MultiChoice’s debut to shake up JSE top 40
Naspers’s pay-TV business, which starts trading as an independently listed company on Wednesday, is expected to have a market cap of up to R90bn
The JSE’s top-40 index is poised for a shake-up as shares in Naspers’s pay-TV business, MultiChoice Group, will start trading on the local bourse on Wednesday. Analysts expect MultiChoice to make it relatively easily into the JSE’s top-40 index, with most valuations ranging from about R50bn to R90bn. But the share is expected to trade in a wide range on Wednesday, given that it is being unbundled without a reference price and traders will take some time to determine its fair value. At the close of trade on Wednesday, the top-40 index is expected to be rejigged to include MultiChoice. Meanwhile, the JSE is likely to open slightly higher on Wednesday, taking its cue from Asian markets, which were boosted by dovish comments from Federal Reserve chair Jerome Powell. Powell said the US central bank would be “patient” in its approach towards monetary policy. Hong Kong’s Hang Seng index was up 0.6% shortly after the lunch break, while Japan’s Nikkei 225 index was 0.5% up. However, Naspers’...
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