Nigerian equities staged a sharp recovery on Thursday, adding N1.58 trillion in market value to reverse the heavy selling that had defined the previous session.
The benchmark index bounced back as investor sentiment stabilized, marking a clear shift from the broad-based rout that had seen the market shed N3.64 trillion just a day earlier.
The turnaround was led by the consumer staples sector, which had anchored the previous day's decline.
Shares of Nestlé Nigeria and BUA Foods, both of which had hit their maximum daily loss limits, saw significant buying interest return.
This sector-specific recovery suggests that the initial panic selling was largely driven by short-term positioning rather than fundamental deterioration in these blue-chip names.
The volatility underscores the heightened risk aversion among investors ahead of Nigeria's upcoming general election.