WATCH: Stock pick — Naspers

Liston Meintjes from Nvest Securities chose Naspers as his stock pick of the day.

He said there were many factors behind his decision, and “the rand is a good part of it”.

“Naspers has a ‘good story’ … their announcement on their profit takings were very complicated, but this was largely due to them selling a 2% interest in Tencent. They don’t actually have Tencent shares, they have an economic interest, so they reduced their economic interest by 2%, which in turn puts a large amount of cash on their balance sheets.”