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Naspers falls on Tencent worries

Johannesburg - Naspers [JSE:NPN], Africa's biggest media group, has fallen nearly 2% on the back of an expected slower second quarter from its Chinese unit, Tencent.

Shares in Naspers were 1.97% lower at R299, underperforming a broadly flat JSE Top-40 index.

Naspers owns more than 30% of Tencent, China's largest Internet company by market value, which lost 4% on Wednesday ahead of the release of its second quarter earnings due later in the day. Tencent is expected to post slower profit growth as World Cup content and marketing costs erode strong growth in its online game business. Tencent contributed about $275m to Naspers annual results, helped by its booming gaming business.

"Yes, it is tracking Tencent, but I think also there is some healthy profit-taking. There has been a lot of switching in the market. They have been buying Naspers and selling others. I think Naspers is just coming in line with the rest of the market," says a trader.

  - Reuters


*Fin24.com is owned by Naspers.
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