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TMCNet:  naspers Tencent retreat knocks 4.1% off stock [Star, The (South Africa)]

[March 17, 2014]

naspers Tencent retreat knocks 4.1% off stock [Star, The (South Africa)]

(Star, The (South Africa) Via Acquire Media NewsEdge) Shares of e-commerce firm Naspers headed toward their biggest one-day loss in more than two years on Friday, hit by a sell-off in China's Tencent Holdings, of which Naspers owns more than a third. Investors hammered Tencent after China's central bank ordered a halt to some mobile payment methods used by internet companies, amid concerns over the security of verification procedures. Shares of Tencent fell as much as 7 percent in Hong Kong before closing down 4.1 percent. The Chinese company's explosive growth in recent years has helped make Naspers the most valuable company with a primary listing on the JSE. Naspers shares fell as much as 8.1 percent in early trade, but recovered some ground to close 4.1 percent down at R1 229. - Reuters The Star (c) 2014 Independent Newspapers (Pty) Limited. All rights strictly reserved. Provided by Syndigate.info, an Albawaba.com company


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