Absa Stockbrokers has released phase two of its online share trading service, with a complete revamp of its trading site.
According to the group, the new site provides access to news, statistics, domestic markets and a selection of charts.
"While some clients prefer to call their stockbroker, discuss the market and seek advice before placing orders, many just want an efficient trading platform and competitive fees," says Duncan Ingram, head of online share trading at Absa Stockbrokers.
"These clients make their own decisions about purchases and sales and a personal relationship with their stockbroker is unimportant. For these clients, Absa Stockbrokers` online share trading service fills the order perfectly."
At a later stage, clients who use technical analysis to make decisions will have links to a charting service through the site, he says.
Another new feature is a link to the Web site of Absa portfolio managers (APM). Visitors to this site will have access to the APM monthly newsletter and top 10 share selections, says Ingram.
Online trading was introduced by Absa Stockbrokers in August 2002 to complement the group`s traditional, telephone-based trading service.
"Trading shares online has become a major feature of markets around the world. Investors are drawn by the convenience of trading via their own computers, placing orders at times to suit their individual timetables. Orders are confirmed by Absa Stockbrokers during JSE trading hours," says Ingram.
The service includes portfolio monitoring, trade position monitoring, watch-lists and 15-minute delayed prices of all JSE shares, he adds.
Ingram stresses the revamp of the trading site is the beginning of an ongoing process and there is more to come, including a service providing detailed information on JSE-listed companies.
Clients pay a flat brokerage fee of 0.4% (plus VAT) of deal value, subject to a minimum charge of R120 plus VAT per deal.
Clients who trade at least four times a year will not be charged the R500 annual administration fee, and there are no monthly subscriptions, no "per deal" basic charges and no safe custody fees, he says.
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