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Tencent drags down Naspers

Jun 09 2011 10:39 Reuters

Company Data

NASPERS LIMITED [JSE:NPN]

Last traded 1299.99
Change -0.01
% Change 0.00
Cumulative volume 1204504
Market cap 541.85bn

Last Updated: 22/07/2014 at 04:28. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Shares of Naspers [JSE:NPN] are down 2.5% to R396.49 in early trade, tracking those of Chinese firm Tencent Holdings in which it holds more than 30%.

Tencent, China’s most valuable internet company and a major revenue earner for Naspers, is one the biggest drags on Hong Kong’s benchmark index, shedding 3%.

The stock found chart support at HK$207, the low last month and a level that had proved a stiff resistance in April. A break below this level would confirm a “triple-top” pattern in the stock, traders say, that could pave the way for a slide to around HK$186.

* Fin24 is a Naspers publication.

 
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