JSE stocks hit as Naspers slides

Johannesburg - South African stocks slid more than 1% on Tuesday as Naspers [JSE:NPN] tumbled after the high-flying internet firm said spending would likely crimp its earnings this year.

Sentiment was also bruised after data showed Africa's largest economy grew at its slowest pace since a 2009 recession in the third quarter, dragged down by weeks of strikes in the automotive industry.

Naspers, the most valuable company with a primary listing in Johannesburg, dropped 4.1% to R931.92. It said it would spend more than R7bn on expansion this year.

"What you are seeing here is a company that is growing very, very fast. They are investing for more growth and you will always have a question on that," said Reuben Beelders, a portfolio manager at Gryphon Asset Management.

"The stock has run very hard over the past few days. It could be a little bit of profit-taking on the results," he said. Shares of Naspers are up 75% this year, making it one of the best performers in Johannesburg.

The benchmark Top-40 index declined 1.44% to 39 194.33. The broad All-Share index fell 1.27% to 43 988.14.

Vodacom Group, the dominant mobile operator in South Africa, rose 1.2% to R123.89. The unit of Britain's Vodafone said it would pay $250m in cash to acquire an additional 17% in its Tanzania unit.

Trade was relatively active, with 200 million shares changing hands, according to preliminary bourse data.

Decliners outnumbered advancers 192 to 128.