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


UAT
01 - 10 - 2020
Union Atlantic (UAT) is a junior mining operation which seeks to exploit base metals and minerals through brownfield exploration (development where the minerals have already... read more
 
UBUNTU
A Zulu word which has found its way into the socio-economic jargon of the South African economy - and even into ideas on corporate governance. The word means "humanity" and has come to symbolise... read more
 
UCP
07 - 10 - 2020
Unicorn Capital (UCP) is a company which outsources mainly to the coal mining industry. The company has been listed in the JSE's fledgling division since 1993 and went through... read more
 
UMBERRIMAE FIDEI
A latin phrase meaning "the utmost good faith" and used primarily in the insurance industry to describe the requirement for full disclosure by a policyholder. 
 
UMBRELLA BOTTOM
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
 
UMBRELLA TOP
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
 
UNABLE
A working order which has not yet been able to be executed.
 
UNBUNDLE
To dispose of a subsidiary by handing the shares which the parent company holds directly to the parent company’s shareholders in proportion to their holdings. In some cases, unbundling... read more
 
UNCERTAINTY
In the investment world, future outcomes are unknown which means that investors constantly need to accommodate a degree of uncertainty. In general investors do not like uncertainty... read more
 
UNCOVERED OPTION
The purchase or sale of an option without a position in the underlying futures contract; also known as a "naked option".
 
UNDER-PRICED
A security which is below its "real" value. Obviously, the real value of a share (or any other security) is a matter of opinion, so a share can be under-priced for some analysts... read more
 
UNDERLYING FUTURES CONTRACT
The specific futures contract that the option conveys the right to buy (in case of a call) or sell (in the case of a put).  
 
UNDERLYING INSTRUMENT
A trading instrument subject to purchase upon exercise of a derivative instrument such as a future or option.  
 
UNDERPRICED
Where the market price of a security is below its "real" value. Whether a share is under-priced or not is always a perception. Clearly, at any price that the market reaches there is both a buyer... read more
 
UNDERPRICED
A security which is below its "real" value. Obviously, the real value of a share (or any other security) is a matter of opinion, so a share can be under-priced for some analysts... read more
 
UNDERWRITING
 
UNDISCLOSED
An item which is not required to be disclosed in terms of the Companies Act (71 of 2008). The Act is concerned to ensure that investors have sufficient information about the company... read more
 
UNEMPLOYMENT
The number or percentage of people in the economy who are trying to find work and cannot. In a first-world economy, this means that as many as 5% to 10% of workers can be unemployed depending... read more
 
UNENCUMBERED ASSETS
These are assets which have not been used in any way as a surety for any debt.
 
UNGEARED
This refers to a company that has no debt.
 
UNICORN
A startup company, usually in high-tech or communications that reaches a valuation of over $1bn. The term was coined by the venture capital investor, Aileen Lee, in a 2013 New York Times Article,... read more
 
UNIFORM GIFTS TO MINORS ACTS
A law that allows minors to own property without the use of a trust.
 
UNIMPAIRED
An adjective to describe an asset the value of which does not need to be reduced for any reason. For example, a debtors book may need to be impaired because some of the debtors will turn out... read more
 
UNION ACTIVITY
Union activity is a major problem in South Africa where labour legislation is skewed heavily in favour of employees and against employers. Strikes are common place in all of our labour-intensive... read more
 
UNIT TRUST
A collective investment scheme (in terms of the Collective Investment Schemes Act 45 of 2002) consisting of a management company like STANLIB and a trustee company (usually a bank) that invests... read more
 
UNIT TRUST CONTROL ACT
This act was replaced by the Collective Investment Schemes Control Act (45 of 2002).
 
UNITED NATIONS PRINCIPLES FOR RESPONSIBLE INVESTMENT
A United Nations initiative to promote responsible investment which considers environmental, social and governance (ESG) factors. Signatories to this undertake not to invest in projects... read more
 
UNIVERSE OF SHARES
The shares listed on the Johannesburg Stock Exchange (JSE) which are available for private shareholders to choose from. There are about 350 listed companies... read more
 
UNLISTED INVESTMENT
A balance sheet item, normally shown by way of a note, and indicating share investments held by the company in unlisted companies which may be private or public.
 
UNPRI
A United Nations initiative to promote responsible investment which considers environmental, social and governance (ESG) factors. Signatories to this undertake not to invest in projects... read more
 
UNSECURED CREDITOR

A person or company who lends money without the security of a lien (over movable assets) or mortgage (over fixed property). Unsecured creditors can be either senior... read more

 
UNSECURED LENDING
That part of a commercial bank or other institution's lending which is not secured against an asset (usually property). Thus, credit cards and most personal loans are unsecured - which... read more
 
UNSYSTEMATIC RISK
A term to describe that risk which attaches to a specific investment - as opposed to systematic risk which pertains to the market as a whole.
 
UP TICK
A small upward move in the price of a security over a short time period such as a few minutes or a day and sometimes called a "plus tick". An up tick is not seen as necessarily indicating an... read more
 
UPL
10 - 09- 2020
Universal Partners (UPL) is an investment holding company with a primary listing in Mauritius and a secondary listing on the Alt-X of the JSE. It listed in 2013 and has made... read more
 
UPPER SHADOW
A candlestick term which refers to the gap between the top of a candle body (either open or close) and the highest point which share reached during the trading day. The length of... read more
 
UPSIDE BREAK
An upward break above some form of resistance. Quite often a share's price will get stuck below a resistance line. When it breaks above this resistance that is known as an "upside break". Consider... read more
 
UPSIDE POTENTIAL
The potential for, and the extent to which, a specific security is likely to increase in value in the near future. As a private investor, your main focus should be on finding those shares with... read more
 
UPTHRUST
Occurs when price moves above a pivot top and a widespread reversal ensues as follows: a) two previous closes are reversed, b) close is below pivot top, c) close is below opening and mid-range,... read more
 
UPTREND
A period where a security's value and price move generally upwards. Uptrends can last from a few minutes to a decade or longer. The key is to determine when a new uptrend has begun so that you... read more
 
UPWARD MARKET
A market where the average of all shares is rising such that each high is higher than the previous high and each low is higher than the previous low. Bull markets generally last for between 3... read more
 
UPWARD TREND
A long period of consistently rising share prices, or index levels. Usually such trends last from 2 to 4 years. During a bull trend you should be 100% invested in the share market, because about... read more
 
UPWARD TREND 
A period where a security's value and price move generally upwards. Uptrends can last from a few minutes to a decade or longer. The key is to determine when a new uptrend has begun so that you... read more
 
US DOLLAR INDEX
An index of the strength of the US dollar based on a weighted group of first-world currencies. In that index, the euro accounts for 57,6%, the Japanese yen is 13,6%, the... read more
 
US TREASURIES
Instruments for short-term borrowing employed by governments. The bills are issued by tender to the money market. Usually, when economists refer to Treasury bills (or T-Bills as they are known)... read more
 
USDX
An index of the strength of the US dollar based on a weighted group of first-world currencies. In that index, the euro accounts for 57,6%, the Japanese yen is 13,6%, the... read more
 
USURIOUS
The Usury Act (73 of 1968) is designed to place limits on the interest which can be charged on lending various amounts of money and to regulate the disclosure of those interest rates.... read more
 
USURY ACT
The Usury Act (73 of 1968) is designed to place limits on the interest which can be charged on lending various amounts of money and to regulate the disclosure of those interest rates.... read more