The JSE had a spectacular trading session on Wednesday after Tencent Holdings’ shares leapt more than 23% in Asian trading.
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Investors punished Chinese shares again on Tuesday, inflicting further collateral damage on South Africa’s Naspers and its European-listed spinoff, Prosus.
Chinese technology stocks slid for a third session on Tuesday amid concerns over Beijing’s ties with Russia and a persistent regulatory overhang.
Shares in Naspers and its spinoff Prosus tumbled on Monday after a report said Tencent Holdings faces a record fine in China.
Chinese tech shares tumbled on Friday as renewed regulatory concerns unnerved investors still reeling from wild price swings this week.
MTN Group resumed annual dividends on Wednesday, declaring a higher payout than previous guidance as a divestment plan made progress and the firm reported higher profit.
Prosus expects to write off the equivalent of R11.8-billion and has asked its directors on the board of social media platform VK to resign.
Traders are adding bets on an outsized interest rate increase in South Africa later this month as the surge in the price of oil fuels inflation expectations.
Massmart has reported full-year results stained in red ink thanks in part to the impairment an SAP ERP system at troubled retailer Game.
Microsoft plans to help accelerate the growth of 10 000 start-ups in Africa over the next five years through various financing and support mechanisms.