Easy Equities suspended trading

Mike Hoxbig said:
Sorry but I find that unreasonable. What is the difference between doing it online, and calling your trading desk (who according to some reports, don't want to do it anyway)? If we are the registered owner of a full share, we should be allowed to buy and sell when we want to, not when you want to.
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We've asked them this question so many times, I wish they'd just answer :/
 
Just got off the phone with the EE trading desk and they placed a trade for me. The guy says that the JSE goes into auction for up to 10 minutes at a time where EE can't trade in order to stabilise the price (or something along those lines). Either way, they traded at no additional charge so I reckon this answers most of our "fears". Still would like to queue the trade via the site but hey, this hardly ever really happens.

Anyway, I'm over the EE suspending trade thing. Moving on.
 
Hamster said:
Just got off the phone with the EE trading desk and they placed a trade for me. The guy says that the JSE goes into auction for up to 10 minutes at a time where EE can't trade in order to stabilise the price (or something along those lines). Either way, they traded at no additional charge so I reckon this answers most of our "fears". Still would like to queue the trade via the site but hey, this hardly ever really happens.

Anyway, I'm over the EE suspending trade thing. Moving on.
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Exactly!

Now gawd dammit people go buy!

I want to see this badboy grow
 
Drifter said:
JSE just opened up, early profit taking with people selling, later in the day people will buy again, and price will climb accordingly.
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Or just the pro's shorting and then covering later. They must be licking their lips. Anyrate, those are big assumptions to make especially since you're using a delayed data feed? What if it climbs again and you can't sell when you want to like yesterday?

Hamster said:
Just got off the phone with the EE trading desk and they placed a trade for me. The guy says that the JSE goes into auction for up to 10 minutes at a time where EE can't trade in order to stabilise the price (or something along those lines). Either way, they traded at no additional charge so I reckon this answers most of our "fears". Still would like to queue the trade via the site but hey, this hardly ever really happens.

Anyway, I'm over the EE suspending trade thing. Moving on.
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So if you invest and by that I mean three years and longer you should be ok? I was thinking of using them to build a long term portfolio. If it doesn't work I guess I'll just look at the FNB Share builder and their TFSA product.

Thanks
 
Gnarls said:
So if you invest and by that I mean three years and longer you should be ok? I was thinking of using them to build a long term portfolio. If it doesn't work I guess I'll just look at the FNB Share builder and their TFSA product.

Thanks
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The FNB TFSA product is the same as the Share Saver as far as I'm aware. Your money is split into the RMBT40 and RMBMID and you have no real flexibility. It's good product (I have money in a Share Saver account and the growth is steady but not spectacular). How it works (if you don't know) is like this:

You invest R1000
With this FNB will be an equal number of shares in both RMBT40 (say R50 per share) and the RMBMID (say R10 a share).
This means they buy 16 shares of each (16 x R50 and 16 x R10 = R960). The R40 will be used next time a trade is placed.
This is all well and good BUT you can see how the money is invested very disproportionally and added to that the RMBT40 is not equally weighted. So for your R1000 most of it is going to SAB Miller and MTN :p

But it works....but it is investing for dummies. Personally I use the EE TFSA - buy DBXWD and STXIND at the moment and it is outperforming the Share Saver by quite a bit.
 
I've put Easy Equities' response in the OP if anyone is interested. I'll quote it here anyway:

Hamster said:
=== EASY EQUITIES RESPONSE ===

With regards to not being able to trade:

I don’t know where those claims might have come from, but that is certainly not the case. Our trading desk was available to any and all clients to execute sales of Lonmin and were fielding calls and executing trades throughout the day. The only time they didn't carry out trades - and this may be the confusion with those claims - was when the share was in auction. During those periods, no EasyEquities clients were able to place trades and would have had to wait until the share came out of auction

With regards to not being able to sell when a share starts crashing:

With regards to a crash, yes the platform can handle this. Easy Equites has traded through a highly volatile year with major pullbacks and no suspension of services, however the situation with Lonmin is a particularly unique market condition. Even in a crash shares do not move to the extent they did nor go into auction as often as Lonmin did yesterday.


With regards to the concern of them selling shares at a premium and halting our trading to "cash in":

Purple Group, the 100% shareholder of Global Trader, is listed on the JSE and our income streams are audited and available for everyone to review (http://www.purplegroup.co.za/results.html). They are not different from our competitors that operate in the same space and neither our licenses nor operating business model have ever been drawn into question by our regulator/s or any credible source.
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It was a fun experiment but I am out.
The artificial limits enforced by the Easy Equities platform is simply indigestible.

Time to move to a more serious platform.
 
Hamster said:
The FNB TFSA product is the same as the Share Saver as far as I'm aware. Your money is split into the RMBT40 and RMBMID and you have no real flexibility. It's good product (I have money in a Share Saver account and the growth is steady but not spectacular). How it works (if you don't know) is like this:
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Yeah. I was just worried given the events of yesterday but your post about detailing their response makes me feel a bit more reassured.

Hamster said:
You invest R1000
With this FNB will be an equal number of shares in both RMBT40 (say R50 per share) and the RMBMID (say R10 a share).
This means they buy 16 shares of each (16 x R50 and 16 x R10 = R960). The R40 will be used next time a trade is placed.
This is all well and good BUT you can see how the money is invested very disproportionally and added to that the RMBT40 is not equally weighted. So for your R1000 most of it is going to SAB Miller and MTN :p
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This is sort of what I'm trying to do as well. TFSA with STXIND and DBWD but then buy other fractional shares via EE that don't constitute the majority of the index as per your example so I'm more diversified.


Hamster said:
But it works....but it is investing for dummies. Personally I use the EE TFSA - buy DBXWD and STXIND at the moment and it is outperforming the Share Saver by quite a bit.
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That's why I'm not too keen on FNB's TFSA. Thanks playing the spoc with EE.

Cheers
 
I get this now "This security is currently unavailable for trading. For phone to trade contact +27 87 940 6101
 
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With regards to Lonmin and Platinum in general...long term focus (including new comer exploration mining company Wesizwe )

Like most miners, Lonmin has been hit by the sharp fall in commodities prices. But it harbours a number of home-grown problems that raise questions over the company’s long-term viability. Lonmin has never really recovered from the 2012 Marikana tragedy, in which more than 30 striking miners were killed by security forces outside its mines. A five-month-long protest of platinum miners last year further hobbled the company. In the negotiations that brought an end to the protests, Lonmin lifted the wages of many of its staff, leaving the company with some of the highest labour costs in South Africa.


And, unlike many of its — admittedly battered — competitors, Lonmin has placed all its eggs in one product. But the price of platinum has halved since 2011, as demand for cars in the formerly-booming Chinese market has ebbed. More than half of world platinum demand goes to the production of catalytic converters.

That points to perhaps the biggest question mark over longer-term demand for platinum. Many analysts believe that the travails of Volkswagen — which has admitted to falsifying emissions standards — could hasten the end of the diesel engine. And with it, one of the key commercial uses of the silver metal
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approach with caution
 
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