Nigerian shares resumed a two-week rally on Wednesday, recovering from the previous day’s loss thanks to gains in the cement and petroleum sectors.
The index rose 1.51 percent by the close to 32,686 points after falling 1.16 percent on Tuesday when some investors booked profits. The bourse had gained more than 16 percent in the past two weeks.
Shares in Dangote Cement, which account for a third of the market’s capitalisation, rose 5 percent to 208.97 naira ($0.6862), while its sugar firm, Dangote Sugar rose 9.99 percent.
The banking index, which had outperformed the overall market in the last week, however fell for the second day by 0.61 percent on Wednesday.
Other gainers included petroleum exploring firm Seplat , which gained 5 percent, gasoline retailing firm Forte Oil climbed the maximum 10 percent, while chocolate maker Cadbury rose 7.58 percent.
Stocks brokers said although some investors are still taking profits from banking stocks, demand for companies in other sectors was offseting whatever impact such activity would have had on the market.
Data on offshore investors’ participation in the market for the month of April showed a decline by 38.49 percent, but sources at the Nigerian Stock Exchange said inflow for the latest month was more robust and encouraging.
