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


E-MEDIA HOLDINGS LIMITED
26 - 05 - 2020
E-Media Holdings (EMH) owns 67,7% of E-Media Investments which in turn runs ETV and E-News as well as other smaller operations. This company is investing heavily into multi-channel... read more
 
EAO
This is an order handed down by a court in terms of which an amount may be deducted from an employee's income for the repayment of a creditor. Thousands of salary-earners have EAOs against their... read more
 
EARLY ENTRY
A large price movement in one direction within the first 15 minutes after the open of the daily session.
 
EARNINGS
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
 
EARNINGS ESTIMATES
The estimated earnings projected for a company for a fiscal year. Estimating future earnings is an art. It depends on both internal factors within the company such as working capital management,... read more
 
EARNINGS MULTIPLE
The market price of a share divided by its most recent average annual earnings per share. This gives the reciprocal of the "earnings yield", and is used by some investors to compare shares with... read more
 
EARNINGS PER SHARE
A company's earnings (profit) divided by the number of ordinary shares usually expressed as a number of cents per share. The earnings per share (EPS) includes all the companies incomes and expenses... read more
 
EARNINGS YIELD
Earnings per share expressed as a percentage of the current market price of the share. For example, a company with 25 cents earnings per share and a market price of 250 cents would have an earnings... read more
 
EASTERN PLATINUM LIMITED
08 - 06 - 2020
East Plats (EPS) is a mining exploration and development company engaged in the platinum group metals (PGM) and chrome markets in South Africa. The company is listed on the... read more
 
EBITDA
Earnings Before Interest, Taxation, Depreciation and Amortisation. This is a figure used by accountants to assess the performance of a company at the operational level. Because it leaves out... read more
 
ECB
The Central Bank for the European Union.
 
ECONOMIES OF SCALE
Achieving economies of scale is the objective of every manufacturing business, because it substantially reduces costs and increases profitability. There is a distinct advantage to size in manufacturing,... read more
 
ECONOMY
The economy of a country is the aggregate of all economic activity within that country. It is measured in various ways to determine whether it is growing or shrinking. The most commonly used... read more
 
ECS
08 - 06 - 2020
Ecsponent (ECS) is a penny stock, listed in the venture capital fledgling sector of the JSE. The company presents itself as a financial services group with operations in Botswana,... read more
 
ECSPONENT LIMITED
08 - 06 - 2020
Ecsponent (ECS) is a penny stock, listed in the venture capital fledgling sector of the JSE. The company presents itself as a financial services group with operations in Botswana,... read more
 
EEL
02 - 12 - 2019
Efora Energy (EEL) is an African oil and gas company incorporated in 1993 and listed on the JSE in October 1994. The company is involved in numerous projects from oil production... read more
 
EFFICIENT MARKET THEORY
The basis of modern portfolio theory, the efficient market hypothesis, maintains that all information is already discounted by the market and reflected in share prices due to market participants... read more
 
EFG
25 - 11 - 2019
The Efficient Group (EFG) is an asset management and financial services group managed by well-known economist, Dawie Roodt (who is also a 5,7% shareholder). It is involved... read more
 
EFORA ENERGY LIMITED
02 - 12 - 2019
Efora Energy (EEL) is an African oil and gas company incorporated in 1993 and listed on the JSE in October 1994. The company is involved in numerous projects from oil production... read more
 
ELASTICITY
  1. The ability to recover an original configuration.
  2. The elasticity of demand or supply refers to the degree to which demand or supply responds to changes in price. For example,... read more
 
ELB GROUP LIMITED
15 - 04 - 2020
The Elb Group Limited (ELR), formally Edward L Bateman, is an engineering and construction company that is involved in materials handling, minerals separation, power solutions... read more
 
ELECTRONIC ORDER
An order placed electronically (without the use of a broker) either via the Internet or an electronic trading system.
 
ELECTRONIC SETTLEMENT
Settlement of securities transactions on a T+3 rolling contractual settlement cycle through STRATE, the electronic settlement system.
 
ELECTRONIC TRADING HOURS
The U.S. after-hours markets during the evenings. Futures contracts trading during ETH do so on electronic trade matching platforms such as Globex or A/C/E.
 
ELECTRONIC TRADING SYSTEMS
Systems that allow participating exchanges to list their products for trading after the close of the exchange's open outcry trading hours (i.e., Chicago Board of Trade's A/C/E, Chicago Mercantile... read more
 
ELI
09 - 03 - 2020
Ellies (ELI) is a fledgling electronics company which imports and distributes electrical products and supplies solar power solutions. From its heyday in 2013 when the share... read more
 
ELLIES HOLDINGS LTD
09 - 03 - 2020
Ellies (ELI) is a fledgling electronics company which imports and distributes electrical products and supplies solar power solutions. From its heyday in 2013 when the share... read more
 
ELLIOT IMPULSE WAVE
The strong moves in Elliot Wave theory which move in the direction of the larger degree wave. In Elliot Wave theory there ware two types of waves: impulse and corrective. Impulse waves are the... read more
 
ELLIOTT WAVE THEORY
A pattern-recognition technique published by Ralph Nelson Elliott in 1939, which holds that the stock market follows a rhythm or pattern of five waves up and three waves down to form a complete... read more
 
ELR
15 - 04 - 2020
The Elb Group Limited (ELR), formally Edward L Bateman, is an engineering and construction company that is involved in materials handling, minerals separation, power solutions... read more
 
EMERGING MARKET
An economy which is in a development phase - as opposed to a first-world economy which is said to be fully developed. Emerging economies generally enjoy more rapid growth than first world economies,... read more
 
EMH
26 - 05 - 2020
E-Media Holdings (EMH) owns 67,7% of E-Media Investments which in turn runs ETV and E-News as well as other smaller operations. This company is investing heavily into multi-channel... read more
 
EMI
26 - 06 - 2020
Emira Property (EMI) is a real estate investment trust (REIT) which has substantial exposure to the South African economy through its office properties. It owns 81 properties... read more
 
EMIRA PROPERTY FUND
26 - 06 - 2020
Emira Property (EMI) is a real estate investment trust (REIT) which has substantial exposure to the South African economy through its office properties. It owns 81 properties... read more
 
EMOLUMENTS ATTACHMENTS ORDER
This is an order handed down by a court in terms of which an amount may be deducted from an employee's income for the repayment of a creditor. Thousands of salary-earners have EAOs against their... read more
 
EMPHASIS OF MATTER
An audit opinion which is specifically meant to draw attention to a particular point in the financials. Listed companies which have an emphasis of matter are marked with the letter "E" by the... read more
 
EMPLOYEE SHARE INCENTIVE SCHEME
Most listed companies use their shares to motivate their employees through an employee share option scheme. This usually involves the employee getting options to buy a certain quantity of shares... read more
 
EMPLOYMENT EQUITY ACT
This Act is aimed at redressing the wrongs of the Apartheid era and ensuring that employment is not racially based. It does this by trying to ensure that companies above a certain size (with... read more
 
ENCUMBERED
The word "encumbered" is applied to assets which are bonded or otherwise used as security to cover a loan.
 
ENDOWMENT
An endowment insurance policy is a type of savings/investment. A pure endowment offers no risk or term insurance. The problem with these policies is that they generally give a very low return... read more
 
ENGULFING GREEN
A bottom candlestick reversal signal, this is a two candlestick pattern consisting of a large green candle enveloping a preceding red candle. This pattern implies that the trend is likely to... read more
 
ENGULFING PATTERN
In candlestick terminology, a multiple candlestick line pattern; a major reversal signal with two opposing-color real bodies making up the pattern (also referred to as a tsutsumi). An engulfing... read more
 
ENTERPRISE OUTSOURCING HOLDINGS LTD
10 - 06 - 2020
EOH was Africa’s largest information technology company with involvement in almost every aspect of computer applications. The company had 11000 staff members and 2500... read more
 
ENTREPRENEUR
This is a "go-getter" who establishes and runs a business for his own account and shares in the risks and profits.
 
ENTRY
The point at which a trader gets into a position in the market.
 
ENVELOPE
Lines surrounding an index or indicator - that is, trading bands.
 
ENX
01 - 06 - 2020
The enX Group (ENX) is a "diversified industrial group that provides branded products and services to the petrochemical, fleet management, logistics and industrial sectors.”... read more
 
ENX GROUP LIMITED
01 - 06 - 2020
The enX Group (ENX) is a "diversified industrial group that provides branded products and services to the petrochemical, fleet management, logistics and industrial sectors.”... read more
 
EOH
10 - 06 - 2020
EOH was Africa’s largest information technology company with involvement in almost every aspect of computer applications. The company had 11000 staff members and 2500... read more
 
EPE
26-06-2020
Ethos Capital Partners (EPE) is a private equity fund (PEF), incorporated in Mauritius, which invests into unlisted companies for long-term capital appreciation on behalf of its... read more
 
EPE CAPITAL PARTNERS LIMITED
26-06-2020
Ethos Capital Partners (EPE) is a private equity fund (PEF), incorporated in Mauritius, which invests into unlisted companies for long-term capital appreciation on behalf of its... read more
 
EPP
01 - 07 - 2020
EPP is a Dutch-based real estate investment trust (REIT), listed on both the JSE and the Luxembourg Stock Exchange, and is owned 39% by Redefine. It owns 25 retail centers... read more
 
EPP NV REIT
01 - 07 - 2020
EPP is a Dutch-based real estate investment trust (REIT), listed on both the JSE and the Luxembourg Stock Exchange, and is owned 39% by Redefine. It owns 25 retail centers... read more
 
EPS
A company's earnings (profit) divided by the number of ordinary shares usually expressed as a number of cents per share. The earnings per share (EPS) includes all the companies incomes and expenses... read more
 
EQU
11 - 05 - 2020
Equites (EQU) is the only real estate investment trust (REIT) on the JSE which specialises in industrial logistics and distribution properties in South Africa and the UK.... read more
 
EQUILIBRIUM MARKET
A price region that represents a balance between demand and supply.
 
EQUITES PROPERTY FUND LTD
11 - 05 - 2020
Equites (EQU) is the only real estate investment trust (REIT) on the JSE which specialises in industrial logistics and distribution properties in South Africa and the UK.... read more
 
EQUITY
That portion of share capital which carries risk, and shares in profits through dividends that are dependent on profitability. Ordinary shares are often called equity shares, and other types... read more
 
EQUITY ACCOUNTING
When a company owns more than 20% of another company, then in terms of IAS 28, that company is an associate company and it must be valued at its cost plus any increase in net asset value. Investments... read more
 
EQUITY INVESTOR
A natural person (rather than a corporate entity) who invests on the stock market either directly or indirectly. Private investors make up only about 10% of the trades done on the JSE. The other... read more
 
EQUITY SHARE
Also sometimes called "equity" shares, these shares share in the profits and risks of the company. Unlike the fixed dividend paid to preference shareholders, the ordinary dividend is decided... read more
 
EQUIVOLUME CHART
Created by Richard W. Arms in 1963, a chart in which the vertical axis is the high-low range for each day, while the horizontal axis represents the volume of shares of stock or the number of... read more
 
ERIN ENERGY CORPORATION
29 - 05 - 2019 This is a bankrupt oil and gas exploration company which was listed in New York and on the JSE in 2014. The company is 56,7% held by Camac Energy Holdings, which is a company... read more
 
ERN
29 - 05 - 2019 This is a bankrupt oil and gas exploration company which was listed in New York and on the JSE in 2014. The company is 56,7% held by Camac Energy Holdings, which is a company... read more
 
ESOR LTD
This was one of South Africa's large listed construction and engineering companies involved in sanitation, pipelines, building and housing. Esor (ESR) recently went into business rescue in August... read more
 
ESR
This was one of South Africa's large listed construction and engineering companies involved in sanitation, pipelines, building and housing. Esor (ESR) recently went into business rescue in August... read more
 
ESTIMATED EPS CHANGE
Change in estimated mean earnings per share for the current fiscal year from the last month, last three months and last six months to the current month.
 
ETF
Collections of securities that are bought and sold as a package on an exchange. Essentially, buying an ETF means tracking a group or "basket" of shares, bonds or commodities, and sometimes an... read more
 
ETION LIMITED
09 - 04 - 2020
Etion (ETO), previously Ansys, is an Alt-X listed technology company that started 31 years ago and listed on the JSE in June 2007. It seeks to capitalise on the digital revolution... read more
 
ETN
A debt security traded on a stock exchange. An exchange trade note (ETN) is similar to an exchange traded fund (ETF) in that they both track underlying assets and both are traded on a stock exchange... read more
 
ETO
09 - 04 - 2020
Etion (ETO), previously Ansys, is an Alt-X listed technology company that started 31 years ago and listed on the JSE in June 2007. It seeks to capitalise on the digital revolution... read more
 
EURODOLLAR
Dollars deposited in foreign banks, with the futures contract reflecting the rates offered between London branches of top US banks and foreign banks.
 
EUROPA METALS LIMITED
09 - 04 - 2020
Europa (EUZ) is a European metals developer which operates primarily in Spain where it mines lead, zinc and silver. They own 100% of the Toral project in Leon Province which... read more
 
EUROPEAN CENTRAL BANK
The Central Bank for the European Union.
 
EUROPEAN UNION (EU)
The principal goal of the EU has been to establish a single European currency called the Euro, to officially replace the national currencies of the member EU countries. On January 1, 1999, the... read more
 
EUROSTOXX
The Eurostoxx 50 index is an index (weighted average) of the 50 largest and most liquid stocks trading in the Eurozone. It is just one of the indexes offered by Stoxx - which is owned by the... read more
 
EUZ
09 - 04 - 2020
Europa (EUZ) is a European metals developer which operates primarily in Spain where it mines lead, zinc and silver. They own 100% of the Toral project in Leon Province which... read more
 
EVENING STAR
A candlestick formation which is the bearish counterpart of the morning star pattern; a top reversal, it should be acted on if it arises after an uptrend. The morning star and evening star formations... read more
 
EX-DIV
A share is "ex div" once the last day to trade has passed. Any sales after the last day to trade are done on the basis that the dividend accrues to the buyer, even if it has not yet been actually... read more
 
EX-DIVIDEND DATE
The day on which the right to receive a current dividend is not automatically transferred to a buyer. This is usually the Monday after the last day to register for the dividend. On this day the... read more
 
EXCHANGE RATE
An exchange rate is the rate at which one currency can be traded for another. Thus, for example, the rand trades against the US dollar at rates which fluctuate throughout the day. The same is... read more
 
EXCHANGE TRADED FUND
Collections of securities that are bought and sold as a package on an exchange. Essentially, buying an ETF means tracking a group or "basket" of shares, bonds or commodities, and sometimes an... read more
 
EXCHANGE TRADED NOTE
A debt security traded on a stock exchange. An exchange trade note (ETN) is similar to an exchange traded fund (ETF) in that they both track underlying assets and both are traded on a stock exchange... read more
 
EXEMPLAR RETAIL LIMITED
29 - 05 - 2020
Exemplar (EXP) is a real estate investment trust (REIT) which specialises in developing rural shopping centres through its relationship with McCormick Property Development.... read more
 
EXEMPT SUPPLIES
South Africa has Value Added Tax of 15% which is levied on all products except  for what are known as "exempt supplies" - which include education, after-care for children, rentals, and certain... read more
 
EXERCISE
The process by which the holder of an option makes or receives delivery of shares of the underlying security.
 
EXHAUSTION GAP
When a share's price has been rising for some time and quickly, it will sometimes have a day where the lowest price is far above the previous day's high price - this shows on the chart as a gap... read more
 
EXIT
The point at which a trader closes out of a trade.
 
EXP
29 - 05 - 2020
Exemplar (EXP) is a real estate investment trust (REIT) which specialises in developing rural shopping centres through its relationship with McCormick Property Development.... read more
 
EXPANSIONARY POLICY
A policy of the Reserve Bank's Monetary Policy Committee (MPC) to stimulate the economy by reducing interest rates and other expansionary monetary policies such as buying back government bonds... read more
 
EXPENSIVE
A term used by analysts and investors to describe a share which is trading above what they perceive to be its real value. Obviously, this is a value judgement and each analyst and investor will... read more
 
EXPIRATION DATE
Generally the last date on which an option may be exercised. It is not uncommon for an option to expire on a specified date during the month prior to the delivery month for the underlying futures... read more
 
EXPONENTIAL MOVING AVERAGE
An exponential moving average (EMA) is one in which the latest prices in the moving average are weighted much more heavily than the oldest prices. The weighting varies over the period of the... read more
 
EXPONENTIAL SMOOTHING
A mathematical-statistical method of forecasting that assumes future price action is a weighted average of past periods; a mathematic series in which greater weight is given to more recent price... read more
 
EXPONENTIAL WEIGHTING
Moving averages are the most basic form of line chart in technical analysis. They are more commonly used in conjunction with other indicators than as indicators in their own right. One of the... read more
 
EXPORT LED
A term used by economists to explain the fact that economic booms in South Africa are generally caused by a strong recovery in commodity exports and prices. This is because South Africa is primarily... read more
 
EXPOSED
The degree to which a portfolio or other investment is susceptible to risk from certain factors. For example, a share in a company whose main business is importing would be highly "exposed" to... read more
 
EXPOSURE
The degree to which a portfolio or other investment is susceptible to risk from certain factors. For example, a share in a company whose main business is importing would be highly "exposed" to... read more
 
EXPROPRIATION OF LAND

The compulsory taking over of land by the government of a country. In most capitalist countries the right of... read more

 
EXTRACT GROUP LIMITED
Extract (EXG) has only one operating division and that is MCC Contract and Mining Services which offers services to open cast mines including drilling, blasting, load hauling and rehabilitation.... read more
 
EXTRAORDINARY ITEM
An Income Statement item which shows an expense or income which is not part of the company's normal business. For example, if a supermarket chain sells a piece of land and makes a profit, then... read more
 
EXX
26 - 06 - 2020
Exxaro (EXX) is South Africa's BEE coal company with interests in iron and heavy minerals. It has interests in Australia, America and Europe. It is a provider of coal to Eskom's... read more
 
EXXARO RESOURCES LTD
26 - 06 - 2020
Exxaro (EXX) is South Africa's BEE coal company with interests in iron and heavy minerals. It has interests in Australia, America and Europe. It is a provider of coal to Eskom's... read more
 
EY
Earnings per share expressed as a percentage of the current market price of the share. For example, a company with 25 cents earnings per share and a market price of 250 cents would have an earnings... read more