The market has moved sharply against the tech sector in 2022, as any shareholder in Cathie Wood’s ARKK ETF will attest to .
This is why growth stocks have been smashed this year. It’s also the likeliest reason why Prosus was happy to walk away from the BillDesk deal. If Prosus really wanted to do the deal, it would make an effort to conclude it. The price would be revised or the date would be extended. Instead, there’s nothing. It’s over.Aveng’s share price increased 13% over the past week, thanks to the sale of Trident Steel at a price that looks juicy to me. The deal values Trident Steel at R700-million as a going concern, with Aveng set to receive an additional R264-million for the net cash portion of the business.
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