Nigeria’s share index gained 3.31 percent in 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 23,198 points at 1027 GMT.

Stock dealers said some investors consider the market oversold and its current level attractive for re-entering the market.

“Value stocks are getting more attractive with prices at ridiculously low levels,” United Capital said in a research note on Wednesday.

Dangote Cement, which accounts for the third of the market capitalisation rose 2.84 percent, FBN Holdings jumped 10.91 percent, Guaranty Trust Bank was up 10.18 percent and energy company Oando rose 8 percent.