The Naspers office in Cape Town, South Africa.
Naspers, the Johannesburg Stock Exchange (JSE)-listed multimedia giant, pushed above the ZAR1,000 (US$95) share price mark this morning, the result of strong foreign investments and the weak rand.
HumanIPO reported last month Naspers had published its six-month results, including a 28 per cent growth in top-line earnings and earning more revenue from internet business – including from overseas interests such as Chinese Tencent and Russia’s Mail.ru – than its traditional broadcasting segments for the first time.
“In recent times the composition of Naspers has changed. Offshore revenues now exceed those generated in South Africa, whilst internet has surpassed pay-TV as our main business,” Koos Bekker, Naspers chief executive officer (CEO), said at the time.
Stock traders appear to have reacted in confident in mood as it reached a 101,299 cents high this morning before steadying just under the ZAR1,000 mark.
Naspers recognised in its results last month that the weak rand – currently at a four-and-a-half year low – was one reason for its impressive growth.