LAGOS – Nigerian stocks gained for the second day on Tuesday, climbing 2.46 percent, after shares of banking and consumer goods firms rallied.
Nigeria’s stock market rose 16 percent in the first quarter, helped by rising oil prices, but it has seen a sell-off and is down 3.4 percent on the year as rising U.S. interest rates hit emerging markets.
Stocks fell to six-month lows on Friday.
But bargain hunters moved in on Monday, ending the decline, and continued to snap up low valuations on Tuesday.
The index of Nigeria’s top 10 lenders rose 3.2 percent and consumer stocks gained 2.7 percent.
The main index rose 2.46 percent to 37,854 points.
Oando rose 9.8 percent, followed by International Breweries up 7.69 percent and Dangote Sugar 6.3 percent.
Zenith Bank, Wema Bank, Skye Bank, Unity Bank, FBN Holdings, FCMB, Fidelity Bank and Diamond Bank, each gained more than 4 percent.
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