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    NPN   ZAE000015889

NASPERS LIMITED

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South Africa's rand firms as dollar falls, stocks up marginally.

06/04/2021 | 11:41am EDT

JOHANNESBURG, June 4 (Reuters) - South Africa's rand firmed on Friday and looked set for weekly gains, thanks to a rise in commodity prices and a weakening U.S. dollar as investors turned to riskier but high-yielding assets.

At 1530 GMT the rand was 1.16% firmer at 13.4725 per dollar, trading at a new 28-month high.

The rand rallied 2% this week and has gained more than 8% against the dollar this year so far.

"The strengthening bias in the rand remained broadly intact this week. ... Most of the directional impetus has stemmed from the weaker U.S. dollar and higher commodity prices that have boosted South Africa's exports," said Kamilla Kaplan of Investec.

"Concurrently, expectations of the U.S. (Federal Reserve) tolerating higher inflation and leaving monetary policy accommodative for some time has benefited high yielding assets."

The dollar fell on Friday after U.S. nonfarm payrolls data showed hiring increased in May as the pandemic eased, but not quite as much as expected, tempering expectations the Fed will tighten monetary policy sooner, rather than later.

Government bonds also firmed, and the yield on the instrument due in 2030 was down 12 basis points to 8.765%.

Stocks on the Johannesburg Stock Exchange (JSE) partly reversed the previous day's losses to end the week at almost the same level where it ended last Friday.

The shares were primarily boosted by the weaker-than-expected U.S. jobs data which eased fears of an overheating of the economy, and thus calmed fears that strong jobs data would mean higher inflation in the coming weeks and months.

The benchmark FTSE/JSE all-share index went marginally up by 0.05% to end the week at 67,825 points, while the blue-chip index of top 40 companies closed up 0.07% to 61,617 points.

The gain was led by mining and industrials on the back of strong commodity prices and strong momentum in technology stocks, primarily index heavyweight Naspers Ltd. Naspers ended up 0.33%. (Reporting by Olivia Kumwenda-Mtambo and Promit Mukherjee; editing by Jonathan Oatis)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.04% 0.734 Delayed Quote.-3.87%
BRITISH POUND / US DOLLAR (GBP/USD) 0.06% 1.3906 Delayed Quote.2.12%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.00% 0.8017 Delayed Quote.2.23%
EURO / SOUTH AFRICAN RAND (EUR/ZAR) 0.26% 17.3403 Delayed Quote.-3.42%
EURO / US DOLLAR (EUR/USD) -0.01% 1.1867 Delayed Quote.-2.65%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.00% 0.013452 Delayed Quote.-1.63%
NASPERS LIMITED -1.31% 2822 End-of-day quote.-6.54%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.49% 0.6974 Delayed Quote.-2.36%
US DOLLAR / SOUTH AFRICAN RAND (USD/ZAR) 0.29% 14.611 Delayed Quote.-0.74%
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Financials (USD)
Sales 2022 8 356 M - -
Net income 2022 4 397 M - -
Net Debt 2022 3 139 M - -
P/E ratio 2022 22,6x
Yield 2022 0,23%
Capitalization 79 758 M 79 627 M -
EV / Sales 2022 9,92x
EV / Sales 2023 8,50x
Nbr of Employees -
Free-Float 94,7%
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Mean consensus BUY
Number of Analysts 12
Last Close Price 193,69 $
Average target price 338,55 $
Spread / Average Target 74,8%
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Managers and Directors
Robert van Dijk Chief Executive Officer & Executive Director
Vasileios Sgourdos Financial Director & Executive Director
Jacobus Petrus Bekker Non-Executive Chairman
Patrick Luke Kolek Group Chief Operating Officer
Debra Meyer Independent Non-Executive Director
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