The JSE had a spectacular trading session on Wednesday after Tencent Holdings’ shares leapt more than 23% in Asian trading.
Browsing: Naspers
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.
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.
Naspers Foundry said on Tuesday that it will invest R15-million in Cape Town-based Floatplays, an “on-demand earned wage access platform”.
Tencent denied talk that it’s facing a major regulatory crackdown in China, issuing an unusually aggressive public response. Shares in Naspers still tanked.
Naspers has closed its OLX in South Africa, saying the move was done so it can focus its customer proposition fully on its property and motor vehicle platforms.
Prosus CEO Bob van Dijk has purchased about $10-million of the company’s shares on the open market.
MTN Group had a barnstorming 2021. The telecommunications group, despite its size, was the best performer among technology shares in South Africa last year.