Group saving scheme allowing a number of people to pool their savings towards particular objectives.

Those parts of the business of a company that are not conducted in South Africa. Example: the Australian operations of BHP Billiton.

An investment strategy whereby an investor continuously monitors a portfolio with the aim of outperforming a benchmark.

A negotiable certificate issued by a US bank representing a specific number of shares of a foreign stock traded on a US stock exchange. ADRs make it easier for Americans to invest in foreign companies, due to the widespread availability of dollar-denominated price information, lower transaction costs and timely dividend distributions.

A technical risk ratio that expresses the “excess return” on an investment. Alpha takes the volatility (price risk) of a unit trust fund and compares its risk-adjusted performance to a benchmark index. The excess return of the fund relative to the return of the benchmark index is a fund’s alpha.

An index designed to reflect the movement of the equity market. The FTSE/JSE All Share Index represents 99% of the full market capital value (i.e. before the application of any investability weightings) of all ordinary securities listed on the Main Board of the JSE which qualify under the rules of eligibility. The FTSE/JSE All Share Index contains [..]

The AltX (Alternative Exchange) is the JSE’s board for small and medium-sized companies in South Africa. Established in 2003, AltX provides smaller companies not yet able to list on the JSE Main Board with a clear growth path and access to capital.

A trading system using mathematical models to determine decision-making on the financial markets. Computer-based algorithmic trading is most commonly used by large institutional investors because of the large number of shares they purchase every day. Complex algorithms allow these investors to obtain the best possible price without significantly af [..]

A trained professional who performs financial and business analysis with a view to making investment recommendations, e.g. buy, sell or hold a particular security.

This is a meeting of the shareholders of a company, which must be held within six months of the end of the company’s financial year and 18 months after the previous meeting. Shareholders vote at these meetings according to the number of voting shares they hold.