Naspers up on higher earnings report

Emerging markets media group Naspers [JSE:NPN] said on Thursday it expected core headline earnings per share to increase by 25% to -35%, sending its shares higher.

Naspers, Africa's largest media group, said earnings per share were boosted by one-time profit contribution from its investment in Russia'a Mail.ru to obtain a stake in Digital Sky Technologies.

Shares in Naspers rose 4.05% to R364.16 by 12:50 pm, outpacing a 0.89% firmer Johannesburg's Top-40 index.

Naspers owns almost 30% in Mail.ru, Europe's largest listed internet firm, which earlier this month listed in London Stock Exchange.

The company also owns more than 30% of Tencent, China's biggest internet company by market value.

Naspers, which is also listed in London, will publish its results by the end of the month.

*Fin24 is a Naspers publication.