Tencent shares hit record high

Tencent raced to a record high and is the best-performing stock in Hong Kong’s Hang Seng yesterday as investors cheered a strong first-quarter profit from the Chinese internet giant, the Financial Times reports. Profit in the three months to March 31 jumped 58% year-on-year to Rmb14.48bn ($2.1bn), the company reported after close of market on Wednesday, on a 55% increase in revenues to Rmb49.55bn. Tencent, which at 12% is the biggest individual weighting within the Hang Seng, was up as much as 3.1% in mid-morning trade at a record HK$267.80 That gives it a market capitalization of $316.3bn, making it the ninth-biggest listed company in the world, overtaking JPMorgan, but $28bn behind eighth-ranked Johnson & Johnson. The Hang Seng was down 0.4%, with only nine of its 50 members in positive territory as markets around the region retreated amid mounting political turmoil around the Trump administration.