Intermediate investing
Underlying assets in the context of structured products
Whether an investor is buying equities, trading futures or investing in structured notes, the performance and behaviour of the underlying asset ultimately determines the outcome. Understanding what underlying assets are, how they function and how they behave is essential for informed investment decision-making in the context of structured products.
05 March 2026
Intermediate investing
Understanding structured products in the South African market
11 February 2026
Intermediate investing
Commodities and equity markets and how they interact
Commodities are raw materials used in production (manufacturing), as well as the products produced from farming activities that fuel global economic activity. Hard commodities include oil, gold, platinum, and other metals. Soft commodities encompass agricultural products like wheat, maize, or sugar. Equity markets are home to many of the companies that transform these materials into goods and even services. Understanding how commodity price trends can signal and even drive market performance can help investors make more informed decisions.
11 November 2025
Intermediate investing
Understanding market capitalisation
Market capitalisation, commonly referred to as market cap, is the total value ascribed to a company by the market - providing insight into its absolute size. This metric is used to categorise equities into large-cap, mid-cap, and small-cap tiers, each offering distinct advantages, growth prospects, and risk profiles.
19 February 2025
Intermediate investing
The impact of interest rates on investments
Interest rates are a crucial macroeconomic tool, affecting everything in an economy from inflation to borrowing costs and returns on your investments. In South Africa, the South African Reserve Bank (SARB) is responsible for setting and adjusting interest rates to control inflation and maintain economic stability. Understanding how these changes affect different investment options can help you make better financial and investment decisions.
24 July 2024
Intermediate investing
Understanding the impact of economic indicators on equity markets
14 March 2024
Intermediate investing
Bull and bear markets in context
The concept of a bull and bear market is pivotal in understanding fluctuations in investment performance. These market phases are not just crucial indicators for investors and traders, but they also provide insights into broader economic health globally and in a specific nation.
21 February 2024
Disclaimer
This Publication note is issued by FNB for the information of clients only and should not be produced in whole or part without prior permission. Although FNB is an Authorised Financial Services Provider, any opinions and/or analysis contained in this Publication are for informational purposes only and should not be considered advice, including but not limited to financial, legal or tax advice, or a recommendation to invest in any security or to adopt any investment strategy. The information contained herein has been obtained from sources/persons which we believe to be reliable. Still, it is not guaranteed for correctness, completeness or otherwise. We do not assume liability for loss arising from errors in the information or that may be suffered from using or relying on the information contained herein, irrespective of whether there has been any negligence by us, our affiliates or any other employees of ours, and whether such losses are direct or consequential. As market and economic conditions are subject to rapid change, any comments, opinions and analyses are rendered as of the date of publishing and may change without notice. Such changes may have a material impact on the outcome of any investment. Securities involve a degree of risk and are volatile instruments. Past performance is not indicative of future performance. Securities or financial instruments mentioned in the Publication note may not be suitable for all investors, and FNB bears no responsibility whatsoever arising from or as a consequence thereof. The material is not intended as a complete analysis of every material fact regarding any share, instrument, sector, region, market, country, investment or strategy. The recipient of this Publication must make their own investment decision and is advised to contact their relationship manager for a personal financial analysis before making any investment decisions. Copyright 2023.
