Shares Naspers advanced in morning trade on the JSE on Monday (21 October), with investors speculating whether the media and internet group could test R1,000, spurred by Tencent‘s rally in Asia.
Naspers added R27 or 2.84% by 10:00 am on the JSE, taking its share price to R977, up 79% over the past year, and giving the group a market cap of R406.4 billion.
Naspers, through its subsidiary MIH, has a 34% interest in Tencent, China’s biggest Internet company, which surged 4% or HK$17.60 to HK$451.20 by late afternoon in Hong Kong.
Bloomberg reported that Tencent advanced after analysts at Barclays named the group among its top picks in China’s online sector.
Its shares initially spiked to a gain of 5%, giving the group a market share of $108 billion.
Bloomberg noted that Tencent’s stock also fed off a rally in US tech stocks, including Google, which surpassed $1,000 on the Nasdaq on Friday, as well as Facebook, as both reached record highs last week.
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