Respite for Naspers shares
Shares of South African e-commerce and media group Naspers advanced 1.5% in a technical rebound on Tuesday (8 April) having declined 6% the previous day, Reuters reported.
In late afternoon trade on the JSE, Naspers added R15.94 to be at R1,057, some way off its highest level of R1,354 achieved less than a month ago, on March 11, 2014.
Still, Naspers showed a 52-week return of 88.5%, with its market cap at R439 billion, off a high of approximately R565 billion achieved in March.
The slide in the previous session was triggered by a sell-off of Chinese Internet giant Tencent Holdings, of which Naspers owns more than a third.
Tencent added 1.6% to its share price in Hong Kong.
In the previous session, the share had strayed into oversold territory, according to its 14-day RSI, a momentum indicator tracked by technical analysts, Reuters reported.
More on Naspers
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Naspers slides 5% again on Tencent
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