List of Glossary Terms
| V-BOTTOM FORMATION |
V-bottoms are a fairly rare formation in technical analysis and usually signal some sort of artificial interference in the progress of the market. For example, the V-bottom which occurred in... read more |
| V-TOP FORMATION |
Changes in the direction of market sentiment from bullish to bearish represent points or periods at which the sentiment has shifted from positive to negative. Usually this takes place over a... read more |
| VACANCY RATE |
This is the percentage of a property company's rentable space which is vacant. It is a key statistic in the assessment of real estate investment trusts (REIT) and property companies. It is especially... read more |
| VALUE ADDED TAX |
A tax which is applied to the value added by an organisation to a product. The value added is measured by the difference between what a company paid for a product and what it is able to sell... read more |
| VALUE AT RISK |
A measure of exposure within a given portfolio, which attempts to estimate how much the portfolio would be expected to lose, given the recent behaviour of the securities contained therein. |
| VALUE GROUP LIMITED |
17 - 06- 2020 Value Group (VLE) is a logistics company operating in Southern Africa with six divisions (1) Transportation (2) Distribution (3) Warehousing (4) Import and Export (5) Materials... read more |
| VALUE-WEIGHTED INDEX |
A market average such as Standard & Poor's 500 Index that takes into account the market value of each security's market capitalisation rather than calculating a straight price average. |
| VAR |
A measure of exposure within a given portfolio, which attempts to estimate how much the portfolio would be expected to lose, given the recent behaviour of the securities contained therein. |
| VARIABLE LIMIT |
A price system that allows for larger than normal allowable price movements under certain conditions. In periods of extreme volatility, some exchanges permit trading at price levels that exceed... read more |
| VARIABLE RATE PREFERENCE SHARE |
A preference share which receives a dividend based on a variable - like the prime overdraft rate from a specific bank. These shares are relatively rare, but they do exist. They have slightly... read more |
| VARIABLE-LENGTH MOVING AVERAGE |
A moving average where the number of periods selected for smoothing is based on a volatility measurement of price. Typically, the standard deviation of price is used to measure price volatility.... read more |
| VARIANCE FUTURE |
A derivative instrument where the holder buys the variance from a future strike price at a specific future date. In South Africa these are known as "savi squared" and they allow investors to... read more |
| VARIATION MARGIN |
Additional margin required to be deposited by a clearing member firm to the clearinghouse during periods of great market volatility or in the case of high-risk accounts. |
| VAT |
A tax which is applied to the value added by an organisation to a product. The value added is measured by the difference between what a company paid for a product and what it is able to sell... read more |
| VCM |
... read more |
| VEGA |
The amount by which the price of an option changes when the volatility changes. |
| VELOCITY OF CIRCULATION |
The speed with which money circulates in the economy. In a recession, money tends to circulate more slowly than in a boom. When money is circulating more slowly, it takes longer for the inflationary... read more |
| VENTURE CAPITAL |
High-risk, start-up operations which normally raise capital by selling shares in a public unlisted company directly to the public through a team of commissioned salespeople. These are always... read more |
| VENTURE CAPITAL MARKET |
... read more |
| VERIMARK HOLDINGS LIMITED |
Verimark (VMK) is a well-known South African retailer of unusual products which cannot generally be found in conventional shops. It sources, develops and distributes products in housewares, fitness,... read more |
| VERTICAL SPREAD |
A stock option spread based on simultaneous purchase and sale of options on the same underlying stock with the same expiration months but different strike prices. |
| VESTING |
The rights that an employee gains for working at a firm for a specific length of time. |
| VIS |
06 - 04 - 2020 Visual International Holdings (VIS) is a small, cash-strapped property development company operating in the Cape Town area. The company announced on 2nd July 2018 that publication... read more |
| VIS MAJOR |
In law this refers to an unpredictable event which prevents one party from completing its obligations in terms of a contract. Most major contracts contain a force majeure clause which allows... read more |
| VISUAL INTERNATIONAL HOLDINGS LIMITED |
06 - 04 - 2020 Visual International Holdings (VIS) is a small, cash-strapped property development company operating in the Cape Town area. The company announced on 2nd July 2018 that publication... read more |
| VIVO ENERGY PLC |
29 - 07 - 2020 Vivo (VVO) is an energy share which owns Shell service stations mainly in South Africa, but also in other countries in Africa to the North. Vivo has bought 230 service stations... read more |
| VKE |
03 - 07- 2020 Vukile (VKE) is a real estate investment trust (REIT) trading on the JSE and the Namibian Stock Exchange. It owns properties directly, shares in other REITs, property in the... read more |
| VLE |
17 - 06- 2020 Value Group (VLE) is a logistics company operating in Southern Africa with six divisions (1) Transportation (2) Distribution (3) Warehousing (4) Import and Export (5) Materials... read more |
| VMK |
Verimark (VMK) is a well-known South African retailer of unusual products which cannot generally be found in conventional shops. It sources, develops and distributes products in housewares, fitness,... read more |
| VOD |
24 - 07 - 2020 Vodacom (VOD) is South Africa's largest airtime and data provider for cell phones. It is a subsidiary of the international company Vodaphone. Its competitors are MTN, Cell-C... read more |
| VODACOM GROUP LTD |
24 - 07 - 2020 Vodacom (VOD) is South Africa's largest airtime and data provider for cell phones. It is a subsidiary of the international company Vodaphone. Its competitors are MTN, Cell-C... read more |
| VOLATILITY |
The degree to which a share deviates from its average. High volatility is associated with risk, both fundamental and technical. For example, shares in marginal gold mines can be extremely volatile... read more |
| VOLUME |
The number of shares changing hands during a single trading day. This figure is calculated by counting the number of shares traded in a particular security daily, which gives the daily traded... read more |
| VOLUME PRICE TREND |
In which a running sum is maintained when a day's total volume is added if the market closes positive or the day's total volume is subtracted if the market closes lower. In this calculation the... read more |
| VOLUME WEIGHTED AVERAGE PRICE |
This is the average price weighted for the volume traded each day over a defined period such as the previous 30 days. The VWAP is used to price rights issues, acquisitions, mergers and other... read more |
| VOLUNTARY CORPORATE ACTION |
A corporate action which requires a decision from shareholders - such as a rights issue. With a rights issue, shareholders must decide whether to take up the rights or not. If they do not take... read more |
| VOTING AND NON-VOTING PREFERENCE SHARES |
Preference shares are usually non-voting, but can also be voting shares. If given the ability to vote the value of the shares is greater. Because preference shares do not participate in the... read more |
| VUKILE PROPERTY FUND LIMITED |
03 - 07- 2020 Vukile (VKE) is a real estate investment trust (REIT) trading on the JSE and the Namibian Stock Exchange. It owns properties directly, shares in other REITs, property in the... read more |
| VUN |
10 - 09 - 2020 Vunani (VUN) is a black-owned financial services group with interests in asset management, investment, banking, property and stockbroking. It also has an interest in coal... read more |
| VUNANI LIMITED |
10 - 09 - 2020 Vunani (VUN) is a black-owned financial services group with interests in asset management, investment, banking, property and stockbroking. It also has an interest in coal... read more |
| VVO |
29 - 07 - 2020 Vivo (VVO) is an energy share which owns Shell service stations mainly in South Africa, but also in other countries in Africa to the North. Vivo has bought 230 service stations... read more |
| VWAP |
This is the average price weighted for the volume traded each day over a defined period such as the previous 30 days. The VWAP is used to price rights issues, acquisitions, mergers and other... read more |