Naspers: Tencent retreat knocks 4.1% off stock

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