Naspers falls on Tencent growth fears

2011-03-17 10:57

Johannesburg - Naspers [JSE:NPN] shares fell more than 2% after Chinese firm Tencent, in which it owns a 30% stake, posted its biggest one-day fall in more than two years on Thursday.
Shares of Tencent, China’s largest internet company, fell nearly 11% on concerns over tighter operating margins and slower growth.

Tencent’s blockbuster growth has been a big contributor to performance of the media firm, which is heavily invested in emerging markets and e-commerce internet companies.

Naspers stocks were down 2.3% at R373.78, becoming the biggest percentage loser among Johannesburg’s Top-40 index of blue chips.