Naspers gains on Tencent’s revenue rise

Top movers Graph of the day

FTSE/JSE Africa Index Series

STOCKS ticked higher yesterday, riding on index heavyweight Naspers, whose shares jumped after a Chinese company in which it holds a stake surprised investors with better-thanexpected revenues.

The JSE Top40 index was up 0.26 percent at 47 993.01, while the all share added 0.22 percent to 54 053.92.

Tencent Holdings, China’s biggest social network and online entertainment firm, posted a 22 percent rise in first quarter revenue. rose 3.6 percent to R1 841.

Paper maker was the biggest blue chip gainer, adding 7.9 percent to R261.75, after the stock

Naspers

Mondi

was included in an MSCI index, one trader said. Mondi also reported a 29 percent rise in first quarter operating profit.

“Mondi being taken up into that MSCI index is very good news for it,” said Petri Redelinghuys, a senior trader at Inkunzi Investments. “Not only do index trackers have to buy it but the profile of the share is raised by being on the index.”

On the opposite side of the scale, shares in Mediclinic and Netcare lost value after Life Healthcare reported a slight drop in first half earnings. fell 5.04 percent to R37.65, was down 3 percent to

lost 2.53 percent

Healthcare Mediclinic

Netcare

R115.60 and to R38.84.

Life