South Africa’s Naspers Gains to Month High on Russian Unit, Rand

Naspers Ltd., Africa’s largest company by market value, climbed to the highest in a month after its Russian classified-ads unit reported a rise in revenue and the rand weakened, boosting the value of foreign earnings.

The shares rose 4 percent to 2,0481.97 rand by the close in Johannesburg, valuing Naspers at 913.2 billion rand ($58.5 billion). It was the highest close since April 19 and the biggest advance since January. About 1.2 million shares exchanged hands, almost matching the three-month daily average. 

Avito.ru, Russia’s biggest online classifieds website, of which Naspers owns 68 percent, said first-quarter revenue grew by 86 percent as page views increased. Shares of Tencent Holdings Ltd., Naspers’ Chinese Internet unit, gained 3.1 percent in Hong Kong on speculation its car-hailing service Didi Chuxing is raising about $3 billion of funding, including a $1 billion investment by Apple Inc.

“Avito will probably, at the margin, help,” Jarrett Geldenhuys, an analyst at Investec Securities, said by phone from Johannesburg. “Also, there’s Apple coming to buy a stake in a taxi app which Tencent owns a small piece of.”

South Africa’s rand weakened 1.5 percent to 15.6288 per dollar by 5:17 p.m., boosting income for companies with earnings abroad. Naspers derives about 25 percent of revenue from its operations outside South Africa.

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