Naspers Share Price JSE: NPN Rebounds After November Dive, Reaffirming Its 2025 Trend
Naspers’ share price pulled back sharply in November despite strong operational progress, but improving fundamentals and technical support..
Quick overview
- Naspers experienced a significant share price pullback in November, closing around R1,030 after a strong rally earlier in the year.
- Despite the volatility, the company's fundamentals remain strong, with solid operational progress and profitability gains in its ecommerce segment.
- Technical indicators suggest that the broader uptrend is intact, with key moving averages providing support during the recent decline.
- Naspers' valuation is still heavily influenced by its stake in Tencent, which poses both opportunities and risks amid regulatory uncertainties.
Naspers’ share price pulled back sharply in November despite strong operational progress, but improving fundamentals and technical support suggest the broader uptrend remains intact.
Naspers’ 2025 Momentum Remains Robust Despite November Pullback
Naspers continues to demonstrate solid operational and profitability momentum in 2025, even as its share price experienced a notable setback in November. After a powerful rally earlier in the year, the stock entered a consolidation phase, retracing lower before finding support and beginning to rebound. While short-term volatility has unsettled sentiment, the broader trend and underlying fundamentals remain supportive of the longer-term investment case.
Share Price Pauses After a Powerful Rally
Naspers has been one of the standout performers on the JSE in 2025, with the share price advancing strongly from January levels and reaching fresh highs in early October. That rally was driven by growing confidence in the group’s improving profitability, better capital discipline, and continued expansion across its digital ecosystem.
November, however, marked a shift in tone. Despite opening higher following the earnings release, the stock failed to sustain momentum and gradually gave back those gains. By the end of the month, Naspers had declined close to 20%, closing around the R1,030 level. Importantly, that zone acted as a clear area of support, stabilising price action and preventing a deeper correction.
This pullback has not materially altered the broader technical structure. The longer-term trend remains positive, and recent price behaviour suggests that selling pressure has largely been absorbed.
Moving Averages Continue to Support the Trend
From a technical perspective, Naspers remains positioned within a well-established uptrend. During the November retracement, the share price briefly slipped below the 20-week simple moving average, but the 50-week SMA held firmly and once again acted as a reliable support level. This moving average has repeatedly cushioned pullbacks throughout the year, reinforcing its importance for trend-following investors.
NPNJ Chart Weekly – Naspers Found Support at the 50 SMA
Momentum indicators also point to a stabilisation. The stochastic oscillator moved into oversold territory during the decline, signalling that downside momentum was becoming exhausted. Over the past two weeks, the stock has rebounded as buyers returned, suggesting the corrective phase may be complete.
While near-term volatility cannot be ruled out, especially as markets continue to digest recent results, the technical backdrop indicates that the broader bullish structure remains intact. Any further weakness toward key support levels may be viewed as consolidation rather than a trend reversal.
Strong Results Highlight Operational Progress
Fundamentally, Naspers delivered a robust set of results for the first half of its financial year. Both Naspers and its consumer internet arm, Prosus, reported meaningful improvements, with profitability gains driven largely by stronger performance in the ecommerce segment.
Takealot, the group’s flagship South African online retailer, recorded solid growth in gross merchandise value, while adjusted earnings increased sharply, reflecting improved operational efficiency and cost discipline. This marked an important milestone for a business that has historically prioritised scale over profitability.
Other platforms within the group, including AutoTrader and Property24, continued to perform well, expanding their product offerings and integrating AI-driven features designed to enhance user engagement and monetisation. These initiatives underscore Naspers’ broader strategy of strengthening its competitive positioning across core digital verticals.
Tencent Remains a Key Value Driver
Despite the progress within its own operations, Naspers’ valuation remains heavily influenced by its stake in Tencent. The Chinese technology giant continues to contribute a significant portion of the group’s underlying value, with even modest changes in Tencent’s performance having an outsized impact on Naspers’ earnings profile.
While Naspers has gradually reduced its Tencent holding to fund share buybacks and reinvestment initiatives, the stake remains substantial. This concentration represents both a strength, given Tencent’s scale and cash generation, and a risk, particularly in the context of regulatory and macroeconomic uncertainties affecting Chinese technology stocks.
Long-Term Investment Case Remains Intact
Overall, the recent pause in Naspers’ share price appears to be a period of consolidation rather than a breakdown in the underlying story. Strong cash generation, improving ecommerce margins, continued platform innovation, and the strategic Tencent exposure all support a constructive long-term outlook.
If broader market conditions remain supportive, the current rebound could form the base for the next leg higher, reinforcing Naspers’ position as one of the JSE’s most compelling long-term growth stories.
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