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Glossary to investment terminology : W

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This is a process by which a company gradually builds up a holding of shares in another company it wishes to take over in the future, usually under the name of a nominee.

This is a certificate usually issued together with a bond or preferred shares that gives the holder the right, but not the obligation to subscribe for new ordinary shares at a specific price and within a specific time period. It is used to entice investors to buy the bond. It is worthless after the expiry period.

Wide Area Network

This is the trading system software through which stockbrokers are able to access the Nairobi Stock Exchange from their offices to effect trading transactions.

Window Dressing

This is a deceptive practice employed by some mutual funds managers in which recently weak stocks are sold and recently strong stocks are bought just before the funds holdings are made public in order to give the impression that they have been holding good stocks all along.



This is the measure of the return on the investment and is shown as a percentage. It is calculated by dividing the annual dividend by the stock's current market price. Example; a share selling at KES 50 and with an annual dividend of KES 5 per share yields 10%