MultiChoice Group, the pay-TV business that Naspers handed to shareholders on Wednesday, cruised into the JSE’s top 40 index with a market value of R46.5bn at the close of trade. "Being included in the index as a brand-new listing is very important for the group," finance chief Tim Jacobs told Business Day. The company’s inclusion in the top 40 means tracker funds will be compelled to buy its shares, 8% of which changed hands on Wednesday. The share price surged as much as 21% to R115.60, before closing at R106.01, 11% higher than the opening price. MultiChoice shouldered Truworths International out of the top 40. With its operations now almost entirely focused on the internet, the market value of MultiChoice’s erstwhile parent, Naspers, Africa’s largest company by market value, shrunk R55bn, or 4%, to R1.3-trillion. To some analysts, Naspers offloaded the business at the right time. They said that the DStv owner’s high-growth phase was likely over, particularly as Netflix and other...

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