MARKET TRADING
Naspers falls slightly from record high
But analysts believe there might still be upward potential for the internet and media company
Naspers’s share price retreated marginally in choppy trade on Wednesday after closing at a record high of R2,689.70 on Tuesday. The internet and media company’s share price initially rose to as much as R2,714 in early morning trade on Wednesday, before retreating slightly to close at R2,680.77. The share has gained 33% so far in 2017. Despite the share trading at a hefty price:earnings ratio of 97, analysts believe there might still be upward potential. IG SA senior analyst Shaun Murison said the average target of analysts before Tuesday’s spike was at R2,990.57. "This has now increased to R3,015," said Murison. Many local asset managers have media conglomerate Naspers as their primary local investment at present. Its market capitalisation is R1.143-trillion, the third largest on the JSE. Momentum SP Reid analysts said that Naspers was exceptionally overbought. "Short-term traders should use the current strength in the counter to book all short-term trading profits which have occurr...
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