Critical Minerals Financing Corporation (CMFC) has gained more than 20 percent in the first two trading sessions of the week on the Nigerian Exchange (NGX), extending its September advance as sustained buying pushed the stock to N2.46 on Tuesday.
CMFC appreciated 9.82 percent on September 22, rising from N2.24 to N2.46 and ranking as the second-highest percentage gainer among the equities reported for the session.
The increase followed a 9.80 percent gain on Monday, when the stock advanced from N2.04 to N2.24.
Across the two sessions, CMFC has therefore risen by N0.42 per share, or approximately 20.6 percent from N2.04 to N2.46.
The consecutive gains represent a sharp continuation of the stock’s recovery after a volatile period earlier in September.
In the week ended September 11, CMFC was among the market’s major decliners, losing 24.24 percent. The latest two-session rally has reversed part of that earlier weakness as investors returned to the stock.
The price appreciation also comes after CMFC expanded its issued share capital through a debt-to-equity conversion.
During the week ended September 18, an additional 1.069 billion ordinary shares were listed at N1.69 per share following the conversion of approximately N1.81 billion in debt into equity.
The supplementary listing increased CMFC’s issued shares from approximately 1.50 billion to 2.57 billion shares, substantially expanding the company’s listed equity base.
Tuesday’s advance placed CMFC behind Sovereign Trust Insurance among the leading gainers reported for the session.
Sovereign Trust Insurance rose 9.95 percent from N2.01 to N2.21, while Neimeth International Pharmaceuticals gained 8.90 percent to N7.95.
Cadbury Nigeria appreciated 8.29 percent to N60.10, while Fortis Global Insurance advanced 7.73 percent to N1.95.
The broader equities market also maintained its upward trajectory.
The NGX All-Share Index gained 0.18 percent to 250,614.66 points, while equity market capitalisation increased by approximately N297 billion to N162.68 trillion.
Investors exchanged 837.26 million shares worth N48.57 billion in 52,126 deals, with trading volume increasing about 45.8 percent from Monday.
CMFC’s two-session advance has now lifted the stock from N2.04 to N2.46, representing a compounded gain of approximately 20.6 percent as buying interest continues to drive its recovery from earlier September losses.
