{"id":13786,"date":"2012-05-28T13:22:36","date_gmt":"2012-05-28T11:22:36","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=13786"},"modified":"2012-05-28T14:15:36","modified_gmt":"2012-05-28T12:15:36","slug":"naspers-feels-facebook-heat","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/internet\/13786\/naspers-feels-facebook-heat\/","title":{"rendered":"Naspers feels Facebook heat"},"content":{"rendered":"

Shares in Naspers<\/a> declined in afternoon trade on Monday (28 May) tracking yet another drop in China’s Tencent Holdings<\/a>, while the Facebook<\/a> effect on its subsidiaries also weighed.<\/p>\n

By 13:00 local time, shares in Naspers, a multinational media company with principal operations in electronic media, declined R6.29 or 1.38% to R450.99 on the JSE<\/a> despite the All Share Index showing a recovery, following a sell-off last week amid recessionary woes in the Eurozone.<\/p>\n

A dealer noted that Tencent was down again in Asia trade on Monday, while Facebook was also a factor. Naspers owns 35% of Tencent Holdings, while both companies have stakes in Russia\u2019s Mail.ru Group.<\/p>\n

Naspers owns 30% of Mail.ru Group through its MIH Russia Internet BV investment vehicle.\u00a0Mail owns 37m shares in Facebook.<\/p>\n

Naspers had dropped 5.17% to R436.21 rand last week, its biggest percentage drop in more than 10 months, after a 3.4% slide in Tencent Holdings.<\/p>\n

The dealer said that Naspers had seen a recovery towards the back end of last week with some \u201cpunters wanting to take some money off the table\u201d.<\/p>\n

Shares in Facebook closed at $31.91 per share on Friday (May 25), 16% off its Initial Public Offer Price.<\/p>\n

Globally, tech stocks had been bolstered pre-Facebook\u2019s listing; however, the social networking group lost more than $19 billion in market capitalisation from its $38-per-share offering.<\/p>\n

In other tech stocks, mobile operator Vodacom<\/strong><\/a> dropped 55 cents to R102.95 with the dealer noting investors providing a sell recommendation for the group. Vodacom is facing a price war with fellow operators in SA, while shares in the group dipped below R100 for the first time in more than three months on 18 May, amid a potential crisis for its operation in the Democratic Republic of Congo.<\/p>\n

Rival operator, MTN<\/strong><\/a>, gained R1.10 to R134.25, and Telkom<\/a> improved 1.43% or 34 cents to R24.15.<\/p>\n

ICT group lost 2.32% or R1.18 to R49.73, and Blue Label Telecoms<\/strong><\/a> dipped 2.22% or 14 cents lower, to R6.16.<\/p>\n

Related articles<\/strong><\/p>\n

Vodacom shares slide amid price war<\/a><\/strong><\/p>\n

Vodacom shares dip below R100 as Congo weighs<\/a><\/strong><\/p>\n

Naspers up 3% to record high<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Shares in Naspers declined in afternoon trade on Monday (28 May) tracking yet another drop in China’s Tencent Holdings, while the Facebook effect on its subsidiaries also weighed.<\/p>\n","protected":false},"author":9,"featured_media":13789,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9882],"tags":[1382,45,26,175,2946,28,107,65,2947,27],"class_list":["post-13786","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-internet","tag-blue-label-telecoms","tag-facebook","tag-headline","tag-jse","tag-mail-ru-group","tag-mtn","tag-naspers","tag-telkom","tag-tencent-holdings","tag-vodacom"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/13786","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=13786"}],"version-history":[{"count":8,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/13786\/revisions"}],"predecessor-version":[{"id":13794,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/13786\/revisions\/13794"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/13789"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=13786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=13786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=13786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}