JOHANNESBURG—Africa’s most valuable company is now suddenly one of the world’s most valuable companies, too.
On Wednesday, Naspers Ltd. NPSNY -1.31% —a media and internet firm little known outside South Africa and Silicon Valley—reported a surge in half-year earnings, bolstered by its 33.3% stake in Chinese internet giant Tencent Holdings Ltd. TCEHY -4.17%
The performance sent shares up 0.8%, bringing its gains over the last year to 84%.
That has suddenly made it the world’s 65th largest listed company by market value among the Stoxx Global 3000 index.
Last year, it wasn’t close to breaking into the top 100, according to a Wall Street Journal analysis.
The stock market gains have been driven almost entirely by Tencent’s own soaring share price.