JSE remains flat as Naspers offsets other gains
Miners are benefiting from some dollar weakness overnight, but Naspers has fallen 3% after unbundling its pay-TV unit
The JSE was little changed on Wednesday, with the main event the long-awaiting listing of MultiChoice, Naspers's subscription TV service. MultiChoice's share price was at R106.50 in early trade, giving the group a market capitalisation of R46.7bn. At 10am Naspers was down 3.57% to R3,029.56. Analysts expect MultiChoice to make it relatively easily into the JSE’s top-40 index, and most valuations had ranged from from about R50bn to R90bn. Naspers unbundled the pay-TV asset with no reference price, meaning traders are still trying to determine its fair value There are few major international catalysts operating in the market on Wednesday morning, although some focus is on the UK, where parliamentarians will debate the progress on Brexit negotiations with the EU. The US-North Korea summit could also generate headlines. US President Donald Trump is meeting his North Korean counterpart Kim Jong-un. Parties may agree a framework for economic co-operation and denuclearisation of the Korean...
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