Prosus has worst day in 10 weeks after US moves to ban WeChat
Naspers fell the most in two weeks as the trade battle between the US and China, now well into its third year, continues
Shares in internet consumer group Prosus fell the most since May 27 on Friday, after the White House moved to restrict US companies from doing business with Tencent.
US President Donald Trump signed orders prohibiting business with the Chinese-owned TikTok and WeChat apps, beginning in 45 days, citing the risk of leaving personal data of US citizens exposed.
This is the latest salvo in the trade battle between the world’s two biggest economies, which began more than two years ago.
Prosus fell the most in about 10 weeks, down 3.82% to R1,676.34 while Naspers was down the most in a fortnight, falling 4.18% to R3,088.99.
The falls wiped off about R200bn in shareholder value from the Naspers stable.
Naspers, via Prosus, is the largest single shareholder in Tencent, with 31.2% of the WeChat owner. It also owns a large chunk of Epic Games.
Update: August 7 2020
This story has been updated throughout with new information and closing share prices.
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