Naspers and subsidiary Prosus in more than 5% intra-day losses
Both companies victims of a global deluge on tech stocks and from their hostile takeover bid of online food delivery Just Eat
23 October 2019 - 20:41
Africa’s largest technology investor, Naspers, shaved off about R53bn of its value on Wednesday, joining a global sell-off in tech stocks on worries about a slowdown in the sector while uncertainty about its subsidiary’s buyout offer for UK food delivery service Just Eat added to bearish sentiment.
Naspers was down 5.33% on Wednesday, its lowest close since May, to end the day at R2141.50. Its Amsterdam-listed subsidiary, Prosus, recorded similar losses, losing 5.21% of its value to close at its lowest level since its debut on the JSE and Euronext in September...
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