News Formal

Tech stocks poised for a comeback, says equity manager

  • 📰 BDliveSA
  • ⏱ Reading Time:
  • 33 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 63%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

As tech giants' power is likely to be curbed by US authorities, Stonehage Fleming says it will ‘only affect some businesses to some extent’

A Google sign at theWorld Artificial Intelligence Conference in Shanghai, China, September 17 2018. Picture: REUTERS/ALY SONG

Despite rallying 2.7% on Tuesday after US Federal Reserve chair Jerome Powell said the central bank could cut rates, the tech-heavy Nasdaq Composite remained 7.8% down from its close on May 3. Tencent has slipped 14.6% since May 3, while Naspers has declined about 9%, propped up by the weaker rand and plans to list its international internet assets in Europe. Naspers’s decline has dented the JSE, given its hefty weighting in local indices.

“The anti-trust probes will affect only some businesses to some extent, and it may take very long before that happens,” said Smit. “In those cases, valuations already reflect some of those risks.”

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in CA

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

BUSINESS MAVERICK: Forget fintech, it is Big Tech that banks should fear the mostWhile fintech start-ups have slightly rattled the cages of traditional global banks, the establishment is as strong as ever. But Facebook and Amazon are about to enter their turf, and given their power and size, banking as we know it might not survive the onslaught.
Source: dailymaverick - 🏆 3. / 84 Read more »

US ban has 'no effect' on Huawei's aviation businessUS moves against Chinese tech titan Huawei have had 'no effect' on the firm's aviation business despite several countries taking steps to block its mobile services, a top company executive said Monday.
Source: TimesLIVE - 🏆 28. / 59 Read more »

Business Maverick: U.S. probe of Google’s online ad dominance would appease long suffering rivals, publishersAd tech firms and publishers have had to stay in the good graces of Google or risk insolvency. For them at least, the US Justice Department probe is welcome.
Source: dailymaverick - 🏆 3. / 84 Read more »

Grindrod said to seek equity partner for banking businessGrindrod Bank is 28% black-owned, and it has been investigating growth opportunities for the business over the past year
Source: BDliveSA - 🏆 12. / 63 Read more »