Some stocks amassed gains of over 20 per cent within that period, a development that pushed the benchmark index to 15-month high.

Market analysts had attributed the rally that lasted this Friday to the return of the foreign portfolio managers who had long been on recess waiting for re-entry at support levels.

"Foreign investors took positions in some of the blue-chip companies with attractive fundamentals. Although declining yields on government bond is partly responsible for this renewed interest in equities, the current currency regime, which limits exchange rate exposure is at the heart of the investor confidence," analysts at Meristem Securities Limited had said.

According to the analysts, as sub-Saharan Africa (SSA) markets continues to remain attractive destination to foreign portfolio managers, the Nigerian equities market presents an attractive with higher potential upsides than its peers at 19.8 per cent YTD stock market performance, which they said was lower than Egypt and Kenya markets that had achieved 53.02 per cent and 25.46 per cent YTD performance respectively.

However, the market opened the week on a negative note Monday with the index sliding back to 24,671.47, from 24, 8383.70 last Friday.

Similarly, market capitalisation of equities shed N53 billion, falling from N7.907 trillion to N7.85 trillion.

By the close of trading yesterday, 27 stocks appreciated in value led by Dangote Cement Plc with N1.98. The equity ended the day at N115 per share.

Flour Mills of Nigeria Plc trailed with a loss of N1.69, while Cadbury Nigeria Plc shed N1.10.