Naspers shares rise after 20% slump, market cap hits $44 billion

Shares of Naspers, Africa’s largest consumer internet and technology company which now ranks as the continent’s second most valuable publicly listed company, have climbed in recent days, pushing the company’s market value back above $44 billion after a sharp decline earlier this year that briefly erased more than $10 billion in shareholder value.

The Johannesburg-based technology investor, one of Africa’s most influential publicly listed companies, has seen its share price rise by more than 6 percent over the past five trading days. The rebound has lifted Naspers’ market capitalization to about R726 billion, equivalent to roughly $44.4 billion, according to market data reviewed at the time of reporting.

The recovery follows a difficult start to the year. Naspers shares had fallen more than 20 percent between Jan. 1 and early March, dragging the company’s market value from above $50 billion to below $40 billion at one point. The slide also cost the group its position as Africa’s most valuable listed company, with Gold Fields moving ahead in market capitalization. 

In the past week, however, buying interest has returned. Naspers shares climbed 6.3 percent to R941.47, restoring billions of dollars in market value and signaling renewed confidence among investors who view the earlier decline as an opportunity to buy the stock at lower prices.

Naspers expands e-commerce amid Tencent pressure

Founded in 1915, Naspers has evolved from a traditional media company into one of the world’s most active technology investors. Its strategy centers on building and backing consumer internet businesses across several markets while maintaining a large stake in one of China’s most valuable technology companies.

Through its Amsterdam-listed subsidiary Prosus, Naspers holds an indirect 24.6 percent stake in Tencent Holdings, the Chinese gaming and social media giant. Prosus is listed on Euronext Amsterdam with a secondary listing on the Johannesburg Stock Exchange, while Naspers remains the majority shareholder.

Investor sentiment toward Tencent earlier this year weighed on Naspers’ share price. Concerns that the Chinese technology group was moving more slowly than some rivals in the fast-growing artificial intelligence sector prompted some investors to reduce their exposure, contributing to the selloff in Naspers stock.

Despite that pressure, the group continues to report steady growth in its ecommerce businesses. In the first half of its 2026 fiscal year, Naspers said ecommerce revenue rose 21 percent to $4.1 billion. The company expects adjusted EBITDA of about $1.1 billion for the full year, reflecting stronger performance across several digital platforms.

Investor confidence returns to Naspers shares

For investors, the recent rebound suggests confidence in the company’s global technology investments is holding steady despite a turbulent start to the year for one of Africa’s most closely watched stocks.

In South Africa, Naspers operates several well-known digital platforms, including Takealot, Mr D Food, Superbalist, AutoTrader South Africa and Property24. The group also owns payments platform PayU and media business Media24.

Through its Amsterdam-listed unit Prosus, the group has expanded its lifestyle ecommerce operations across Europe, India and Latin America. Naspers says its platforms now serve more than 2 billion users worldwide, with many services supported by artificial intelligence tools used to improve payments, logistics and the overall online shopping experience.