Tencent lifts Naspers to record highs

JSE darling, Naspers traded at record highs in mid-day trade on Monday (17 February), lifted by its Chinese investment, Tencent Holdings.

The media and internet giant added R52 or 4.3% to R1,272 in noon trade, having reached an intraday best of R1,275. Naspers first broke through the R1,000 barrier in early December 2013.

The company is showing returns of 113% over the past 52 weeks, and helped lift the JSE by 0.94%, to 47,066 points on Monday.

Reuters reported that Tencent, which is over 30% owned by Naspers, also traded at an all-time high in Honk Kong with a market valuation of $131.8 billion.

The social networking and video games firm’s rise came amid mounting speculation that it will make a $400 million investment for a 20% stake in Chinese restaurant-review site Dianping.

Officials with Tencent and Dianping declined to comment.

Tencent shares are now up more than 16% on the year, having added 99% in 2013.

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Tencent lifts Naspers to record highs