Market loves surprise move by Naspers to narrow value gap

Prosus went back on its word not to sell more of Tencent’s stock for three years, saying on Monday it needs the money to fund a share buyback programme, sending its shares skyrocketing as much as 25%.

The open-ended, long-term programme, the size of which was not disclosed, is the latest attempt by Prosus, alongside parent Naspers, to crush a stubbornly wide gap between their market capitalisation and the value of their underlying assets...A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

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Market Watcher: Naspers steals the show[MARKET WATCHER] Gary Booysen of Rand Swiss looks at why the market reacted so positively to the news from Naspers and Prosus, banks being under pressure, and CASales listing on the JSE. MoneywebNews
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MARKET WRAP: Naspers helps power JSE’s 2% recoveryShares in the market heavyweight rocket after it announces an open-ended buyback process
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Oil edges lower as market awaits news from G7Investors are waiting for any moves against Russian oil and gas exports that may come out of a meeting of leaders of the G7 nations in Germany
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Can Firepin Token achieve a position in the market like Polkadot and Chainlink?The Metaverse Sector is now leading the crypto world, and it will be regarded as the crypto’s future as the notion emerges more often.
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WATCH: Market ReportBusiness Day TV talks to Business Day TV spoke to Martin Smith from Anchor Capital and Viv Govender from Rand Swiss Offshore
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