Johannesburg - Shares of Nedbank shrug off a generally bearish Johannesburg bourse to rise by more than 2 percent as the No. 4 South African lender concludes the initial purchase of a minority stake in Banco Unico.

Nedbank has bought 36.4 percent in the Mozambican lender and has the right to rake up a majority shareholding over time.

Nedbank is also expected to take up a 20 percent stake in Ecobank by November, giving it exposure to more than 30 African markets through the Lagos-listed lender. - Reuters