLARATION DATE
The date on which a dividend is declared by a company's board of directors once they have seen the results from the interim or final accounting period. This date is usually followed by the last... read more
 
DECLARATION DATE
The date on which the board of directors declare their dividend. This date is worth noting for the shares which you are following.
 
DEEP-IN-THE-MONEY
A deep-in-the-money call option has the strike price of the option well below the current price of the underlying instrument. A deep-in-the-money put option has the strike price of the option... read more
 
DEFAULT
The failure to perform on a futures contract as required by exchange rules, such as a failure to meet a margin call or to make or take delivery.
 
DEFENSIVE SHARES
Some JSE-listed companies perform well even in a recession and they are known as "defensive shares". Typically they are in sectors which the consumer cannot do without - like medical care. Even... read more
 
DEFERRED DELIVERY MONTH
The distant delivery months in which futures trading is taking place, as distinguished from the "nearby" futures delivery month which refers to the next futures contract to mature.
 
DEFERRED SHARE
This is a share which has even less rights than an ordinary share. Preference shares receive their dividends and payments on liquidation of the company before ordinary shareholders. Deferred... read more
 
DEFERRED TAXATION
When a company computes income tax expense, it bases that computation on taxable income per the Income Statement. The income taxes payable, a current liability account, reflects only the amount... read more
 
DEFICIT
This is the difference between government revenue and expenditure. Typically, governments spend more than they receive from taxes and other types of revenue. This is disclosed in the budget at... read more
 
DEFICIT
Government borrowing is the excess of a government's spending over its income in a particular year. The deficit is usually funded by government borrowing. The size of the deficit is usually expressed... read more
 
DEFLATION
The opposite of inflation. A period where the purchasing power of money increases in terms of a basket of goods and services.
 
DEFLATIONARY CRASH
A crash which is caused or exacerbated by a shortage of money within the economy. There has only been one deflationary crash in recorded history and that was the 1929 crash. In 1929, the Federal... read more
 
DELAYED PRICES
Market quotations which are delayed by the various futures exchange's required time period, usually 10-20 minutes. The JSE provides 15-minute delayed share price data for free.
 
DELAYED QUOTES
Market quotations which are delayed by the various futures exchange's required time period, usually 10-20 minutes. The JSE provides 15-minute delayed share price data for free.
 
DELINQUENT DIRECTOR
This refers to a director of a company that has done something in contradiction of the Companies Act. Directors are expected to act in the "utmost good faith" and to act in the best interests... read more
 
DELISTING
A term decribing the removal of a company from the JSE and the termination of its listing. Companies delist for a number of reasons, but usually because their share is very thinly traded or is... read more
 
DELIVERY
The transfer of the cash commodity from the seller of a futures contract to the buyer of a futures contract. Each futures exchange has specific procedures for delivery of a cash commodity. Most... read more
 
DELTA
The amount by which the price of an option changes for every dollar move in the underlying instrument.
 
DELTA EMD LIMITED
This share has been delisted.
 
 
DELTA PROPERTY FUND LIMITED
25 - 08 - 2020
Delta Property (DLT) was a level 2 black empowered real estate investment trust (REIT) with a portfolio valued at R11,3bn and a loan-to-value ratio of 44,3%. Roughly 80% of... read more
 
DEMAND
An economics term which refers to the extent to which a product or service is needed in the economy. When the product or service is widely needed and especially when there is limited supply,... read more
 
DEMAND INDEX
An index that shows the buying and selling power of markets and stocks from mathematical calculations of volume and price ratios.
 
DEMATERIALISATION
The replacement of physical share certificates with an electronic record. In South Africa this record is maintained by STRATE (Share TRAnsactions Totally Electronic). STRATE is the South African... read more
 
DEMATERIALISED SCRIP
The elimination of certificates or documents of title which represent ownership of securities, so that securities exist only as electronic records.
 
DEMERGER
The breaking up of a company into smaller component companies. This is usually done to imporve focus and to give each operting unit autonomy over decision making. It is also done to unlock shareholder... read more
 
DEMURRAGE
This was originally a cost of not off-loading a chartered ship within an agreed time period. Shipping charters typically include an amount of "laytime" which is time allowed for unloading the... read more
 
DENEB INVESTMENTS LIMITED
06 - 06 - 2020
Deneb (DNB) is a 67,8% subsidiary of Hosken Consolidated Investments (HCI), listed on the JSE under specialty financial services. Deneb is an investment holding company with... read more
 
DEPENDENCE
In modern portfolio theory the central concept is that share prices are impossible to predict because there is no "dependence" between today's price and yesterday's price. In other words share... read more
 
DEPRECIATION
The process of charging the value of a fixed asset against the company's profits at the same rate at which it is expected to wear out or become obsolete. It would not be reasonable to charge... read more
 
DEPRESSION
A economic term which refers to an extended period of very low economic activity. A depression is considerably worse and deeper than a recession. Recessions are a normal part of the business... read more
 
DEPTH OF THE MARKET
The depth of the market for a particular share is a display of the best three bids and the best three offers for that share which have not yet been fulfilled. Stockbrokers, on their trading platforms,... read more
 
DERIVATIVE
A financial instrument, traded on or off an exchange, the price of which is directly dependent upon the value of one or more underlying securities, equity indices, debt instruments, commodities,... read more
 
DESIGNATED ADVISOR
When a company wishes to list on the Alt-X market it must appoint a designated advisor. The main role of a Designated Adviser is to competently, professionally and impartially advise the applicant... read more
 
DESTOCKING
The reduction in a company's stock levels. Stock is a part of a company's working capital and as such it means money tied up, usually costing the company interest on its overdraft. For this reason... read more
 
DETREND
To remove the general drift, tendency, or bent of a set of statistical data as related to time.
 
DEUTSCHER AKTIENINDEX
This is the main index of the Frankfurt Stock exchange, better known as the "Dax". This is a simple average of the 30 largest companies trading on the Frankfurt Stock Exchange - and so is the... read more
 
DEVALUATION
The reduction of a currencies value in a fixed exchange rate system. Most currencies are allowed to float and are freely traded with market forces determining their equilibrium prices. However... read more
 
DEVELOPMENT BANK OF SOUTH AFRICA
This is a state owned enterprise which focuses on supporting projects which will enhance the standard of living and infrastructure of South Africa and the rest of Africa. It is engaged in a wide... read more
 
DEVELOPMENT BANK OF SOUTHERN AFRICA
The DBSA is a government funded and run bank which aims to promote development in South Africa and the rest of Africa. It is involved in the design, preparation, funding and building of infrastructure... read more
 
DEVELOPMENT CAPITAL MARKET
 
DGH
29 - 08 - 2020
Distell (DGH) is a Remgro (REM) subsidiary which produces a variety of alcoholic beverages which are well-known brands in South Africa and elsewhere. Their brands include... read more
 
DIAGONAL SHARE
A share whose price chart goes from the bottom left-hand corner to the top right-hand corner. There are very few shares which can be described as "diagonals", especially over the long term. If... read more
 
DIAMOND
A solid crystalline form of carbon with the greatest hardness and heat conductivity of any natural substance. Diamonds have both industrial and jewellery use. The rarity of diamonds has given... read more
 
DIFFERENCE-IN-MEANS TEST
A statistical test that indicates the likelihood of observing the difference if the true difference were zero. A large value of this statistic leads to non-acceptance of the null hypothesis that... read more
 
DIFFERENCING
Subtracting previous from current values to obtain a stationary (detrended) time series: P stationary = Pt - Pt-1.
 
DIFFUSION EQUATION
A partial differential equation, used in solving a random walk problem.
 
DIFFUSION INDEX
 
DILUTED HEADLINE EARNINGS PER SHARE
This is headline earnings per share (HEPS) calculated using the number of shares in issue at the end of the financial period rather than the average number of shares in issue during the accounting... read more
 
DILUTION
In the context of the share market, dilution occurs where a company issues additional shares without receiving commensurate earnings potential, resulting in lower earnings per share for the original... read more
 
DIPULA INCOME FUND LIMITED
21 - 05 - 2020
Dipula "A" shares (DIA) receive a preferred income of 5% while the "B" share (DIB) receives the balance. So the "A" share is more stable and less risky. Dipula is a real estate... read more
 
DIRECTIONAL MOVEMENT INDEX (DMI)
Developed by J. Welles Wilder, DMI measures market trend. The concept of Directional Movement is based on the assumption that in an upward trend today's highest price is higher than yesterday's... read more
 
DIRECTOR
All public companies are required to have at least two directors and all private companies at least one. The directors are appointed (and confirmed by their consent on a signed CM27 form lodged... read more
 
DIRECTOR DEALINGS
The directors of a company are allowed to deal in the shares of their company, but in terms of the JSE rules, they must disclose the details of their transactions on the Stock Exchange News Service... read more
 
DIRECTORATE OF MARKET ABUSE (DMA)
The DMA was formed in terms of the Insider Trading Act (135 of 1998) to investigate and take legal action where appropriate in cases of financial market abuse. It has been in operation since... read more
 
DIRECTORS' REPORT
The Companies Act requires companies to put before the Annual General Meeting (AGM) a directors' report with respect to the state of affairs, the business and profitability of the company. The... read more
 
DIS-CHEM PHARMACIES LTD
26 - 08 - 2020
Dis-Chem Pharmacies (DCP) listed in November 2016 and competes directly with Clicks (CLS) in the pharmaceutical, medicine and beauty products markets. It is a family business... read more
 
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
 
DISCLOSURE
The concept of disclosure is entrenched in the Companies Act. The Act is concerned to ensure that shareholders are properly informed of all the information that they need to make good investment... read more
 
DISCONTINUED OPERATIONS
Companies are always trying to be focused on their core business. To achieve this they may decide from time to time that a particular division or subsidiary is no longer part of that core business.... read more
 
DISCOUNT BROKER
This is a stockbroking firm that does not undertake research into listed companies or give advice. For this reason the cost of dealing through a discount broker is much lower than through a "full... read more
 
DISCOUNT WINDOW
The mechanism by which the central bank provides short-term funds to commercial banks and other eligible institutions. Originally, central banks had an actual window through which they passed... read more
 
DISCOUNTED CASH FLOW
A process whereby a future flow of incomes is reduced to a current value by applying an "internal rate of return" (IRR). For example, if you are looking at a share and your analysis indicates... read more
 
DISCOUNTING
The price of a share is the average of all investors' discounted cash flows of the future dividends of the company. If the profits and hence the dividends of a company are expected to fall then... read more
 
DISCOURAGED WORKER
This is an adult person who is part of a country's labour force but who has not been able to find work for an extended period of time. Such people would like to work but have given up looking... read more
 
DISCOVERY LTD
17 - 09 - 2020
Discovery (DSY), developed and built by Adrian Gore over the past 25 years, offers the A/B income group of people a matrix of financial services which are inter-linked and... read more
 
DISCRETIONARY STOCKBROKING ACCOUNT
An account opened with a stockbroker where the client has entered into an arrangement with the stockbroker that authorises the stockbroker to conduct transactions on the client's behalf with... read more
 
DISINVESTMENT
This term is usually applied to investors in South Africa who decide to withdraw their investment. Disinvestment impacts directly on the capital account of the Balance of Payments (BOP). Overseas... read more
 
DISPOSABLE INCOME
The income which is left for a consumer after all his main expenses have been met - such as his rent or bond repayment, money for food and clothing, school fees, insurance, taxation, money for... read more
 
DISSENTING SHAREHOLDER
In terms of the Companies Act, a dissenting shareholder is one who disagrees with a fundamental transaction being contemplated by the majority shareholders. A fundamental transaction is a major... read more
 
DISTELL GROUP HOLDINGS LTD
29 - 08 - 2020
Distell (DGH) is a Remgro (REM) subsidiary which produces a variety of alcoholic beverages which are well-known brands in South Africa and elsewhere. Their brands include... read more
 
DISTRESSED COMPANY
This refers to a company which does not have sufficient short-term cash flow to meet its immediate expenses. When a company is in "financial distress", the provisions of chapter 6 of the Companies... read more
 
DISTRIBUTABLE RESERVES
A concept from the old Companies Act which aimed to preserve the capital of companies. In terms of that Act, dividends could only be paid out of a company's profits and not out of its asset base.... read more
 
DISTRIBUTED LEDGER TECHNOLOGY
Distributed Ledger Technology (DLT) is a computer technique which is used to create a completely reliable and and 'unhackable' database. The most common use is for the "blockchain" directories... read more
 
DISTRIBUTION
  1. The payment of a dividend.
  2. Any set of related values described by an average (that is, mean), which identifies its midpoint, a measure of spread (that is, standard distribution)... read more
 
DISTRIBUTION
That portion of a company's earnings which is paid out to shareholders - also sometimes called a "distribution". Most blue chip companies have a dividend policy in terms of which they pay out... read more
 
DISTRIBUTION & WAREHOUSING NETWORK LTD
Dawn (DAW) is a manufacturer and retailer of bathroom fittings, sanitary ware and related products in Southern Africa. The company has been battling with the depressed consumer environment in... read more
 
DISTRIBUTION AREA
A sideways to downward market, usually at the top of a bull trend where shares are being sold off by the "smart money" in anticipation of a downward trend.
 
DIVERGENCE
When two or more averages or indices fail to show confirming trends.
 
DIVERSIFICATION
The process whereby a company (or individual) spreads its investments among a number of different enterprises so as to reduce its exposure through one of them. Research conducted in America has... read more
 
DIVESTITURE
Companies are always trying to be focused on their core business. To achieve this they may decide from time to time that a particular division or subsidiary is no longer part of that core business.... read more
 
DIVIDEND
That portion of a company's earnings which is paid out to shareholders - also sometimes called a "distribution". Most blue chip companies have a dividend policy in terms of which they pay out... read more
 
DIVIDEND COVER
The number of times the dividend could be taken out of the earnings. For example, if a company has earnings (profits) of R50 000 and pays out a dividend of R5 000 then the dividend cover is 10... read more
 
DIVIDEND EQUALISATION RESERVE
A distributable reserve which is specifically set up to ensure that dividends remain stable despite changes in earnings. If a company normally pays a dividend of 10 cents per share, the directors... read more
 
DIVIDEND POLICY
Most of the larger listed blue chip companies pay two dividends each financial year - an interim and final. They also usually have a dividend policy - which means that they pay out a set percentage... read more
 
DIVIDEND REINVESTMENT PLAN
A program offered by a publicly held company in which dividends are used to buy more shares of the company. This process reduces the number of shares in issue since the shares which are bought... read more
 
DIVIDEND STRIPPING
This occurs where a share is bought just before the last day to register (LDR) for its dividend and then sold immediately afterwards. The dividend is effectively stripped out. The problem with... read more
 
DIVIDEND WITHHOLDING TAX
A 20% tax (as per the 2017 budget speech) on dividends paid by all South African taxpayers, but withheld by the company paying the dividend. DWT obviously reduces the returns which you will get... read more
 
DIVIDEND YIELD
Dividends per share expressed as a percentage of the current market price. For example, if a company pays a dividend of R10 000 and it has 10 000 ordinary shares in issue (sold to the public)... read more
 
DIVIDENDS PER SHARE
The ordinary dividend of a company for the most recent financial year divided by the number of shares in issue. The DPS is calculated from the most recent year's dividends paid - so that means... read more
 
DJIA
Charles Dow was the first person to construct an index. His first index was the "transportation average" which he constructed in 1884 and then maintained as a director of the Dow Jones Company.... read more
 
DLT
Distributed Ledger Technology (DLT) is a computer technique which is used to create a completely reliable and and 'unhackable' database. The most common use is for the "blockchain" directories... read more
 
DLT
25 - 08 - 2020
Delta Property (DLT) was a level 2 black empowered real estate investment trust (REIT) with a portfolio valued at R11,3bn and a loan-to-value ratio of 44,3%. Roughly 80% of... read more
 
DMA
The DMA was formed in terms of the Insider Trading Act (135 of 1998) to investigate and take legal action where appropriate in cases of financial market abuse. It has been in operation since... read more
 
DNB
06 - 06 - 2020
Deneb (DNB) is a 67,8% subsidiary of Hosken Consolidated Investments (HCI), listed on the JSE under specialty financial services. Deneb is an investment holding company with... read more
 
DOJI
A candlestick charting term which describes a trading session in which the opening price and closing price for a share are the same (or almost the same). Different varieties of doji lines (such... read more
 
DOJI STAR
A Doji Star is a trend reversal pattern which is composed of a long black body followed by a doji (a pattern with the same opening and closing price). It may be recognized because it consists... read more
 
DOMESTIC UNIT TRUST
A unit trust which is focused on investments into the local equity market. In other words, excluding overseas investments. Profile Media has an index of such unit trusts which it maintains calle... read more
 
DORE
An alloy of gold and silver usually created at the mine before being moved to the refinery. Dore is usually cast in bars of bullion. At the refinery it is processed further.
 
DOT COM
Technology shares, specifically those which deal with internet based products or telecommunications. From 1997 to 1998, these shares did particularly well during the hype and excitement over... read more
 
DOUBLE BOTTOM
The price action of a security or market average where it has declined twice to the same approximate level, indicating the existence of a support level and a possibility that the downward trend... read more
 
DOUBLE COUNTING
An economics term which means counting the same item twice so producing an erroneous result. This can happen with the calculation of gross domestic product (GDP) or other important economic statistics... read more
 
DOUBLE SMOOTHING
Double smoothing in the context of the share market and technical analysis simply means making a moving average of a moving average. This has the effect of smoothing the trend even further. The... read more
 
DOUBLE TAXATION AGREEMENT
An agreement between two countries the objective of which is to avoid double taxation. For example, South Africa and the UK have a double taxation agreement which they entered into in 2002. The... read more
 
DOUBLE TOP FORMATION
A price pattern seen on a chart at the top of a trend. The pattern occurs when prices rise to a resistance level on significant volume, retreat to a support level, and subsequently return to... read more
 
DOUBLE-SMOOTHED
A price series that has been smoothed by a mathematical technique such as a moving average. This first series of smoothed price data is then smoothed a second time.
 
DOUBTFUL DEBT
A debt which may not be collectible. Companies usually distinguish between bad debts, which they know they cannot collect, and doubtful debts which may not be collected because they are already... read more
 
DOVE
A member of a country's monetary policy committee (MPC) who is in favour of reducing interest rates to stimulate the economy. The monetary policy committee is made up of experienced economists... read more
 
DOW CHARLES
Charles Dow was one of the founders of Dow Jones & Co. and the originator of the famous Dow Jones indexes. He developed the "Dow Theory" of market movements and is regarded as one of the... read more
 
DOW JONES INDUSTRIAL AVERAGE
Charles Dow was the first person to construct an index. His first index was the "transportation average" which he constructed in 1884 and then maintained as a director of the Dow Jones Company.... read more
 
DOW THEORY
The Dow Theory was the first technical analysis idea to be invented in Western markets (the Japanese invented candlestick charts much earlier). Charles Dow, working in the later 1800's made an... read more
 
DOWNSIDE BREAK
In technical analysis, this occurs where a security's price encounters a support level which prevents it from going lower for a period. Finally when the support is exhausted, the price breaks... read more
 
DOWNTREND
A period when the price of a share (index or other security) falls. Normally a downtrend can be clarified with the addition of a downward trendline which connects the successive lower highs of... read more
 
DOWNWARD TREND
A long downward trend in a share's price, a sector's index, the all-market index or other indicator. Bear trends and bull trends are interrupted by periods of sideways movement. Bear trends are... read more
 
DOWNWARD TREND
A period when the price of a share (index or other security) falls. Normally a downtrend can be clarified with the addition of a downward trendline which connects the successive lower highs of... read more
 
DPS
The ordinary dividend of a company for the most recent financial year divided by the number of shares in issue. The DPS is calculated from the most recent year's dividends paid - so that means... read more
 
DRAGONFLY DOJI
A candlestick charting term used to describe a type of doji which signifies indecision. The dragonfly doji has a long lower shadow with no upper shadow, signifying either bullish or bearish sentiment... read more
 
DRAWDOWN
The reduction in account equity as a result of a trade or series of trades.
 
DRD
03- 09 - 2020
DRDGOLD (DRD) is a gold surface treatment operation which is at an all-in sustaining cost of extraction of just over R517219 per kilogram which compares to the average received... read more
 
DRD GOLD LTD
03- 09 - 2020
DRDGOLD (DRD) is a gold surface treatment operation which is at an all-in sustaining cost of extraction of just over R517219 per kilogram which compares to the average received... read more
 
DSY
17 - 09 - 2020
Discovery (DSY), developed and built by Adrian Gore over the past 25 years, offers the A/B income group of people a matrix of financial services which are inter-linked and... read more
 
DTA
An agreement between two countries the objective of which is to avoid double taxation. For example, South Africa and the UK have a double taxation agreement which they entered into in 2002. The... read more
 
DTA
This share has been delisted.
 
 
DTC
22-07-2020
Datatec (DTC) is an international IT and telecommunications company operating in more than 50 countries. It operates in the United States, South America, Europe, Africa, the Middle... read more
 
DUAL CAPACITY TRADING
Dual capacity trading was introduced following the deregulation of the JSE in 1995. It means that a stockbroker may act as a principal and as an agent in share dealing activities. In terms of... read more
 
DUAL LISTING
This is where a company is listed on two stock exchanges. On the JSE there are dozens of companies which are also listed on at least one other stock exchange for a variety of reasons. Some of... read more
 
DUE DILIGENCE
The checking of the books of account of a prospective acquisition to ensure that what was held out by its directors corresponds with the reality. It is a standard procedure of all acquisitions... read more
 
DUMPLING TOP
A cycle top on a chart which drifts out and down in a gradual loss of momentum. This is as opposed to a "V" top which is very sharp and sudden. Also called an Umbrella Top, a Frying Pan Top,... read more
 
DURABLE GOODS
Products, offered to consumers, which are expected to last for a considerable period of time and which are generally more highly priced. Examples range from "white goods" like fridges, stoves... read more
 
DWT
A 20% tax (as per the 2017 budget speech) on dividends paid by all South African taxpayers, but withheld by the company paying the dividend. DWT obviously reduces the returns which you will get... read more
 
DY
Dividends per share expressed as a percentage of the current market price. For example, if a company pays a dividend of R10 000 and it has 10 000 ordinary shares in issue (sold to the public)... read more