Nigeria’s share index gained 3.06 percent on early trade on Wednesday, a dramatic recovery after a consistent 2-week decline amid bargain hunters taking positions in the market, traders said.
The share index, which has the second-biggest weighting after Kuwait on the MSCI frontier market index, had fallen below the psychologically important 23,000-point line to a level last seen on July 2012 on Monday due to worries over falling oil price and the naira exchange rate.
The main market indicator all-share index rose to 23,144 points at 1007 GMT.
Stock dealers said some investors consider the market oversold and its current level attractive for re-entering the market.
