Wires

STOCKS NEWS AFRICA-Absa recovers after sell-off

Share

STOCKS NEWS Reuters Results diary Stocks on the move Real-time Equity News 0829GMT DDMMM12 - Absa recovers after sell-off ----------------------------------------------

Shares of South Africa's Absa Group recover more than 1 percent to136.11 rand following a sharp sell-off in the previous session, when shares werehit by news a group of black shareholders had sold a stake in the bank worthabout $370 million.

Shares of Absa slid nearly 3 percent on Wednesday.

Batho Bonke Capital, a consortium of black investors led by prominentbusinessman and politician Tokyo Sexwale, offloaded a roughly 3.4 percent stakein Absa, almost all of its holding, allowing it to exit one of thepost-apartheid era's high profile "black empowerment" deals.

South African companies have used such deals - loan shares to blackinvestors or selling stakes at a discount - to increase their black ownershipand meet government targets to help those disadvantaged by the apartheid regime.

Reuters Messaging: david.dolan.thomsonreuters.com@reuters.net

Keywords: MARKETS AFRICA STOCKSNEWS

Related Tags