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


S&P500 INDEX
An index of the 500 largest companies trading on Wall Street, weighted for their market capitalisation. The S&P is more representative than the Dow Jones which is a simple average of the... read more
 
S32
21 - 08 - 2020
South 32 (S32) was spun out of BHP Billiton in 2015 and contained all of BHP's South African coal assets. It is, in its own right, a diversified miner of base metals and minerals... read more
 
SA CORPORATE REAL ESTATE FUND
17 - 09 - 2020
SA Corp (SAC) is probably one of the worst-performing real estate investment trusts (REIT) on the JSE at the moment. It owns a group of 199 industrial, retail, storage, residential... read more
 
SABVEST LIMITED
10 - 09 - 2020
Sabvest (SBV) is an investment holding company which listed on the JSE in 1988. Previously, the company had both ordinary and "N" shares which were very thinly traded. To... read more
 
SAC
17 - 09 - 2020
SA Corp (SAC) is probably one of the worst-performing real estate investment trusts (REIT) on the JSE at the moment. It owns a group of 199 industrial, retail, storage, residential... read more
 
SAFARI INVESTMENTS LIMITED
13- 07 - 2020
Safari (SAR) is a real estate investment trust (REIT). The company owns 9 operational properties in South Africa - 8 retail outlets and one day-care center with a total value... read more
 
SAFE CUSTODY ACT
An Act which dealt with the transition from an open-outcry share market with physical share certificates to an electronic market with dematerialised shares held in electronic format by STRATE.... read more
 
SAFE HAVEN
A place where investors can place their funds where they will be safe from international volatility. The US Treasury Bills (T-Bills) are the classic safe haven investment, but they often offer... read more
 
SAFE HAVEN TAX RULE
In terms of the Income Tax Act, any share investment which is held for longer than 3 years is taxed only on the basis of capital gains and does not result in the investor being declared a share... read more
 
SAFEX
South Africa's licenced futures exchange under the Financial Markets Act. SAFEX is owned by the JSE.
 
SALES
The value of products sold by a company during the financial period. Sales is not necessarily the same as "turnover" or "revenue" which may include other sources of income such as rent or commissions.... read more
 
SALES GROWTH
The growth in sales in a company.
 
SALES LOAD
A service charge of a mutual fund that is added to the costs of owning a stake in the fund.
 
SAME STORE SALES
The sales made by a retailer from the same stores which it owned in the previous financial period - as opposed to new store which have been opened in the current  financial period. Same store... read more
 
SANCTIONS
Economic penalties which are imposed on one country, organisation or individual by one or more countries with the objective of getting that country, organisation or individual to change their... read more
 
SANLAM LTD
11- 09 - 2020
Sanlam (SLM) is one of the largest insurance and financial services groups in South Africa. It was established in 1918 and demutualised in 1998 then listed on the JSE and the... read more
 
SANTAM LTD
05 - 09 - 2020
Santam (SNT) is South Africa's largest short-term insurer with abot 22% of the market. This means that it does not engage in endowment insurance, annuities or any kind of... read more
 
SANTOVA LOGISTICS LIMITED
26 - 05 - 2020
Santova (SNV) is an international logistics company with 19 offices in 7 countries. The company designs, implements, coordinates, controls and monitors international supply... read more
 
SAP
31 - 07 - 2020
Sappi (SAP) manufactures paper, dissolving wood pulp (DWP) and paper pulp internationally and supplies products in 150 countries. DWP is used to manufacture clothing, packaging... read more
 
SAPPI LTD
31 - 07 - 2020
Sappi (SAP) manufactures paper, dissolving wood pulp (DWP) and paper pulp internationally and supplies products in 150 countries. DWP is used to manufacture clothing, packaging... read more
 
SAR
13- 07 - 2020
Safari (SAR) is a real estate investment trust (REIT). The company owns 9 operational properties in South Africa - 8 retail outlets and one day-care center with a total value... read more
 
SARB
A government or quasi-governmental organization that manages a country's monetary policy. For example, the U.S. central bank is the Federal Reserve, and the ECB (European Central Bank) manages... read more
 
SARS
The Receiver of Revenue in South Africa, tasked with collecting taxes and customs duties. Since the advent of the ANC government, tax collections in South Africa have improved noticeably, and... read more
 
SASFIN HOLDINGS LTD
14 - 09 - 2020
Sasfin (SFN) is a banking group that specialises in various types of finance for small businesses and high net-worth individuals. It was listed on the JSE in 1987. The company... read more
 
SASOL LTD
18 - 08- 2020
Sasol (SOL) is a massive international chemicals and energy company which has its roots in the oil-from-coal technology developed during the apartheid era in South Africa.... read more
 
SATRIX
A financial institution providing (passive opposed to managed) investment products including exchange traded funds (ETF) and unit trusts. They also produce customized products to meet specific... read more
 
SATRIX 40 ETF
The Satrix Top 40 (STX40) is an ETF (exchange traded fund) that tracks the FTSE/JSE Top 40 providing exposure to the 40 largest shares, by market capitalisation, listed on the JSE.  The Satrix... read more
 
SATRIX DIVI
This an ETF which tracks the Dividend Plus Index (STXDIV) as closely as possible. The components of the Dividend Plus index are based on a one-year forecast of future dividend yields. This type... read more
 
SATRIX RESI
Satrix Resi (STXRES) is an index tracking fund, providing investors with the price performance of the FTSE/JSE Capped Resource index. It, together with various other ETFs, is produced and managed... read more
 
SATRIX SWIX
The Satrix Swix (STXSWX) exchange traded fund (ETF) is very similar to the Satrix Top 40, except that it reduces the weighting of those shares in the top 40 which have exposure to foreign investments... read more
 
SAUCER BOTTOM FORMATION
This is the name that technicians give to the bottom formation of a share price where it drifts out slowly from a strong downward trend and then begins to tentatively move upwards into a new... read more
 
SAUCER TOP FORMATION
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
 
SAVI
 
SAVI SQUARED
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
 
SAVINGS
That portion of an individual's income which he/she saves.The national savings rate is important because those savings can be used by businesses to expand their businesses and grow the economy.... read more
 
SBK
21 - 08 - 2020
Standard Bank (SBK) is South Africa's second largest bank by market capitalisation - after First National Bank. It has widespread interests in the rest of Africa which are... read more
 
SBV
10 - 09 - 2020
Sabvest (SBV) is an investment holding company which listed on the JSE in 1988. Previously, the company had both ordinary and "N" shares which were very thinly traded. To... read more
 
SCALE
In the share market this refers to a company's size and its ability to achieve economies of scale in its production. Smaller companies are often at a disadvantage because they do not have the... read more
 
SCALED INDEX
 
SCALLOP
Similar to the cup and handle formation, this chart formation occurs when price dips momentarily, forming a cup, before resuming its upward course. Typically bullish, the scallop form can be... read more
 
SCALP
In commodities, purchasing and selling in equal amounts so there is no net position at the end of the trading day; a speculative attempt to make a quick profit by buying at the initial offering... read more
 
SCALP TRADING
An ultra-short-term trading strategy with just a few minutes between buyin and selling and certainly within the trading day. The objective is to take advantage of very small movements. The idea... read more
 
SCALPER
A local trader in the pit who trades for small, short-term profits during the course of a trading session, rarely carrying a position overnight.
 
SCARCE RESOURCES
An economics concept which refers to the four broad categories of scarce resources used in the economy. Those resources are land, labour, capital and entrepreneurial ability. All products and... read more
 
SCARCITY
A key concept in economics that all goods, both primary (as in raw materials) and secondary (as in finished products) have a finite supply which is exceeded by the demand for them. The relationship... read more
 
SCD
01 - 06 - 2020
Schroder European Real (SCD), Seriet, is a real estate investment trust (REIT) which specialises in providing investors with a reliable return by investing in properties in... read more
 
SCHEME OF ARRANGEMENT
A transaction which could change how a company is controlled. If the company's ownership is changed to the extent that there is a new controlling shareholder by whatever means, then the minority... read more
 
SCHRODER EUR REIT PLC
01 - 06 - 2020
Schroder European Real (SCD), Seriet, is a real estate investment trust (REIT) which specialises in providing investors with a reliable return by investing in properties in... read more
 
SCOPING STUDY
An initial study conducted by mining exploration companies to determine whether a project is worthwhile. The study provides an overview of operations, an estimated final grade, an environmental... read more
 
SCORECARD
The Broad Based Black Economic Empowerment Act (53 of 2003) has as its obective the empowerment of black people in South Africa. In order to achieve this it rates comanies according to a scorecard... read more
 
SCP
29 - 08 - 2020
Stellar Capital (SCP) is an investment holding company with interests in financial services companies (Prescient, Friedshelf and Praxis). In its results for the year ended... read more
 
SCRIP
The physical share certificates(s).
 
SCRIP DIVIDEND
A dividend which is paid in additional shares rather than in cash. A company will offer a scrip dividend if it wants to retain cash in the business. And sometimes, dividends can be either in... read more
 
SDO
27 - 08 - 2020
Stadio (SDO) is a tertiary education institution that offers a wide range of post-school training. The company offers higher education through five universities offering higher... read more
 
SEA
20 - 05 - 2020
Spear (SEA) is a real estate investment trust (REIT) which specialises in properties in and around Cape Town. It was started by Mike Flax and the CEO is Quintin Rossi. Both... read more
 
SEA HARVEST GROUP LTD
01 - 09- 2020
Sea Harvest (SHG) is South Africa's most popular frozen fish brand with about 38% of the market. It is controlled by Brimstone which has a 54,92% stake. Sea Harvest catches,... read more
 
SEASONAL ADJUSTMENT
A statistical technique for adjusting particularly demand data for annual trend deviations. Seasonal adjustments can be necessitated by climate changes such as the shift from winter to summer... read more
 
SEASONAL TREND
A consistent but short-lived rise or drop in market activity that occurs due to predictable changes in climate or calendar. For example, retailers tend to do a large percentage of their business... read more
 
SEB
03 - 08 - 2020
Sebata (SEB) is an investment holding company with four divisions - software solutions, water technologies, ICT support services and consulting. Their software solutions division... read more
 
SEBATA
03 - 08 - 2020
Sebata (SEB) is an investment holding company with four divisions - software solutions, water technologies, ICT support services and consulting. Their software solutions division... read more
 
SECOND ROUND INFLATION
Primary inflation occurs because the price of goods goes up and hence the purchasing power of the currency falls. Thus an element of primary inflation would be an increase in the petrol price.... read more
 
SECONDARY LISTING
Companies generally list on the main stock exchange of the country where they have most of their businesses. But as they diversify into other geographies, they often take a second listing in... read more
 
SECONDARY MARKET
The market made up of share transactions between members of the public, which do not directly involve the company that issued the shares. The primary market is where companies sell their shares... read more
 
SECONDARY SHARE
A secondary share is a share which is well-managed and has good markets, but does not have the financial muscle, history of profits or diversity of the blue-chips. These are sometimes referred... read more
 
SECONDARY TREND
Charles Dow identified three different lengths of movement in the stock market as part of his "Dow Theory". They were long-term trends which vary from 2 to 10 years or even longer, secondary... read more
 
SECTOR
A grouping of all shares in the same industry, usually represented by a sector index. If you look at the price page of your newspaper, you will see that the share market is divided into sectors.... read more
 
SECTOR EDUCATION TRAINING AUTHORITY
SETA's are probably one of the worst innovations of the ANC government. They were initially aimed to create a skilled labour force, but have turned into massive bureaucratic structures that achieve... read more
 
SECTOR FUND
A mutual fund that concentrates on trading a range of securities within a broad industry group, such as technology, energy or financial services.  
 
SECTOR ROTATION
When a block of investment professionals cash out of one industry sector to invest in another.
 
SECULAR TREND
A long term trend that persists for a virtually indefinite period.
 
SECURED DEBT
A debt which is secured against an asset, usually property in the form of a mortgage bond. In the event that the company is liquidated that asset can be siezed and sold to repay the debt. Secured... read more
 
SECURITIES CODE
 
SECURITIES REGULATION PANEL
In terms of the Companies Act, the securities regulation panel is established to examine "affected transactions" where the control of the business changes hands. Examples include mergers, acquisitions... read more
 
SECURITIES SERVICES ACT
This is an old and out-dated piece of legislation that was replaced by the Financial Markets Act (19 of 2012) in mid-2014.
 
SECURITIES TRANSFER TAX
A tax (previously "marketable securities tax" or "MST") which is charged in terms of the Securities Transfer Tax Act (25 of 2007) on all share market transactions, as well as unlisted securities,... read more
 
SECURITISATION
Where debt instruments like mortgage bonds are gathered under a new corporate entity and then shares in that corporate entity are on-sold. The 2008 sub-prime crisis was partly the result of retail... read more
 
SECURITY
A "catch-all" term for all types of paper assets which can be traded on an organized exchange or over-the-counter. Thus the term securities includes stocks, shares or debentures (issued by a... read more
 
SECURITY SELECTION RATIO
The percentage of trades in a given account that liquidate profitably.
 
SEED
The first value used to start a calculation. For example, an exponentially smoothed moving average (EMA) uses the previous day's EMA for the calculation. On the first day's calculation of the... read more
 
SEGREGATED ACCOUNT
A special account used to hold and separate customers' assets from those of the broker or firm.
 
SELECTION
The choosing of shares to include in a watch list or portfolio. Together with your timing your choice of which share to buy is critical to your success as an investor. You begin with the universe... read more
 
SELECTNET
A Nasdaq execution technology.
 
SELF-REGULATORY ORGANISATION
Self-regulatory organisations (i.e.the futures exchanges and National Futures Association) enforce minimum financial and sales practice requirements for their members.
 
SELLER'S PRICE
The price at which someone is prepared to sell a share. At the end of the day's trade, there is often a seller who was not able to find a buyer for his shares at the price he wants, so that his... read more
 
SELLING PRESSURE
A high sell-off of a particular share or class of shares which creates excess supply in the market and so causes the price to fall.
 
SELLING SHORT
Here you can see that since the collapse of the oil price in the second half of 2014, the Sasol share price has been moving sideways between a support line at around R360 per share and strong... read more
 
SEMI-DURABLE GOODS
This is a term used to describe goods that are not made to last a very long time, for example,  clothes. This compares to non-durable or perishable goods, such as food, and durable goods... read more
 
SEMI-LOG CHART
There are a number of ways to display the data on a chart. A linear chart is just like the charts that you used to draw at school with both the X and the Y axis showing one unit for each interval.... read more
 
SENIOR DEBT
Debt which ranks above junior or mezzanine debt on liquidation. On liquidation, the liquidator will sell the assets of the company and then pay our the senior debt followed by the junior debt,... read more
 
SENS
The Stock Exchange News Service - A news service run by the JSE on which listed companies are required to announce everything of importance to the company - such as their financials, the dealings... read more
 
SENSITIVITY
The rate of change of the moving average in response to the movement of the underlying data. The most sensitive period is that in which the rate of change of the moving average is fastest in... read more
 
SENTIMENT
Crowd psychology, typically a measurement of bullish or bearish attitudes among investors and traders. There is a definite "herd" effect in market sentiment where bullish or bearish sentiment,... read more
 
SEP
12 - 08 - 2020
Sephaku (SEP) is a construction materials business in South Africa which supplies ready-mixed cement products and cement to the construction industry. The group consists of... read more
 
SEPHAKU HOLDINGS LIMITED
12 - 08 - 2020
Sephaku (SEP) is a construction materials business in South Africa which supplies ready-mixed cement products and cement to the construction industry. The group consists of... read more
 
SERVICES COMPANIES
A company which sells a service as opposed to a tangible product. Services companies have come to dominate the economies of first world countries. A services company has the advantage that it... read more
 
SETA
SETA's are probably one of the worst innovations of the ANC government. They were initially aimed to create a skilled labour force, but have turned into massive bureaucratic structures that achieve... read more
 
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
 
SETTLEMENT
The price at which all outstanding positions in a stock or commodity are marked to market. Typically, the closing price.
 
SETTLEMENT DATE
The date on which the transaction is due to be settled. In the STRATE environment transactions become due to be settled a prescribed number of days after the trade date. This is currently three... read more
 
SETTLEMENT PERIOD
One of the prescribed portions of the year for the settlement of Krugerrands (the weeks are numbered from 1 to 52, starting in January).
 
SETTLEMENT PRICE
The last price for a futures contract on any trading day, as determined by the exchange on which the futures contract is traded. The market may not actually have traded at the settlement price,... read more
 
SEZ

Special Economic Zones (SEZ) grew out of the Industrial Development Zones (IDZ) which existed previously. There... read more

 
SFN
14 - 09 - 2020
Sasfin (SFN) is a banking group that specialises in various types of finance for small businesses and high net-worth individuals. It was listed on the JSE in 1987. The company... read more
 
SGL
29 - 08 - 2020
Sibanye (SSW) is a mining house which has been on a rapid acquisition trail accumulating platinum and gold mines in South Africa and America. The company is run by Neal Froneman... read more
 
SHADOW
The wick or tail, at one end or both, designating the high and/or low prices for the period upon which a candle is based. In order to create a candlestick chart, you must have a data set that... read more
 
SHALE GAS
This is a natural gas that is trapped in shale formations. Shale formations are fine grained sedimentary rock formations that are often rich sources of petroleum and natural gas. The most well... read more
 
SHARE
A part-ownership of a company. The ownership of companies is divided into individual shares which, if the company is listed on the JSE, can be bought and sold by members of the public through... read more
 
SHARE BUY BACK
The Companies Act (71 of 2008) allows a company to buy back its own shares in the open market, provided it can pass a solvency and liquidity test. To do this the company board of directors must... read more
 
SHARE CAPITAL
A figure on the balance sheet representing the amount of money raised by the company through the issue of shares to the public. A company is a vehicle specifically designed to raise capital from... read more
 
SHARE 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
 
SHARE DEALER
Someone who deals in shares as their business. A person or organisation that buys and sells shares can be declared by the Receiver of Revenue to be a share dealer - in which case, any capital... read more
 
SHARE MARKET
A market place where securities or investment products can be bought and sold. The share market is, in fact, two markets – the primary market and the secondary market. In the primary market,... read more
 
SHARE PRICE
The value of a share or other security on an organised exchange in the currency of the country where it is traded. In South Africa the price of shares is always given in cents per share. Every... read more
 
SHARE SELECTION
The choosing of shares to include in a watch list or portfolio. Together with your timing your choice of which share to buy is critical to your success as an investor. You begin with the universe... read more
 
SHARE SPLIT
Where a company decides to divide its existing issued share capital into more shares to increase tradability. For example, if a company with 10m shares in issue, trading for 1 000c in the market... read more
 
SHARE TRANSACTIONS TOTALLY ELECTRONIC
An electronic settlement system for the South African equities market.
 
SHAREFRIEND
ShareFriend is our in-house brand of technical analysis software, offering an extremely user-friendly interface, perfect for both the beginner and professional investor. Having been around in... read more
 
SHAREHOLDER OF RECORD
Share owner of company stock as registered in company files.
 
SHAREHOLDER OF REFERENCE
A large, but not necessarily controlling shareholder. For example, PSG owns 30,7% of Capitec - which is a very substantial holding, but it does not have a controlling interest (i.e. more than... read more
 
SHAREHOLDER SPREAD
The percentage of a listed company's shares that must be held by members of the public. Section 4.28 (e) of the JSE's listing requirements states that a company listed on the main board of the... read more
 
SHAREHOLDERS FUNDS
The money which shareholders have invested in a company - as opposed to third parties like banks. These funds are derived from the sale of shares to the public, plus the accumulation of retained... read more
 
SHAREHOLDERS' REGISTER
A register of a company's shareholders giving details of the shareholder's name and the number of shares held of each class as well as any restrictions on the sale or transfer of those shares.... read more
 
SHARES IN ISSUE
The number of shares which a company has sold to the public to raise capital for its establishment or expansion. A company must obtain authorisation from the Companies and Intellectual Property... read more
 
SHARPE RATIO METHOD
The Sharpe Ratio Method is the classic return/risk measure, often used to measure the affect of a new investment in a portfolio. Similar to this is the Sterling Ratio Method.
 
SHAVEN BOTTOM
 
SHAVEN CANDLESTICK
A candlestick which does not have shadows at both the top or bottom of the candle, indicating certainty.
(image)
Shaven... read more
 
SHAVEN HEAD
 
SHAVEN TOP
 
SHG
01 - 09- 2020
Sea Harvest (SHG) is South Africa's most popular frozen fish brand with about 38% of the market. It is controlled by Brimstone which has a 54,92% stake. Sea Harvest catches,... read more
 
SHOOTING STAR
A top reversal candlestick formation consisting of a candle with a small body and a long upper shadow. This candlestick formation is the inverse of the hammer and derives its significance from... read more
 
SHOPRITE HOLDINGS LTD
09- 09 - 2020
Shoprite (SHP) is the largest grocery retailer and consumer goods company in Africa. Intense price competition has prevented supermarkets from passing on price increases to... read more
 
SHORT 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
 
SHORT INTEREST RATIO
A ratio that indicates the number of trading days required to repurchase all of the shares that have been sold short. A short interest ratio of 2.50 would tell us that based on the current volume... read more
 
SHORT NAME
Listed shares have three names - the long name, the short name and the JSE code. So for example, Edgars Consolidated Stores Ltd. is the long name for Edgars, Edcon is the short name and ECO is... read more
 
SHORT OPTION VALUE
The current market value of all short options in a trading account. This amount of cash would flow out of the account (in addition to any commissions and fees) in the event that the options were... read more
 
SHORT SALE
A sale of shares before they are purchased. A bear sale (or short sale) is the sale of an undertaking to supply a certain number of shares at a specified date in the future. It describes a situation... read more
 
SHORT SQUEEZE
A market where the shortage of scrip or a commodity which has been heavily short-sold forces short-sellers to cover at exhorbitant prices. In earlier times a short-sale (also called a "bear sale")... read more
 
SHORTING
Here you can see that since the collapse of the oil price in the second half of 2014, the Sasol share price has been moving sideways between a support line at around R360 per share and strong... read more
 
SHP
09- 09 - 2020
Shoprite (SHP) is the largest grocery retailer and consumer goods company in Africa. Intense price competition has prevented supermarkets from passing on price increases to... read more
 
SIBANYE GOLD LTD
29 - 08 - 2020
Sibanye (SSW) is a mining house which has been on a rapid acquisition trail accumulating platinum and gold mines in South Africa and America. The company is run by Neal Froneman... read more
 
SIDEWAYS
A technical analysis term meaning a period of "backing and filling" where a share's price moves up and down within a tight range bounded on the upside by a "resistance line" and on the downside... read more
 
SIDEWAYS MARKET
A technical analysis term meaning a period of "backing and filling" where a share's price moves up and down within a tight range bounded on the upside by a "resistance line" and on the downside... read more
 
SIGNAL
In technical analysis (charting), a signal is usually either a "buy" or "sell" signal given when two charts cross over each other, a chart crosses a horizontal "buy line" or a formation indicates... read more
 
SIGNAL LINE
A moving average superimposed on an indicator, generating buy and sell signals. Two indicators which use a signal line are the MACD and the stochastic oscillator. Generally a buy signal occurs... read more
 
SIGNATURE MEDALLION GUARANTY
Program used by banks and other institutions to verify a signature.
 
SIGNIFICANCE
The probability of rejection on the basis of a statistical test and a hypothesis that there is no validity to the specific claim that two variations of the same thing can be distinguished by... read more
 
SILVER
A precious metal and an element (Ag), Silver is a soft, white metal which is well suited to jewellery and has been exploited since pre-historic times. Together with gold, iron, copper, mercury,... read more
 
SILVERBRIDGE HOLDINGS LIMITED
18 - 09 - 2020
Silverbridge (SVB) is a small IT and communications company which focuses on the financial sector. The company operates in 4 divisions - software, outsourcing, data and digital... read more
 
SIMPLE MOVING AVERAGE
The arithmetic mean or average of a series of prices over a period of time. The longer the period of time studied (that is, the larger the denominator of the average), the less impact each individual... read more
 
SIMPLE PERCENTAGE STOP-LOSS
A strategy which allows an investors profits to accumulate while cutting his losses where a position goes against him. The simplest stop-loss strategy involves selling a share if it falls more... read more
 
SIMPLE REGRESSION
A mathematical way of stating the statistical linear relationship between one independent and one dependent variable.
 
SIMULATION
A training method which imitates the actions of the share market as closely as possible to enable investors to gain real-life experiences without the risks inherent in investing directly in the... read more
 
SINGLE STOCK FUTURES
Futures contracts on individual securities.
 
SINGLE STOCK LIMIT
A maximum percentage of a single equity share that can be held by an institution usually expressed as a percentage of their total portfolio. Most institutions (like pension funds, unit trusts... read more
 
SIRIUS REAL ESTATE LIMITED
14 - 08 - 2020
Sirius (SRE) is a real estate investment trust (REIT), listed on the JSE and the London Stock Exchange (LSE), which specialises in office, manufacturing and warehousing properties... read more
 
SLIPPAGE
The difference between estimated transaction costs and actual transaction costs.
 
SLM
11- 09 - 2020
Sanlam (SLM) is one of the largest insurance and financial services groups in South Africa. It was established in 1918 and demutualised in 1998 then listed on the JSE and the... read more
 
SMA
The arithmetic mean or average of a series of prices over a period of time. The longer the period of time studied (that is, the larger the denominator of the average), the less impact each individual... read more
 
SMALL ORDER EXECUTION SYSTEM
Computerised system developed by Nasdaq for immediate electronic execution of up to 1,000 shares of stock.
 
SMALL, MEDIUM AND MICRO ENTERPRISES
A definition used by the Department of Trade and Industry. SMME's are businesses with less than 150 employees, but most of them are one-man businesses, spaza shops and street vendors. They employ... read more
 
SMART MONEY
This refers to large, very well-informed investors who generally buy at or close to the bottom of a trend and sell at or close to the top. Smart investors, sometimes also called professional... read more
 
SMITH, ADAM
Adam Smith was an economist who lived in the 18th century. He is most famous for explaining capitalism and particularly for his concept of "laissez-faire" which means, in French, " leave to do".... read more
 
SMME
A definition used by the Department of Trade and Industry. SMME's are businesses with less than 150 employees, but most of them are one-man businesses, spaza shops and street vendors. They employ... read more
 
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.
 
SNAPSHOT QUOTES
Market quotations which reflect the market price at a particular point in time. Such quotes do not refresh automatically but are refreshed when the user hits the reload button on his web browser... read more
 
SNH
31- 08 - 2020
This share has been the subject of considerable drama since the Viceroy Report was produced in December 2017. Basically, the company has admitted to "accounting irregularities"... read more
 
SNT
05 - 09 - 2020
Santam (SNT) is South Africa's largest short-term insurer with abot 22% of the market. This means that it does not engage in endowment insurance, annuities or any kind of... read more
 
SNV
26 - 05 - 2020
Santova (SNV) is an international logistics company with 19 offices in 7 countries. The company designs, implements, coordinates, controls and monitors international supply... read more
 
SOCIAL AND ETHICS COMMITTEE
This is a diverse committee of experts from the community, academia, professionals and employees whose task it is to advise listed and government corporations on everything from empowerment to... read more
 
SOCIAL SCIENCE
A social science is an academic discipline which attempts to quantify some aspect of human behavior. The obvious examples are psychology and economics. Both of these disciplines attempt to measure... read more
 
SOCIALLY RESPONSIBLE INDEX
This index includes all companies that care about the environment and that look after the communities where they are located. The problem is that some big companies like Sasol which produce plenty... read more
 
SOE
A state-owned enterprise (SOE), is a legal entity owned by the government, that participates in commercial activities. It can either be partially or completely owned by the Government. Examples... read more
 
SOES
Computerised system developed by Nasdaq for immediate electronic execution of up to 1,000 shares of stock.
 
SOFT COMMODITY
A product of agriculture such a maize, animals and animal products, soya beans, wheat and so on. This is as opposed to hard commodities which are the product of mining such as precious metals,... read more
 
SOH
07 - 08 - 2020
South Ocean (SOH) is a manufacturer of low-voltage electrical cables and an importer of light fittings and electrical accessories. The company has an electrical cable manufacturing... read more
 
SOL
18 - 08- 2020
Sasol (SOL) is a massive international chemicals and energy company which has its roots in the oil-from-coal technology developed during the apartheid era in South Africa.... read more
 
SOLE TRADERS
A business run by a single natural person. Sole traders carry all the risk of their business. The risk and tax liability pass through the business to the sole trader himself. This makes this... read more
 
SOLIDARITY
This is a South African trade union, formed to protect workers' rights and to negotiate on behalf of its members. Although it is often involved in political matters, it does not affiliate itself... read more
 
SOLVENCY
The ability of a company to pay its expected short-term liabilities out of its expected short-term assets and incomes. With the introduction of the new Companies Act (71 of 2008) company law... read more
 
SOLVENCY AND LIQUIDITY TEST
A test required by the Companies Act which requires the directors of a company to assert that the company can meet all its expenses out of its incomes for the next 12 months (liquidity) and that... read more
 
SOTP
A method of valuing a company by valuing its separate divisions of parts and then adding them up to arrive at a total value for the company. This gives a different (usually higher) value than... read more
 
SOUTH AFRICAN INSTITUTE OF CHARTERED ACCOUNTANTS
The South African Institute of Chartered Accountants is the pre-eminent accounting body in South Africa. Its membership consists of qualified chartered accountants and its functions include offering... read more
 
South African Reserve Bank
A government or quasi-governmental organization that manages a country's monetary policy. For example, the U.S. central bank is the Federal Reserve, and the ECB (European Central Bank) manages... read more
 
SOUTH AFRICAN RESERVE BANK
The South African Reserve Bank is the central bank of the Republic of South Africa. The Bank was established in 1921 in terms of a special Act of Parliament, the Currency and Bank Act of 10 August... read more
 
SOUTH AFRICAN RESERVE BANK BULLETIN
The bulletin is published by the Reserve Bank every quarter and in avaliable in PDF format free of charge. The bulletin covers a very wide range of information and comment on the progress of... read more
 
SOUTH AFRICAN REVENUE SERVICES
The Receiver of Revenue in South Africa, tasked with collecting taxes and customs duties. Since the advent of the ANC government, tax collections in South Africa have improved noticeably, and... read more
 
SOUTH OCEAN LIMITED
07 - 08 - 2020
South Ocean (SOH) is a manufacturer of low-voltage electrical cables and an importer of light fittings and electrical accessories. The company has an electrical cable manufacturing... read more
 
SOUTH32 LIMITED
21 - 08 - 2020
South 32 (S32) was spun out of BHP Billiton in 2015 and contained all of BHP's South African coal assets. It is, in its own right, a diversified miner of base metals and minerals... read more
 
SOVEREIGN BANK NEXUS
This term refers to the relationship between commercial banks and the government of a country and more especially the exposure or risk of both commercial banks and governments because of their... read more
 
SOVEREIGN DEBT
A government's debt, mostly in the form of long-term government bonds. The interest cost of this debt obviously reduces the proportion of revenue available for social spending. The government's... read more
 
SPA
08 - 07 - 2020
Spanjaard (SPA) is a very thinly-traded distributor and manufacturer of specialised lubricants and related products for industrial and automotive applications. It has operations... read more
 
SPAC
A listed JSE company that comes to the JSE with just cash and management with the direct intention of making acquisitions within a specified time frame. The JSE requires that those acquisitions... read more
 
SPANJAARD LIMITED
08 - 07 - 2020
Spanjaard (SPA) is a very thinly-traded distributor and manufacturer of specialised lubricants and related products for industrial and automotive applications. It has operations... read more
 
SPEAR REIT LIMITED
20 - 05 - 2020
Spear (SEA) is a real estate investment trust (REIT) which specialises in properties in and around Cape Town. It was started by Mike Flax and the CEO is Quintin Rossi. Both... read more
 
SPECIAL DIVIDEND
When a company has surplus cash it can sometimes pay a special dividend over and above its normal interim and final dividends. Companies accused of having a "lazy balance sheet" with excessive... read more
 
SPECIAL ECONOMIC ZONES

Special Economic Zones (SEZ) grew out of the Industrial Development Zones (IDZ) which existed previously. There... read more

 
SPECIAL OFFSET
When a long position and a short position are specially matched and offset according to specific instructions from a customer, rather than according to standard industry offset practices.
 
SPECIAL PURPOSE ACQUISITION COMPANY
A listed JSE company that comes to the JSE with just cash and management with the direct intention of making acquisitions within a specified time frame. The JSE requires that those acquisitions... read more
 
SPECIAL RESOLUTION
A special resolution can only be passed with the approval of at least 65% of the voting shares of the company depending on the stipulations of the memorandum of incorporation (MOI). Special resolutions... read more
 
SPECIALIST
A trader on the market floor of the New York Stock Exchange assigned to fill bids/orders in a specific stock out of his/her own account when the order has no competing bid/order to ensure a fair... read more
 
SPECTRUM
The frequency decomposition of time series data. This is used to detect periodic fluctuations or cycles in historical price data.
 
SPECULATIVE
The word "speculative" is usually applied to smaller companies, usually newly-listed, which don't have a track record of profits and which can be viewed as risky "penny stocks". These shares... read more
 
SPECULATIVE DIVIDEND FUTURE
This is a  futures contract which is sold together with an equity future and fixes the value of the dividend accruing to that share. This hedges the risk that the dividend on a share or... read more
 
SPECULATIVE SHARES
The word "speculative" is usually applied to smaller companies, usually newly-listed, which don't have a track record of profits and which can be viewed as risky "penny stocks". These shares... read more
 
SPECULATOR
A person who buys shares with the sole objective of making a quick capital gain. Usually, speculators concentrate on high-risk penny stocks or commodity shares where there is considerable movement.... read more
 
SPG
16 - 09 - 2020
Super Group (SPG) is a large international logistics group offering transportation to the industrial sector. The company has a policy of not paying dividends, preferring to... read more
 
SPIKE
A sharp rise or fall in price in a single day or two; may be as great as 15-30%, indicating the time for an immediate sale or perhaps a purchase.
 
SPIKE BOTTOM
A candlestick reversal signal which is the opposite of the tower top formation. The Tower Bottom, also call the Spike Bottom, takes form beginning with a long red candle followed by three or... read more
 
SPIKE TOP
A candlestick top reversal signal formed at the top of a well established trend in an uncertain market. The Tower Top, also call the Spike Top, takes form beginning with a long green candle followed... read more
 
SPINNING TOP
A candlestick formation which consists of a small real body and long upper and lower shadows which represent a wide range of trading movement during the period. This formation signals a level... read more
 
SPLIT FILL
An order consisting of more than one lot, where contracts are filled at different prices. An order to sell 2 December Canadian Dollar contracts at .6200 stop might be reported as one contract... read more
 
SPOT MARKET
A spot market is a market where transactions are made for immediate delivery - like the share market. If shares are bought they must be delivered three days later (T+3). The derivatives market... read more
 
SPOT MONTH
In trading, the current contract month. Also known as the "front month".
 
SPOT PRICE
In futures markets, this term usually refers to a cash market price for a physical commodity that is available for immediate delivery. Whereas where forex is concerned, the term generally refers... read more
 
SPP
21 - 09 - 2020
Spar (SPP) runs a chain of supermarkets across Southern Africa with 2402 stores. It also operates the Build-It chain in hardware and building materials and the Tops Liquor... read more
 
SPREAD
The percentage of a listed company's shares that must be held by members of the public. Section 4.28 (e) of the JSE's listing requirements states that a company listed on the main board of the... read more
 
SPREAD ROLLS
Using a spread order to bridge the closing of one position and the establishment of a new one.
 
SPRING
A two-day pattern where the market declines below a support point on the first day and moves up strongly the next day into the congestion area.
 
SPUR CORPORATION LTD
24 - 07 - 2020
Spur (SUR) is a very well-known franchisor of fast-food restaurants in South Africa (where it has 559 restaurants with 80% able to trade during load-shedding) and has branches... read more
 
SRE
14 - 08 - 2020
Sirius (SRE) is a real estate investment trust (REIT), listed on the JSE and the London Stock Exchange (LSE), which specialises in office, manufacturing and warehousing properties... read more
 
SRI
This index includes all companies that care about the environment and that look after the communities where they are located. The problem is that some big companies like Sasol which produce plenty... read more
 
SRO
Self-regulatory organisations (i.e.the futures exchanges and National Futures Association) enforce minimum financial and sales practice requirements for their members.
 
SSA
A government department which accumulates and analyses information about the South African economy. The Statistician General runs the department and collects figures for population, economic... read more
 
SSK
31 - 07 - 2020
Stefanutti (SSK) is a South African construction company which offers roads and earthworks, marine construction, concrete structures, bulk pipelines, piling, geotechnical... read more
 
SSS
23 - 06- 2020
Stor-age (SSS) is the JSE's only real estate investment trust (REIT) which specialises in buying and running domestic storage facilities in all major South African cities and... read more
 
STADIO HOLDINGS LTD
27 - 08 - 2020
Stadio (SDO) is a tertiary education institution that offers a wide range of post-school training. The company offers higher education through five universities offering higher... read more
 
STAG
An investor who buys shares prior to a listing with the intention of selling them and making a profit as soon as the listing takes place.
 
STAGGING
The practice of buying shares in a new listing before it comes to the market with the objective of making a profit when trading begins.
 
STAGGING PROFIT
The profit made by an investor who buys a share before a listing, usually as part of a private placing, and then sells it immediately as it begins to trade on the market.
 
STAIR-STEPPING
Market activity characterised by a trend, then sideways movements, followed by another trend and further sideways movement.
 
STANDARD & POORS
A ratings agency which, together with Fitch and Moodys, rates the bonds and other debt instruments of governments, parastatals and companies. It also produces indexes of leading stock markets... read more
 
STANDARD BANK GROUP LTD
21 - 08 - 2020
Standard Bank (SBK) is South Africa's second largest bank by market capitalisation - after First National Bank. It has widespread interests in the rest of Africa which are... read more
 
STANDARD DEVIATION
A statistical measure of deviation from the average. The first standard deviation is the first 34,13% of occurrences closest to the average (or mean) on either side of it. The second standard... read more
 
STANDARDISED UNANTICIPATED EARNINGS
A company's average earnings surprise is compared with analyst earnings estimates dispersion, which can be used to estimate the likelihood of earnings surprises.
 
START UP
A business which has just started. Usually businesses begin as sole traders or partnerships and then progress from that to becoming private companies and finally public companies. Then, if they... read more
 
STATE OWNED ENTERPRISES

Parastatals or State Owed Enterprises (SOE) are corporations owned and controlled by the government. In South... read more

 
STATE-OWNED ENTERPRISES
A state-owned enterprise (SOE), is a legal entity owned by the government, that participates in commercial activities. It can either be partially or completely owned by the Government. Examples... read more
 
STATEMENT OF FINANCIAL POSITION
A list of all balances taken from a company's ledger after incomes and expenses have been offset to arrive at a profit or loss. These balances are combined in carefully prescribed ways to form... read more
 
STATIONARITY
A distribution of a quantity that does not change over time.
 
STATIONARY TIME SERIES
Implies that no trend is observed in the time series. Identified when the time series has a constant mean and variance.
 
STATISTICS
The collection, study and analysis of large quantities of data in order to facilitate interpretation and forecasting. In the context of the share market, various economic statistics which are... read more
 
STATISTICS SOUTH AFRICA
A government department which accumulates and analyses information about the South African economy. The Statistician General runs the department and collects figures for population, economic... read more
 
STATUTORY MERGER
 
STEEL
Steel is an alloy of iron and carbon. This improves it's strength and fracture resistance compared to iron.
 
STEFANUTTI & BRESSAN HOLDINGS LIMITED
31 - 07 - 2020
Stefanutti (SSK) is a South African construction company which offers roads and earthworks, marine construction, concrete structures, bulk pipelines, piling, geotechnical... read more
 
STEINHOFF INT HOLDINGS NV
31- 08 - 2020
This share has been the subject of considerable drama since the Viceroy Report was produced in December 2017. Basically, the company has admitted to "accounting irregularities"... read more
 
STELLAR CAPITAL PARTNERS LTD
29 - 08 - 2020
Stellar Capital (SCP) is an investment holding company with interests in financial services companies (Prescient, Friedshelf and Praxis). In its results for the year ended... read more
 
STENPROP LIMITED
27- 07 - 2020
Stenprop (STP) is a real estate investment trust (REIT) which is listed on the London Stock Exchange and the JSE. It owns commercial property in the UK, Switzerland and Germany.... read more
 
STERLING RATIO METHOD
A measurement ratio used mostly when evaluating hedge funds. The ratio measures returns versus volatility, and is similar to the Sharpe Ratio.
 
STIMULUS
A mechanism to encourage economic activity within the economy. The Monetary Policy Committee (MPC) meets every two months to decide whether to reduce interest rates, increase them or leave them... read more
 
STOCHASTIC OSCILLATOR
A short term indicator developed by George Lane, identifying buy and sell signals in a particular security. The indicator compares the closing price to a range of trade over a certain period.... read more
 
STOCK
Another word for stocks of raw material, work in progress, consumable stores and finished goods. The valuation of the inventory is critical to the balance sheet.
 
STOCK EXCHANGE
A market place where securities or investment products can be bought and sold. The share market is, in fact, two markets – the primary market and the secondary market. In the primary market,... read more
 
STOCK EXCHANGE CONTROL ACT No 1 of 1985
The statute regulating the establishment and operation of stock exchanges in South Africa. The Act also governs the trading of listed securities, and the constraints on the broking profession.... read more
 
STOCK EXCHANGE NEWS SERVICE
The Stock Exchange News Service - A news service run by the JSE on which listed companies are required to announce everything of importance to the company - such as their financials, the dealings... read more
 
STOCK EXCHANGE TRADING SERVICE
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
 
STOCK INDEX FUTURES
A futures contract traded that uses a market index as the underlying instrument. Typically, the value of the contract is $500 times the underlying index. The delivery mechanism is usually cash... read more
 
STOCK 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
 
STOCK TURN RATIO
A ratio which shows how quickly a company is turning over its stock. Obviously, companies are always trying to minimise the amount of stock which they hold, because it represents cash which could... read more
 
STOCKBROKER
A member of the stock exchange who has passed the required exams and been accepted by the stock exchange. All the transactions done on the JSE must go through a registered stockbroker. These... read more
 
STOCKBROKING ACCOUNT
Before you can buy shares on the stock exchange, you must first open a stockbroking account and deposit some funds into it. Stockbrokers offer two types of accounts - discretionary and non-discretionary.... read more
 
STOCKBROKING 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
 
STOKVEL
A stokvel is an investment or savings club, where the members agree on a monthly contribution.  The benefits are paid to the members in turns, eg, monthly, or each member receives an annual... read more
 
STOP
Used by the trader who doesn't wish to be filled any worse than his stop price. Here, the stop and limit prices specified on the order are one and the same. This order becomes a straight limit... read more
 
STOP AND REVERSE
A stop that, when hit, is a signal to reverse the current trading position, i.e., from long to short. Also known as reversal stop.
 
STOP LOSS STRATEGY
A strategy which allows an investors profits to accumulate while cutting his losses where a position goes against him. The simplest stop-loss strategy involves selling a share if it falls more... read more
 
STOP ORDER
An order that becomes a market order when the futures contract reaches a particular price level. A sell stop is placed below the market, a buy stop is placed above the market.
 
STOP-CLOSE-ONLY ORDER
This order type is used by the trader who desires his stop order to be filled only if elected in the closing range of trading. Since this order type may not be filled until the closing range,... read more
 
STOP-LIMIT ORDER
Used by the trader who doesn't wish to be filled any worse than his stop price. Here, the stop and limit prices specified on the order are one and the same. This order becomes a straight limit... read more
 
STOP-RUNNING
After a trend, the market will enter into a trading range and have a tendency to trade to levels where stop-loss orders have been placed.
 
STOP-WITH-LIMIT ORDER
Used by the trader who wishes to give the floor broker a limit as to how far through the specified stop the order may be filled. Two prices must be stipulated when the order is placed -- the... read more
 
STOPE
Stoping is the process of extracting the desired ore or other mineral from an underground mine, leaving behind an open space known as a stope. Shafts are usually excavated vertically downwards... read more
 
STOPS
Buy stops are orders that are placed at a predetermined price over the current price of the market. The order becomes a "buy at the market" order if the market is at or above to the price of... read more
 
STOR-AGE PROPERTY REIT
23 - 06- 2020
Stor-age (SSS) is the JSE's only real estate investment trust (REIT) which specialises in buying and running domestic storage facilities in all major South African cities and... read more
 
STP
27- 07 - 2020
Stenprop (STP) is a real estate investment trust (REIT) which is listed on the London Stock Exchange and the JSE. It owns commercial property in the UK, Switzerland and Germany.... read more
 
STRADDLE
The purchase or sale of an equivalent number of puts and calls on an underlying stock with the same exercise price and expiration date.
 
STRANGLE
The purchase or sale of an equivalent number of puts and calls on an underlying stock with the same expiration date but a different exercise price. Usually, the put has a low strike price and... read more
 
STRATE
South Africa's central securities depository. All the trades done on the JSE are settled by STRATE - in other words, the seller is paid and the buyer receives his shares. STRATE also keeps a... read more
 
STRATE
An electronic settlement system for the South African equities market.
 
STRATE SETTLEMENT COST
A tiny percentage of the value of all transactions, the Strate Settlement Cost is about 0,00546% of the value of transactions up to a value of R200 000.
 
STREET NAME
Stock ownership in which shares are registered to a brokerage or other financial institution and held.
 
STRIKE ACTION
Strike action is a major factor in labour-intensive industries in South Africa - like the mining industry and the metals industry. The labour legislation in this country is skewed heavily in... read more
 
STRIKE PRICE
The price per unit at which the holder of an option may receive or deliver the underlying unit; also known as the exercise price.
 
STRIPS
An option strategy in which an investor buys one call and puts two on the same underlying security with the same exercise price and expiration date.
 
STRONG HANDS
Investors in a particular share who are in possession of information which convinces them of the good prospects of a company. This means that they will hold the shares, even if they begin to... read more
 
STRUCK
The price at which an exercised option delivers the underlying securities.
 
STT
A tax (previously "marketable securities tax" or "MST") which is charged in terms of the Securities Transfer Tax Act (25 of 2007) on all share market transactions, as well as unlisted securities,... read more
 
STUDY LINES
This heading includes a wide variety of lines that can be added to a chart to make it more predictable. For example, a trendline can be added connecting a series of rising tops or falling bottoms... read more
 
SUB-DIVISION
Where a company decides to divide its existing issued share capital into more shares to increase tradability. For example, if a company with 10m shares in issue, trading for 1 000c in the market... read more
 
SUB-PRIME CRISIS
In 2007/8 the property market in America collapsed. Mortgage bonds on tens of thousands of properties had been securitised and sold to banks all over the world. As property owners scrambled to... read more
 
SUBORDINATED 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
 
SUBSCRIBER
A term from the old Companies Act used to refer to those people who start a company. With the advent of the new Companies Act (71 of 2008) in May 2011 the people who start their own companies... read more
 
SUBSIDIARY
The Companies Act (71 of 2008), states that a company is considered to be a subsidiary of another company if the parent company owns more than 50 % of voting rights in that company or it has... read more
 
SUBSISTENCE FARMER
A form of farming where nearly all crops or livestock raised are used to maintain the farmer and the farmer's family, leaving little for sale or trade.
 
SUE
A company's average earnings surprise is compared with analyst earnings estimates dispersion, which can be used to estimate the likelihood of earnings surprises.
 
SUGAR
Sugar is the generic name given to a sweet tasting, soluble carbohydrate. In South Africa, sugar cane is grown mostly in the provinces of Natal and Mpumalanga. The sugar cane crop in South Africa... read more
 
SUI
01 - 09 - 2020
Sun International (SUI) is a casino and hotel operator with interests in South Africa, Chile, Peru and recently, Argentina. The depressed economy in South Africa has impacted... read more
 
SUKUK
An investment certificate or bond which is compliant with Islamic Shariah law. South Africa has a Muslim population of approximately 2m people. In terms of Shariah law a bank may not pay interest... read more
 
SUM-OF-THE-PARTS
A method of valuing a company by valuing its separate divisions of parts and then adding them up to arrive at a total value for the company. This gives a different (usually higher) value than... read more
 
SUN INTERNATIONAL LTD
01 - 09 - 2020
Sun International (SUI) is a casino and hotel operator with interests in South Africa, Chile, Peru and recently, Argentina. The depressed economy in South Africa has impacted... read more
 
SUPER GROUP LTD
16 - 09 - 2020
Super Group (SPG) is a large international logistics group offering transportation to the industrial sector. The company has a policy of not paying dividends, preferring to... read more
 
SUPPLEMENTARY BUDGET
A budget which is produced by the Minister of Finance outside of the normal budget times. The budget is usually tabled at the end of February and then up-dated later in the year (the "mini-budget"... read more
 
SUPPLY
An economics term which refers to the availability in the economy of a particular good or service. If a good or service is in short supply then the price tends to rise and vice versa. The demand... read more
 
SUPPORT
A historical price level at which falling prices have stopped falling and either moved sideways or reversed direction; usually seen as a price chart pattern.
(image)... read more
 
SUPPORT LINE
On a chart, a line drawn indicating the price level at which falling prices have stopped falling and have moved sideways or reversed direction. This usually happens because one or more large... read more
 
SUR
24 - 07 - 2020
Spur (SUR) is a very well-known franchisor of fast-food restaurants in South Africa (where it has 559 restaurants with 80% able to trade during load-shedding) and has branches... read more
 
SUSPENDED SHARE
A share that the JSE has suspended from trading for a period of the time. Usually, this occurs where some material event is about to occur which will drastically effect the share price. Until... read more
 
SUSTAINABILITY
A buzz-word which came into fashion in 2015 with the King 3 report on corporate governance. Sustainability is the ability of a corporation to continue with its various activities in a manner... read more
 
SVB
18 - 09 - 2020
Silverbridge (SVB) is a small IT and communications company which focuses on the financial sector. The company operates in 4 divisions - software, outsourcing, data and digital... read more
 
SWAPS
The sale of one security to purchase another with similar features.
 
SWING CHART
A chart that has a straight line drawn from each price extreme to the next price extreme based on a set criteria such as percentages or number of days. For example, percentage price changes of... read more
 
SYDNEY ALL SHARE INDEX
The Australian All Ordinaries Index is a weighted average of the 500 largest companies trading on the Australian Securities Exchange (sometimes also known as the "Sydney Stock Exchange"). This... read more
 
SYG
11 - 06 - 2020
Sygnia (SYG) describes itself as a "specialist financial services group". It is South Africa's largest provider of exchange traded funds (ETF) and has a number of unit trusts.... read more
 
SYGNIA LTD
11 - 06 - 2020
Sygnia (SYG) describes itself as a "specialist financial services group". It is South Africa's largest provider of exchange traded funds (ETF) and has a number of unit trusts.... read more
 
SYMMETRICAL TRIANGLE FORMATION
Two converging trendlines, more or less equally but inversely sloped, which connect a series of peaks and troughs. A break out upwards signals the beginning of a bull trend. A break downwards... read more
 
SYNERGISTIC MARKET ANALYSIS
Also known as synergistic analysis. An analytical method that merges technical and fundamental analysis with an emphasis on inter-market analysis.
 
SYNERGY
This is a fashionable word to denote gains made in addition to the sum total of the parts when two business concerns are joined. The basis of the concept in some mergers is that the net advantages... read more
 
SYNTHETIC SECURITIES
Security created by buying and writing a combination of options that imitate the risk and profit profile of a security.
 
SYSTEMATIC RISK
The risk which attaches to the market itself as opposed to the risk that attaches to a specific share (unsystematic risk).  This refers to the risk you take when investing in shares that the... read more
 
SYSTEMIC RISK
This risk refers to the scenario when a disruption at an institution such as the JSE or a bank or the STRATE settlement system could cause a "domino effect" throughout the financial markets toppling... read more