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Johannesburg - Naspers [JSE:NPN] hits a record high on Tuesday, lifted by Monday's news that its Russian unit, Mail.Ru Group, plans an initial public offering on the London Stock Exchange this year.
Shares of Naspers are up 3.4% at R347, after earlier hitting R347.39, the highest since the stock's listing in 1994, according to Thomson Reuters data.
Mail.Ru, which is also an investor in Facebook, said it was aiming to raise more than $500m by listing around 15% of the Russian internet firm.
Naspers is up 15.3% since January and 9.3% in the quarter-to-date.
Charts show the stock may have limiteds upside. The stock's 14-day relative strength index, or RSI, is now at 70. Traders who use the RSI, a gauge of momentum, consider 70 to be the overbought mark for a stock.
Shares of Naspers are up 3.4% at R347, after earlier hitting R347.39, the highest since the stock's listing in 1994, according to Thomson Reuters data.
Mail.Ru, which is also an investor in Facebook, said it was aiming to raise more than $500m by listing around 15% of the Russian internet firm.
Naspers is up 15.3% since January and 9.3% in the quarter-to-date.
Charts show the stock may have limiteds upside. The stock's 14-day relative strength index, or RSI, is now at 70. Traders who use the RSI, a gauge of momentum, consider 70 to be the overbought mark for a stock.
