STOCK MARKET GLOSSARY

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  • 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(...) - 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(...) - 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(...) - Read More
  • ABG
    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. It offers a range of(...) - 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(...) - 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(...) - Read More
  • ABSA GROUP LTD
    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. It offers a range of(...) - 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
  • 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(...) - 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(...) - 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 two(...) - 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 in(...) - 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(...) - 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
  • 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
  • ACL
    ArcelorMittal (ACL) is South Africa's largest steel producing company. It has survived where companies like Highveld Steel disappeared. Arguably, ArcelorMittal felt the impact of the sub-prime(...) - 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
  • ACT
    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 help with its(...) - 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,(...) - 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(...) - 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(...) - 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
  • 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
    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. In the year ended 30th June(...) - Read More
  • ADCOCK INGRAM HOLDINGS LTD
    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. The business that(...) - Read More
  • ADH
    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 - a schools(...) - Read More
  • ADI
    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. In the year ended 30th June(...) - 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,(...) - 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 of(...) - 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(...) - Read More
  • ADVANCED HEALTH LTD
    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 2014 with the(...) - 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(...) - Read More
  • ADVICE
    Investment advice has become a big industry in South Africa and world-wide. Lay people with surplus cash obviously wish to generate a return which is better than inflation – and this requires(...) - Read More
  • ADVTECH EDUCATION LTD
    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 - a schools(...) - Read More
  • AEEI
    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 has very strong(...) - Read More
  • AEG
    The once-massive construction company, Aveng (AEG), which traded at R69 a share in 2008, has been reduced to a 3c penny stock. This sad demise has been brought about by a number of factors.(...) - Read More
  • AEL
    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 on its core business(...) - 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(...) - 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 EQUITY EMPOWERMENT INVESTMENTS LTD
    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 has very strong(...) - 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,(...) - Read More
  • AFRICAN OXYGEN LTD
    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 countries. It has(...) - Read More
  • AFRICAN RAINBOW CAPITAL INV
    African Rainbow Capital (AIL), or ArcInvest, is a BEE investment company that was formed in 2015 and listed on the JSE in September 2017. Since it was formed, ArcInvest has invested in more than(...) - Read More
  • AFRICAN RAINBOW MINERALS LTD
    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 group metals (PGM),(...) - 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 of over $1 trillion. It is larger than all the other African stock(...) - Read More
  • AFROCENTRIC INVESTMENT CORP LTD
    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 help with its(...) - 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
  • AFX
    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 countries. It has(...) - 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
  • 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,(...) - 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
  • AIL
    African Rainbow Capital (AIL), or ArcInvest, is a BEE investment company that was formed in 2015 and listed on the JSE in September 2017. Since it was formed, ArcInvest 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
    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. The business that(...) - Read More
  • ALLIED ELECTRONICS CORP LTD
    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 on its core business(...) - 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
  • 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
  • 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(...) - Read More
  • ALT-X
    Alt-X is a market for small to medium companies in the growth phase. The listing requirements are less stringent than those of the Main Board of the JSE. The Alt-X has basically taken over the(...) - 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
  • 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 of(...) - Read More
  • AMERICAN STOCK EXCHANGE
    Originally an overflow of companies that were too small to list on the New York Stock Exchange, the “Amex” used to trade on the street outside the NYSE with brokers making markets next to(...) - Read More
  • AMEX
    Originally an overflow of companies that were too small to list on the New York Stock Exchange, the “Amex” used to trade on the street outside the NYSE with brokers making markets next to(...) - 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
  • 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(...) - 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
  • ANG
    Anglogold Ashanti (ANG) is an international gold producer with operations in South Africa, the DRC, Tanzania, Ghana, Mali and the US. Under the stewardship of Srinivasan Vekatakrishnan, it has(...) - Read More
  • ANGLOGOLD ASHANTI LTD
    Anglogold Ashanti (ANG) is an international gold producer with operations in South Africa, the DRC, Tanzania, Ghana, Mali and the US. Under the stewardship of Srinivasan Vekatakrishnan, it has(...) - Read More
  • ANGLOVAAL INDUSTRIES LTD
    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 brands such as I&J(...) - Read More
  • ANH
    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 out SA Breweries for(...) - Read More
  • ANHEUSER-BAUSCH SA LTD
    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 out SA Breweries for(...) - 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(...) - 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 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(...) - 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
  • APN
    Aspen (APN) is a pharmaceutical company which trades in 150 countries in a wide range of speciality and branded products aimed at a range of acute and chronic conditions. They have 25(...) - 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
  • 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(...) - Read More
  • ARB HOLDINGS LTD
    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 throughout South(...) - 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
    ArcelorMittal (ACL) is South Africa's largest steel producing company. It has survived where companies like Highveld Steel disappeared. Arguably, ArcelorMittal felt the impact of the sub-prime(...) - Read More
  • ARH
    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 throughout South(...) - Read More
  • ARI
    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 group metals (PGM),(...) - 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
  • 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
  • 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 the(...) - 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(...) - Read More
  • ASPEN PHARMACARE HOLDINGS LTD
    Aspen (APN) is a pharmaceutical company which trades in 150 countries in a wide range of speciality and branded products aimed at a range of acute and chronic conditions. They have 25(...) - Read More
  • ASR
    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. During the year to 30th(...) - 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(...) - 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 to(...) - 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(...) - 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 MANAGEMENT
    The management of listed or unlisted assets (equities, options etc.). - 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(...) - 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. - 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
    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. During the year to 30th(...) - Read More
  • ASTROPHYSICAL CYCLE
    Any earthly cycle, such as a market cycle, that has been scientifically related to the physics of the planetary system. - 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 MARKET
    An order to be transacted immediately against the best opposite order in the book at the time of making such entry. - Read More
  • AT-THE-MONEY
    An option whose strike price is nearest the current price of the underlying deliverable. - 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
    Attacq (ATT) is a BEE level 2 property developer that converted to a real estate investment trust (REIT) in May 2018 and was listed on the JSE in 2013. It is the owner of the Mall of Africa in(...) - Read More
  • ATTACQ LTD
    Attacq (ATT) is a BEE level 2 property developer that converted to a real estate investment trust (REIT) in May 2018 and was listed on the JSE in 2013. It is the owner of the Mall of Africa in(...) - 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,(...) - 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 of(...) - Read More
  • AUTHORISED CAPITAL
    The number of shares in each class which a company is authorised to issue to the public or in exchange for assets. The authorised capital must be stated in the Memorandum of Association, but may(...) - 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”. - Read More
  • AVENG LTD
    The once-massive construction company, Aveng (AEG), which traded at R69 a share in 2008, has been reduced to a 3c penny stock. This sad demise has been brought about by a number of factors.(...) - 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,(...) - 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(...) - 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 a(...) - Read More
  • AVI
    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 brands such as I&J(...) - Read More
  • AVL
    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 2014 with the(...) - Read More
  • AYO
    This is a black-owned technology company that was spun out of AEEI. Suspicious circumstances with a massive R4,3bn investment by the PIC did not look as if it would stand up to rigorous(...) - Read More
  • AYO TECH SOLUTIONS LTD
    This is a black-owned technology company that was spun out of AEEI. Suspicious circumstances with a massive R4,3bn investment by the PIC did not look as if it would stand up to rigorous(...) - Read More