Bloomberg News

Naspers Falls to Two-Week Low as Tencent Misses Estimates

November 09, 2011

(Updates with closing share price in second paragraph.)

Nov. 9 (Bloomberg) -- Naspers Ltd., Africa’s largest media group, fell to its lowest close in more than two weeks after Tencent Holdings Ltd., the Chinese Internet company in which it has a 34 percent stake, missed analysts’ estimates for third- quarter profit after increasing spending to develop new services.

The stock retreated 2.8 percent to 369.13 rand at the 5 p.m. end of trading in Johannesburg, the lowest closing price since Oct. 21.

--Editors: Linda Shen, Peter Branton

To contact the reporter on this story: Stephen Gunnion in Johannesburg at sgunnion@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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