Share

Naspers shatters R1000/share ceiling

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.
We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.89
+0.2%
Rand - Pound
23.84
+0.2%
Rand - Euro
20.36
+0.4%
Rand - Aus dollar
12.31
+0.3%
Rand - Yen
0.12
+0.2%
Platinum
908.05
0.0%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders