Naspers’ valuation fell by more than Aspen Pharmacare’s entire market capitalisation on Wednesday after its main asset, Hong Kong-listed Tencent, reported a surprise decline in earnings. The Naspers decline dragged the JSE all share index down as much as 3.4%, since the company accounts for about a fifth of the local bourse. Analysts said this highlights the risk of tracking the all share index as it is heavily skewed towards a single stock. The share price of Africa’s biggest company closed 8.2% lower at R3,060.88, erasing R121bn from its market value. Aspen, the JSE’s 20th-largest stock, is worth R117bn. Chinese internet giant Tencent, 31% owned by Naspers, said on Wednesday its net profit in the second quarter ended June was 2% lower than a year before – its first profit drop in more than a decade. And while revenue climbed 30% to 73.68bn yuan (R155.5bn), New Street Research said that this number is about 8% lower than it expected. The earnings decline was partly due to a freeze ...

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