The JSE extended losses at lunchtime on Thursday, with the price action largely centred on Naspers, which has increasingly become the proxy for the local market.Naspers accounted for nearly half of the total R15bn traded on the local bourse, and the sharp sell-off in the stock again brought to the fore concentration risk concerns for the local share market.Naspers’s shares fell 4.82% to R3,292, after Chinese internet company Tencent, of which Naspers owns about a third, missed its fourth-quarter revenue targets."When Tencent sneezes, the JSE catches a really bad cold," Sasfin Securities deputy chairperson David Shapiro said in a tweet."Despite good numbers, Tencent [was] down 4.5% in Hong Kong after signalling increased spending could hurt margins."Tencent’s quarterly net profit to end-December surged 98%, beating market estimates.The all share was down 0.75% to 57,854.20, as the index of top 25 industrial stocks shed 2.03%, thanks to Naspers and British American Tobacco.The local s...
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