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Naspers approaching R1000/share mark

Sep 19 2013 07:37 Sapa


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Johannesburg - Naspers [JSE:NPN], the highest priced share on the Johannesburg Stock Exchange (JSE), was approaching the R1000-a-share mark, the Business Day newspaper reported on Thursday.

Naspers' share price did fall 3.92% to R919 on Wednesday, but it holds a significant lead over the second highest priced share on the JSE, British American Tobacco at R522.28, according to the report.

Even though it is the highest priced share, analysts were still bullish regarding the growth of the multimedia group following gains in associate Asian internet company Tencent, in which Naspers holds a 35% stake.

Tencent's value would rise further as it was one of three dominant internet groups in China, the newspaper reported.

However, Naspers faced two risks in that currency movements would affect its valuation given its close ties to Tencent, and the possibility the Chinese government would approve Facebook's entry into the country.

* Fin24 is part of Media24, a subsidiary of Naspers.

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