Cape Town - E-commerce and media giant Naspers [JSE:NPN] broke through the psychological R1000 a share barrier in early trade on Friday, on rand weakness and continued support from Chinese firm Tencent.
Naspers owns 34% of the instant-messaging firm that was named China's most valuable listed technology brand by advertising company WPP and research firm Millward Brown this week.
At 10:22, Naspers shares, which gained over 80% this year, were changing hands at a new record high of R1010.98, tracking a surge in Tencent shares in Hong Kong.
Reuters reported that Tencent Holdings spiked 2.3% to a record high as investors rotated back to counters this week which had underperformed since Beijing unveiled a bold reform agenda in mid-November.
JP du Plessis, a portfolio manager of Stonehage Equity Advisory, earlier told Fin24 that share prices track each other pretty closely given that Naspers’ 34% stake in Tencent accounts for close to 90% of Naspers’ market value (using current market values of both firms).
With a market capitalisation of R420.51bn, Naspers is the most valuable local company on the JSE.
The share surge comes despite the group cautioning that it would over the next six months accelerate investment into its growth areas, which will lower earnings.
It posted a 16% growth in earnings for the six month to September, with revenue from internet platforms expanding by 76% to R24.9bn.
* Fin24 is part of Media24, a subsidiary of Naspers.
Naspers owns 34% of the instant-messaging firm that was named China's most valuable listed technology brand by advertising company WPP and research firm Millward Brown this week.
At 10:22, Naspers shares, which gained over 80% this year, were changing hands at a new record high of R1010.98, tracking a surge in Tencent shares in Hong Kong.
Reuters reported that Tencent Holdings spiked 2.3% to a record high as investors rotated back to counters this week which had underperformed since Beijing unveiled a bold reform agenda in mid-November.
JP du Plessis, a portfolio manager of Stonehage Equity Advisory, earlier told Fin24 that share prices track each other pretty closely given that Naspers’ 34% stake in Tencent accounts for close to 90% of Naspers’ market value (using current market values of both firms).
With a market capitalisation of R420.51bn, Naspers is the most valuable local company on the JSE.
The share surge comes despite the group cautioning that it would over the next six months accelerate investment into its growth areas, which will lower earnings.
It posted a 16% growth in earnings for the six month to September, with revenue from internet platforms expanding by 76% to R24.9bn.
* Fin24 is part of Media24, a subsidiary of Naspers.