Critical Minerals Financing Corporation (CMFC) Plc, UPDC Real Estate Investment Trust (UPDC REIT) and eight other stocks led the Nigerian Exchange (NGX) higher in September, as listed equities gained N5.37 trillion in market value during the month.
CMFC emerged as the best-performing stock, recording a 55.96 per cent average gain, significantly outperforming the broader market, which rose 2.87 per cent during the period.
UPDC REIT ranked second with a 45.42 per cent gain, followed by Zichis Agro Allied Industry, which appreciated by 36.77 per cent. Nigerian Exchange Group (NGX Group) rose 35.68 per cent, while Seplat Energy gained 29.90 per cent.
Other stocks among the top 10 gainers were VFD Group, up 28.89 per cent; ABC Transport, 28.57 per cent; Eterna, 22.91 per cent; Royal Exchange Assurance, 19.79 per cent; and Consolidated Hallmark Insurance, which gained 18.47 per cent.
The performance came amid portfolio rebalancing, profit-taking and significant primary-market activity, with analysts attributing the movement in individual stocks to renewed demand for value opportunities.
The NGX All-Share Index (ASI) rose from 244,199.39 points at the beginning of September to 251,211.67 points at month-end, representing a 2.87 per cent gain and pushing the benchmark back above the 250,000-point psychological level.
Aggregate market capitalisation increased from N157.739 trillion to N163.105 trillion, representing a N5.366 trillion or 3.40 per cent increase. The difference between the ASI gain and market capitalisation growth was attributed to additional primary listings during the month.
CMFC’s rally was particularly strong, with the stock recording 4,895 deals involving 253.25 million shares valued at N700.12 million. Its market capitalisation rose to more than N11.10 billion, translating to approximately N3.98 billion in additional value for shareholders during the month.
The rally followed the recognition of CMFC President and Co-CEO, Dr Israel Ovirih, as one of Nigeria’s Top 25 CEOs by BusinessDay in collaboration with the NGX. Ovirih was recognised for his leadership in building CMFC as a specialised investment banking institution focused on Africa’s minerals and metals sector.
Ovirih said the company was positioning itself as a bridge between global demand for critical minerals and Africa’s mineral value chain.
“I see a situation over the next five years where we would have helped a lot of countries across Africa to formalise their mining space, creating governance structure around their mining space and becoming their natural partner for a lot of operators in the sector,” he said.
He said CMFC remained committed to providing structured financing and expertise to unlock value in Nigeria and Africa’s critical minerals and metals sector.
On the other side of the market, International Energy Insurance was the worst-performing stock in September, declining 20.21 per cent. Chams Plc fell 20.05 per cent, while Austin Laz and Tripple Gee and Company lost 19.12 per cent and 19.10 per cent respectively.
Other major decliners included Transcorp Power, down 18.90 per cent; Regency Alliance Insurance, 18.60 per cent; Industrial and Medical Gases, 17.89 per cent; Academy Press, 17.07 per cent; Haldane McCall, 14.75 per cent; and University Press, which fell 14.55 per cent.
NGX Chief Executive Officer, Jude Chiemeka, said CMFC’s recognition reflected the importance of leadership and corporate governance in creating sustainable shareholder value, while BusinessDay CEO, Frank Aigbogun, said the Top 25 CEOs selection was based on evidence-driven assessment of corporate performance.
Aigbogun said the awards were designed to recognise substance and performance, rather than visibility, noting that corporate leaders play a critical role in decisions on capital, people, technology, markets and risk that ultimately shape economic growth.
UPDATE NEWS:
Nigerians can now invest ₦2.5 million on premium domains and profit about ₦17-₦25 million. All earnings paid in US Dollars. Rather than wonder,
click here to find out how it works.
