South African stocks rose for the fifth straight session on Monday, lifted by Naspers Ltd whose shares surged to a record high as well as a jump in Sasol's shares after the global oil price recovered. Naspers, Africa's largest company by market value, jumped 1.8 percent to 1,980 rand after hitting an all time high of 2,029 rand. Shares in the media and e-commerce firm have gained about 90 percent over the last 12 months.
Naspers was pulled higher by the rising fortunes of Tencent, China's biggest social networking and online entertainment firm, in which Naspers owns about a third.
Tencent jumped more than 5 percent as investors piled into Hong Kong stocks to hunt for bargains.
"What you're seeing in Naspers is, the majority of it, about what is happening to the Tencent stock," said Owen Nkomo from Inkunzi Investments. "Naspers has got a very big stake in Tencent in Hong Kong and that stock has done quite well." The benchmark Top-40 index added 0.37 percent to 47,307 and the broader All-share index gained 0.32 percent to 53,589.
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