Naspers shares soar

MIHH and Naspers’ shares continued climbing on Thursday in the wake of the sale of their subsidiary Open TV to Liberty Media Corporation for R1,9 billion.

By 11.30 am MIHH gained 12,5% to R9 and Naspers rose 8,3% to R22,75. The JSE overall index lost 0,05% to 11492.

The banks sector lost two percent and the gold sector dropped by 1,4% as the price of bullion sagged to $308,30/oz.

The rand weakened to R10,38/$ from Wednesday evening’s R10,28/$.

SCMB Securities said on Thursday the sale was positive for both MIHH and Naspers.

”The sale will have a significantly positive impact on short-term earnings prospects (for the 6 months to September 2001, MIHH and Naspers losses from continuing operations would have decreased by 43% and 13.5% respectively).”

Both MIHH and Naspers were strongly refocusing towards more traditional operations.

”Although the companies now have significantly less blue-sky potential, they move substantially closer to profitability and cash flow generation, which are likely to be more valued by investors in the current market.” – Sapa

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