The JSE was firmer at a record intraday high on Tuesday morning, heading towards the 61,000-point level, as Naspers continued its rally and gold shares rose on a slightly higher metal price and firmer oil price.Naspers rose to record R4,068 a share at the opening on the perception that the share is undervalued when taking into account its stake in Chinese internet company Tencent, which has driven it higher this year.This is despite trading at a historical price:earnings of 160 times. As with Tencent, of which it owns about a third, Naspers has now doubled its market value this year.Vestact analysts said the group would sit on a p:e of about 40, based on Naspers’s latest trading statement. "This was still high, but with all the underlying growth it seems reasonable."Naspers’s shareholding in Tencent was currently worth R2.3-trillion, which meant Naspers’s market cap of R1.7-trillion was R600bn lower, they said.Gold shares benefited from a higher metal price, which rose 0.3% to $1,28...
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