Critical Minerals Financing Corporation Plc (CMFC) extended its strong run on the Nigerian Exchange Limited (NGX) last week, gaining 37.73 percent to emerge as the second-best-performing stock on the exchange.
CMFC opened the week at N3.26 per share and closed at N4.49, adding N1.23 during the period as sustained buying interest pushed the stock higher.
The latest advance builds on a rally that Naijaonpoint has tracked since the latter part of September.
CMFC traded at N2.04 on September 21 before appreciating 9.80 percent to N2.24. It subsequently advanced to N2.46 on September 22, N2.70 on September 23 and N2.97 on September 24.
The rally continued on September 25 when the stock gained 9.76 percent to close at N3.26, the opening price subsequently captured in the NGX weekly report.
From that N3.26 level, CMFC climbed another 37.73 percent during the latest trading week to settle at N4.49.
Taken over the longer period, the stock has more than doubled from N2.04 on September 21 to N4.49 at the latest weekly close, CMFC has appreciated by approximately 120.1 percent, adding N2.45 per share.
This means a hypothetical N1 million position acquired at N2.04 per share would have risen in market value to roughly N2.20 million, excluding transaction costs and assuming the shares could have been bought at that price.
CMFC’s latest weekly performance was surpassed only by ABC Transport, which gained 45.10 percent from N5.10 to N7.40.
LivingTrust Mortgage Bank ranked third with a 32.69 percent increase from N2.60 to N3.45, while VFD Group gained 18.42 percent and CWG appreciated 15.28 percent.
The strength in CMFC contrasted with the direction of the broader equities market. The NGX All-Share Index declined 0.52 percent to 250,808.27 points during the week, while market capitalisation fell 0.50 percent to N162.843 trillion.
CMFC’s 37.73 percent weekly advance therefore extends a rally that has lifted the stock by about 120 percent since September 21, despite weakness in the broader market.