List of Glossary Terms
| J150 |
This is a weighted average of all gold shares traded on the JSE. The South African economy has been built on the exploitation of its mineral wealth - and gold was predominant until about 1970.... read more |
| JANUARY EFFECT |
An American phenomena which means the tendency for securities prices to recover in January after tax-related selling is completed before the year-end. |
| JASCO ELECTRONICS HOLDINGS LIMITED |
04 - 06 - 2020 Jasco (JSC) is a technology and electronics group that produces and markets products mainly in South Africa but also in East Africa. It serves a wide range of customers from... read more |
| JBL |
14 - 07 - 2020 Jubilee Metals Group (JBL) is a diversified metals recovery company which re-processes mine waste and surface materials. It is listed both on the London AIM market and on... read more |
| JIBAR |
The interest rate which banks in South Africa charge each other for funds lent in the open market and it is agreed by the ten largest financial institutions in the country. |
| JOBBER |
Originally, a stock jobber was a market maker on the London Stock Exchange (LSE), prior to the dematerialisation of shares and the advent of electronic trading in 1986. In South Africa the term... read more |
| JOHANNESBURG INTERBANK AGREED RATE |
The interest rate which banks in South Africa charge each other for funds lent in the open market and it is agreed by the ten largest financial institutions in the country. |
| JOHANNESBURG SECURITIES EXCHANGE |
The primary securities exchange in South Africa. The Johannesburg Stock Exchange, the futures and options markets and the bond market are all part of the Johannesburg Securities Exchange. There... read more |
| JOHN MAYNARD KEYNES |
Keynes was a British economist who devloped the "monetarist" school of thought in economics. He is well known for publishing a book, "The General Theory of Employment Interest and Money" in which... read more |
| JOINT STOCK COMPANY |
An old term for a the first companies developed mostly in the UK and Europe. Companies have the advantage of limited liability which means their shareholders cannot lose more than the value of... read more |
| JOSEPH GRANVILLE |
A financial public speaker and writer from America, Joseph Granville championed the the idea of using volumes as a key technical indicator. He developed the On Balance Volume technique (OBV)... read more |
| JOSEPH GRANVILLE'S |
A financial public speaker and writer from America, Joseph Granville championed the the idea of using volumes as a key technical indicator. He developed the On Balance Volume technique (OBV)... read more |
| JSC |
04 - 06 - 2020 Jasco (JSC) is a technology and electronics group that produces and markets products mainly in South Africa but also in East Africa. It serves a wide range of customers from... read more |
| JSE |
The primary securities exchange in South Africa. The Johannesburg Stock Exchange, the futures and options markets and the bond market are all part of the Johannesburg Securities Exchange. There... read more |
| JSE ALTERNATIVE EXCHANGE |
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 |
| JSE ALTERNATIVE EXCHANGE |
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 |
| JSE ALTX 15 INDEX |
The index is supposed to contain the 15 largest companies trading on the Alt-X, but at the time of writing only 11 qualified for inclusion and they were dominated by Anchor Capital, which represented... read more |
| JSE CODE |
An abbreviation for securities traded on an organised exchange. Share codes on the JSE are between 3 and 6 letters long - so, for example, the code for Sasol is "sol". Most stockbroking trading... read more |
| JSE DIVIDENDS PLUS INDEX |
The JSE’s Dividend Plus Index is designed to include only those shares from the JSE Top40 and the JSE Mid-Cap which pay the best dividends based on their dividend yield. The components... read more |
| JSE FINANCIAL AND INDUSTRIAL 15 INDEX |
The Financial and Industrial 15 index consists of the largest 15 companies by free-float market capitalisation, but it excludes Naspers and Richmont. At the time of writing, these 15 companies... read more |
| JSE FINANCIAL AND INDUSTRIAL INDEX |
The JSE Financial and Industrial index (J250) includes 139 industrial and financial shares. The largest component is Naspers which accounts for more than 27% of the index, followed by Richemont... read more |
| JSE FINANCIALS INDEX |
This is an index of the financial shares trading on the JSE. It includes 60 companies (counting Investec Ltd and Investec Plc as a single company) including the larger real estate investment... read more |
| JSE FLEDGLING INDEX |
This index consists of ordinary shares which comply with all listing requirements, but are too small to be included in the All Share Index and which are not tested for liquidity. The JSE is broken... read more |
| JSE GOLD MINING INDEX |
This is a weighted average of all gold shares traded on the JSE. The South African economy has been built on the exploitation of its mineral wealth - and gold was predominant until about 1970.... read more |
| JSE HANDBOOK |
A regurlarly updated hard-copy book which gives details of all the listed companies on the JSE. This book is updated three times a year and contains abbreviated financials going back five years... read more |
| JSE INDUSTRIAL 25 INDEX |
The Industrial 25 index contains the largest 25 shares in the industrial sector weighted for their free-float market capitalisation. This index is again dominated by Naspers (over 44% weighting... read more |
| JSE INDUSTRIAL AND FINANCIAL 30 INDEX |
An index prepared by the JSE actuaries which is a weighted average of the 30 largest financial and industrial shares trading on the Johannesburg Stock Exchange. The Financial and Industrial 30... read more |
| JSE INDUSTRIAL INDEX |
The JSE Industrial index contains just 20 shares and, at the time of writing, was dominated by Remgro with a weighting of over 33% and Bidvest with a weighting of over 23%. These two shares had... read more |
| JSE LARGE AND MID CAP INDEX |
The Large and Mid-Cap index combines the Large Cap and the Mid Cap indices into a single index. At the time of writing, it had 103 shares in it and Naspers made up over 20% of it and BHP was... read more |
| JSE LARGE CAP INDEX |
The JSE Large Cap index contains 46 very large companies. In many ways this index is similar to the JSE Top 40 index. At the time of writing, Naspers accounted for over 23% of it, followed by... read more |
| JSE LIMITED |
06 - 08 - 2020 The Johannesburg Stock Exchange (JSE) is listed on the JSE. It is a securities exchange which allows the trade of shares, bonds and derivatives. It has approximately 350 shares... read more |
| JSE MAGAZINE |
A quarterly online publication produced by the JSE containing topical articles on the economy, individual listed companies and the investment environment generally. We would advise private investors... read more |
| JSE MEMBER FIRM |
To buy and sell shares on the Johannesburg Securities Exchange, you will need to open an account with a stockbroking firm. Stockbroking firms employ stockbrokers who have passed the necessary... read more |
| JSE MID-CAP INDEX |
The Mid Cap index is supposed to be the next 60 largest shares trading on the JSE, after the Top 40. In practice it sometimes contains 59 or 61. For actuarial reasons. At the time of writing... read more |
| JSE OVERALL 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 |
| JSE PROPERTY INDEX |
The Sapy is an FTSE/JSE index of the top 20 liquid real estate investment trusts (REIT) by market capitalisation. 80% of a REIT's assets must be in property and they are required to earn at least... read more |
| JSE QUARTERLY MAGAZINE |
A three-monthly magazine sent to stockbrokers, fund managers and various other financial professionals. It is available at: https://www.jsemagazine.co.za |
| JSE RULES AND DIRECTIVES |
Rules and directives established by the JSE to govern all the workings of the exchange in terms of the Stock Exchanges Control Act (SECA). The rules are an extensive document which is available... read more |
| JSE SETS |
The London Stock Exchange's "Stock Exchange Trading Service" (SETS) electronic order book. The London Stock Exchange sold its Sets order-driven trading system to the JSE Securities Exchange South... read more |
| JSE SMALL-CAP INDEX |
The JSE Small Cap index consists of all the shares which are included in the JSE overall – except for those in the JSE Top 40 and the JSE Mid Cap. The Top 40 index is an average of the... read more |
| JSE TOP 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 |
| JSE TRUSTEES (PTY) LTD |
A company formed by the JSE to hold, invest and safeguard the surplus funds belonging to a client and held by a broker who is operating a controlled account on behalf of the client. The investors... read more |
| JSE TRUSTEES RATE |
Stock Broking firms open accounts for their customers so that they can invest on the JSE. Any funds deposited into such accounts and not used to buy shares must be transferred to the JSE Trustees... read more |
| JSE-FIN30 |
An index prepared by the JSE actuaries which is a weighted average of the 30 largest financial and industrial shares trading on the Johannesburg Stock Exchange. The Financial and Industrial 30... read more |
| JSE-IND25 |
The Industrial 25 index contains the largest 25 shares in the industrial sector weighted for their free-float market capitalisation. This index is again dominated by Naspers (over 44% weighting... read more |
| JUBILEE METALS GROUP LIMITED |
14 - 07 - 2020 Jubilee Metals Group (JBL) is a diversified metals recovery company which re-processes mine waste and surface materials. It is listed both on the London AIM market and on... read more |
| JUDICIAL MANAGEMENT |
A term from the previous Companies Act to allow for a company to be wound up for financial reasons. It is sometimes the case that a company can be saved with good management. Judicial management... read more |
| JUMBO CERTIFICATE OF DEPOSIT |
A CD worth at least $100,000. |
| JUNIOR DEBT |
Also called "junior debt" this is a category of debt instruments which have a lower priority than senior debt on liquidation. So in the event of a default, the senior debt will be paid out first... read more |
| JUNK BOND |
A bond which has less than investment grade - usually a bond issued by a company rather than a government or quasi-government organisation. |
| JUNK STATUS |
There are three major ratings agencies which have made a business out of assessing the credit risk of companies, parastatals and governments worldwide. They are Fitch, Moody's and Standard &... read more |
| JURISTIC PERSON |
An organisation which has a legal personality such as a company. This implies that it is responsible for its own management and debts (and not the investors who own the shares). The opposite... read more |