WATCH: Stock pick — Naspers
The media and internet group has flown into the perfect storm this year
Steven Schultz of Momentum has chosen Naspers as his stock pick of the day.
“Naspers is a stock that has been under tremendous pressure of late, and was negative for most of the day on Thursday. It has fallen by a third so far this calendar year.
“The reality is that it has had a number of things go wrong for it, almost the perfect storm. A very weak first-quarter earnings report caught investors off guard.
“It is also moving into a market area where the Chinese regulator is challenging many of its gaming approvals.
“A year ago one would not have thought that this would be possible but it seems that Naspers is the first casualty as a result of the US-China conflict taking place.”
Steven Schultz of Momentum talks to Business Day TV about Naspers