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\u00a0Tencent Holding on the Hang Seng.<\/p>\n
Shares in Naspers advanced 2.17% to R1011,20 on the local bourse in morning trade, as the rand slipped\u00a0to 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.<\/p>\n
With a market cap\u00a0exceeding\u00a0R420 billion, it ranks Naspers as the most valuable local company on the JSE.<\/p>\n
Chinese firm,\u00a0Tencent<\/a>\u00a0\u2013 in which Naspers has a 34% interest \u2013 added 2.3% to hit a record high in Hong Kong after a report indicated that the internet firm had become\u00a0China’s most valuable listed technology brand, worth about\u00a0$33.9 billion.<\/p>\n Chris Gilmour<\/a>\u00a0from\u00a0Absa Investments<\/a>\u00a0says that media and Internet giant,\u00a0Naspers<\/a>\u00a0is good value to reach a target of R1,300 on the JSE.<\/p>\n Gilmour was speaking on CNBC Africa.<\/p>\n \u201cWe\u2019ve got a target price of R1,300 on this one,\u201d he said of the group\u2019s ability to break through R1,000.<\/p>\n \u201cIt\u2019s 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.\u201d<\/p>\n Naspers first listed on the JSE 19 years ago in September, priced at R17.50 per share.<\/p>\n And having closed its first day at R21, the capitalised value of Naspers amounted to R2.3 billion.<\/p>\n Naspers revenue boosted by Tencent<\/strong><\/a><\/p>\n Naspers to reach R1,300?<\/strong><\/a><\/p>\nMore on Naspers<\/h3>\n