STOCKS NEWS AFRICA-Nigeria Union Bank hits 7-weeks high after share deal
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1323GMT 08Sept14 - Nigeria union Bank hits 7-weeks high after share deal
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Nigeria's Union Bank rises 10 percent to hit a 7-week high on Monday, after London-listed Atlas Mara, the African investment vehicle of former Barclays (LSE: BARC.L - news) boss Bob Diamond, increased its stake in the mid-tier lender last week to almost 30 percent with a $270 million investment.
Shares (Frankfurt: DI6.F - news) in Union Bank surge 10.05 percent to 9.42 naira ($0.06) at 1316 GMT, a level it last touched on July 16, outperforming the banking sector index , which is up 1.05 percent.
Union Bank, majority owned by Union Global Partners Ltd (UGPL), a consortium of investors including hedge fund Corsair Capital, African Capital Alliance and the Netherlands Development Finance Co., rose 5 percent on Friday when Diamond's Atlas Mara acquired the stake.
Reuters Messaging: oludare.mayowa.thomsonreuters.com@reuters.net
0924GMT 08Sept14 - S.Africa Woolworth slides on ex-div, ex-rights effect
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Shares in Woolworths fall more than 7 percent as the South African upscale food and clothing retailer begins trading without the right to the next dividend payout and to participate in a 10 billion rand ($929.76 million) cash call.
Woolworths, which has declared a dividend of 150.5 cents per share, is down 7.35 percent at 75.08 rand.
The company is tapping shareholders for the money to pay back loans from banks used to partly fund the Cape Town-based firm's 21.6 billion rand takeover of Australia's David Jones.
Reuters Messaging: tiisetso.motsoeneng.thomsonreuters.com@reuters.net (1 US dollar = 1.0688 Australian dollar)