JSE issues apology for the incorrect meta description on broker search
| Name | Description |
|---|---|
| T+3 | An equity settlement cycle that comes into effect post-trading, indicating that it takes trade plus three (T+3) business days to settle a trade. |
| tax | A fee charged (“levied”) by a government on a product, income or activity. If tax is levied directly on personal or corporate income, then it is a direct tax. If tax is levied on the price of a good or service, then it is called an indirect tax. The purpose of taxation is to finance government expenditure. One of the most important uses of taxes is to finance public goods and services, such as street lighting and street cleaning. Since public goods and services do not allow a non-payer to be excluded, or allow exclusion by a consumer, there cannot be a market in the good or service, and so they need to be provided by the government or a quasi-government agency, which tend to finance themselves largely through taxes. |
| time value of money | The idea that a Rand now is worth more than a dollar in the future, even after adjusting for inflation, because a dollar now can earn interest or other appreciation until the time the dollar in the future would be received. This theory has its base in the calculation for present value. |
| trading | The buying and selling (i.e. exchange) of already-issued shares. |
| Total Return Index | A type of equity index that tracks the capital gains of a group of stocks over time and assumes that any cash distributions, such as dividends, are reinvested back into the index. |
| today’s high | The highest price a share is traded at for the day. |
| today’s low | The lowest price a share is traded at for the day. |
| Top 40 Dividend Index | The FTSE/JSE Top 40 Dividend Index represents the cumulative value of ordinary declared cash dividends announced and paid by the individual constituents of the underlying FTSE/JSE Top 40. |
| Top 40 Equity ETFs | The FTSE/JSE Top 40 Index contains the 40 largest companies in terms of market capitalisation. |
| underwriting | The procedure by which an underwriter brings a new security issue to the investing public in an offering. In such a case, the underwriter will guarantee a certain price for a certain number of securities to the party that is issuing the security (in exchange for a fee). Thus, the issuer is secure that they will raise a certain minimum from the issue, while the underwriter bears the risk of the issue. The process of insuring someone or something. The process by which a lender decides whether a potential creditor is creditworthy and should receive a loan. |
| unit trusts | A collective investment in which investors can buy units. |
| value investing | An investment strategy whereby investors select stocks that trade for less than their real value. |
| variation margin | Refers to a deposit a broker might request from a client so that initial margin requirements of his position keep up with any losses. |
| volatility | A statistical measure that determines a financial instrument’s price variations over time. |
| volume | The number of shares that change hands between sellers and buyers. |
| World Economic Forum | An independent international organisation committed to improving the state of the world by engaging business, political, academic and other leaders of society to shape global, regional and industry agendas. |
| World Federation of Exchanges | The membership association of publicly regulated stock, futures and options exchanges, based in Paris. |
| warrants | A financial security that gives investors the option to buy (call warrants) or sell (put warrants) an underlying asset at an agreed price on or before an agreed date, allowing investors to benefit from both bull and bear markets. |
| yield | The income return on an investment, namely the interest or dividends received. |
| Zambian Agricultural Commodities Exchange | Zambia’s sole commodities exchange. |