The main share index bucked four straight days of losses to rise 1.4% to 24,512 points on Thursday.

Dangote Cement, majority owned by Africa's richest man Aliko Dangote, rose by 10% - the maximum allowed on the bourse. MTN Nigeria, the second-biggest listed firm climbed 0.84%.

One fund manager said there was buying interest in Dangote Cement because the stock was recovering from a six-week low.

He added that gains across the market were few because investors were waiting for half-year results to determine the extent of the damage inflicted by the novel coronavirus pandemic on businesses.

MTN Nigeria, the local unit of South Africa's telecoms group MTN, on Thursday said it expects its profit margin to fall by almost half a percentage point this year.

A total of 11 firms advanced while 11 declined and more than 100 others recorded no trades.

By Chijioke Ohuocha