Soaring as the world stumbles

The FT Weekend has produced a list of the top 100 companies that are thriving in the pandemic, measured by increase in market capitalisation during the year to date, and there are few surprises at the top of the list.

Amazon takes the gold with a punchy $401.1bn jump, followed by Microsoft at $269.9bn and Apple at $219.1bn, which does a considerable amount to explain why the US’S markets are looking a whole lot healthier than its general population.

Followers of the Naspers stable will be pleased to see that Tencent sits in fifth position, while Prosus, its European investment vehicle, comes in at a creditable 27th. There is no place in the list for Naspers itself, which is something of a surprise since the share price of Cape Town’s finest has risen by 30.5% this year, and the company issued a trading statement that tells of good progress in all key e-commerce segments.

Food delivery is described as a key investment area, fuelling the suspicion that the major danger faced by inhabitants of many urban areas is not the virus but the chance of being flattened by a bloke on a motor bike in a hurry with a pizza.

Naspers acknowledges the challenges of the era, but points out that it has sufficient liquidity to provide its businesses with the appropriate level of funding, and the firepower to invest in the many opportunities that will undoubtedly pop up.

The world will look very different after the initial impact of the pandemic has receded, and there will be huge potential for those in a position to drive its new direction.

Surprisingly, there was no place for Naspers on the FT’S list of top performers in the pandemic