JSE within 100 points of record high as Naspers touches R4,000 per share
The JSE brushed off a slight uptick in risk-off sentiment on global markets on Monday, as gains by individual shares offset losses for most indices.In what was a busy day for local corporate news, Naspers’s share price briefly touched R4,000, having now nearly doubled in value in 2017. The market heavyweight gained 3.9% to R3,995.01, after saying earlier that its interim headline earnings per share (HEPS) to end-September could be as much as 67% higher than in the prior period.Stocks that double in a year are usually smaller caps‚ "and it is wild to think that a R1-trillion company can double", Vestact Asset Management analysts said. Naspers’s price-to-earnings ratio of 40 was somewhat high, but strong underlying growth supported it. "We prefer to value Naspers as an internet investment holding company, where their net asset value is a more important determinant of what the share price should be," the analysts said.Mr Price’s results also pleased the market, with the retailer gainin...
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