Barclays Stockbrokers Glossary
Glossary N


The National Association of Securities Dealers Automated Quotation, NASDAQ is the second largest Stock Exchange in the USA. Involves many of the US's high technology stocks.
A certificate that is transferable by delivery and which, in the case of a registered certificate, has been duly endorsed and guaranteed. Transferable from one party to another.
Net asset value (NAV)
The market value of individual units (unit trusts) / shares (OEICs). It is calculated each business day by adding the value of all investments in the fund's portfolio, then subtracting expenses and dividing the result by the number of units/shares issued. This may be different to the share price.
Net profit
The amount remaining once all company expenses has been deducted.
Net relevant earnings
Earnings on which personal pension contributions are based. For the employed, this is usually gross remuneration (including bonuses and other taxable benefits) less any allowable business expenses (e.g. professional membership subscriptions paid for by the employer). For the self-employed they are broadly equivalent to taxable profits.
Net sales
Gross sales less any taxes, returns, allowances and discounts or rebates given to clients.
New issue
A company going to the market for the first time. New shares are issued into the market.
The index of the 225 leading stocks that are traded on the Tokyo Stock Exchange
Nil paid shares
When a Rights Issue is announced, you receive nil paid rights in your account to indicate your right (but not obligation) to participate in the Rights Issue. Nil paid rights can be sold in the Market (although they have a limited life span - please contact us if you want to sell). If you decide to take up the rights issue, you cannot then sell your nil paid rights.
No-load fund
An open-ended investment that imposes no front end charge on investors.
Nominal value
Under current UK law companies must have a nominal or par value. The nominal value of most company shares is 25p. Nominal value is of very little significance to a shareholder, since what matters is the market price of the shares. Shares have no fixed value; they are only worth what others will pay for them.
Legal agreement where one person or firm holds shares on behalf of another, who remains the beneficial owner.
Non optional / mandatory
A corporate action which share holders have approved or for which shareholder approval is not necessary. Upon the effective date all outstanding securities must be exchanged for new securities and or cash.
Normal Market Size
Calculated on the previous year's average daily turnover of each individual stock, and is currently 2.5% of the total volume of shares for each company. Market makers are not obliged to give a quote for a transaction above normal market size.
Not dealt status
This is an order that we did not deal due to any of the following reasons:
The stock was unavailable for trading OR
Due to a change in your dealing circumstances since your order was placed your order has been rejected.

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