Naspers hits R1,000 barrier on soft rand

Media and Internet firm, Naspers broke through a key level of R1,000 on the JSE on Friday morning, boosted by a weak rand and a spike in Tencent Holding on the Hang Seng.

Shares in Naspers advanced 2.17% to R1011,20 on the local bourse in morning trade, as the rand slipped to a four-and-a-half year low on Thursday (5 December). It traded a fraction firmer at around 10.47 to the dollar on Friday.

With a market cap exceeding R420 billion, it ranks Naspers as the most valuable local company on the JSE.

Chinese firm, Tencent – in which Naspers has a 34% interest – added 2.3% to hit a record high in Hong Kong after a report indicated that the internet firm had become China’s most valuable listed technology brand, worth about $33.9 billion.

Chris Gilmour from Absa Investments says that media and Internet giant, Naspers is good value to reach a target of R1,300 on the JSE.

Gilmour was speaking on CNBC Africa.

“We’ve got a target price of R1,300 on this one,” he said of the group’s ability to break through R1,000.

“It’s in sight, and way beyond. While the Chinese miracle persists, while it gets well into its third phase, I think this one (Naspers) has a wonderful, enviable position.”

Naspers first listed on the JSE 19 years ago in September, priced at R17.50 per share.

And having closed its first day at R21, the capitalised value of Naspers amounted to R2.3 billion.

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Naspers hits R1,000 barrier on soft rand