Is it time to catch the global stock market’s biggest falling knife? For watchers of Tencent Holdings, whose largest shareholder is South Africa’s Naspers, it’s an increasingly pressing question.
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Even for the world’s worst performing stock markets, Thursday’s losses were extreme. China’s benchmark equity gauge closed 5.2% lower, the biggest loss since February 2016, as a global selloff spread.
Investors enamoured of tech stocks that suddenly seem only to fall are searching for answers. The simplest may be that the group just isn’t that special anymore.
One hundred and forty-three days. That’s how much time Elon Musk has till the big bills start coming due in the debt market.
Naspers, whose share price has fallen in tandem with affiliate Tencent, in which it holds a 31.2% stake, offers “significant value at these levels”, Ashburton Investments said on Wednesday.
More bad news for Tencent: the Chinese Internet giant has lost its spot as one of the world’s 10 biggest companies.
Not only has the Chinese Internet giant lost more market value than any other company worldwide this year, its 38% drop from a closing high in January is now the deepest since Tencent’s 2004 listing in Hong Kong.
A report on Thursday evening that Nigeria is playing hardball with MTN Group sent the wireless carrier’s shares tumbling more than 10% shortly after markets opened in Johannesburg on Friday.
Elon Musk has insulted the Securities and Exchange Commission days after settling a fraud lawsuit with the US agency, potentially imperiling a deal that allows him to remain Tesla’s CEO.
EOH Holdings financial director John King has resigned. King announced his decision to leave the business at the group’s annual results presentation in Sandton on Wednesday.