E-commerce
Naspers roars ahead by 10%
Shares in e-commerce and media giant Naspers surged more than 10 percent yesterday after its Chinese money maker posted record profit growth. Shares of Naspers, which owns more than a third of Tencent Holdings, climbed to an intraday record of R1 196.45 before easing to a R1 189.38 close for a gain of 10.33 percent on the day. “The main reason investors are excited about Naspers has got to do with Tencent. Tencent shot the lights out with their results,” Brendan Sacks, a trader at Nedbank Private Wealth, said. Tencent, the home of China’s biggest mobile messaging service, booked a 60 percent rise in first-quarter net income yesterday. Its explosive growth since listing in 2004 has fuelled a rally in Naspers, three-quarters of whose net asset value comes from its stake in the Chinese firm, according to Sacks. – Reuters
Leisure
Spur issues BEE cautionary
Spur Corporation was involved in negotiations over the introduction of a black economic empowerment (BEE) partner, the restaurant chain said yesterday. Spur warned shareholders that if the negotiations were successful they might have an effect on the price of the shares. In the six months to December last year, Spur delivered a 26 percent increase in sales. However, headline earnings declined by 6.1 percent to R72.9 million. The group bought Western Cape-based steakhouse Hussar Grill for R35m. The group’s restaurant chains include John Dory’s, Spur Steak Ranches and Panarottis. Spur’s shares rose 1.7 percent to close at R30.50 on the JSE yesterday. – Nompumelelo Magwaza