11 Stocks Drive N5.36trn Gain As Mineral-focused Lender Rallies 56% In September

Eleven stocks led gainers on the Nigerian Exchange in September, outperforming the broader market, which saw total capitalisation rise by N5.36 trillion.

Trading data from the Nigerian Exchange (NGX) showed that Critical Minerals Financing Corporation (CMFC) Plc recorded the highest average capital gain of 55.96 per cent in September alone, significantly outperforming the overall market average gain of 2.87 per cent.

CMFC’s bullish performance came on the heels of the recognition of its president & co-CEO, Dr Israel Ovirih, as one of Nigeria’s 25 topmost chief executives by BusinessDay in collaboration with the NGX.

Further analysis of September’s pricing trend showed that UPDC Real Estate Investment Trust (UPDC REIT) recorded the second highest gain of 45.42 per cent, followed by Zichis Agro Allied Industry with 36.77 per cent.

Nigerian Exchange Group (NGX Group) rose by 35.68 per cent while Seplat Energy appreciated by 29.9 per cent.

Other top gainers included VFD Group with 28.89 per cent, ABC Transport with 28.57 per cent, Eterna with 22.91 per cent, Royal Exchange Assurance with 19.79 per cent and Consolidated Hallmark Insurance with 18.47 per cent.

Market analysts attributed the rally to growing demand for value stocks.

Speaking on the sidelines of the Top 25 CEOs awards ceremony in Lagos, Ovirih said CMFC is implementing strategic initiatives to position itself as the capital market bridge between global demand for critical minerals and the African value chain.

“I see a situation over the next five years 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,” Ovirih said.

He reassured that CMFC is committed to its vision of providing structured financing and expertise to unlock value in Nigeria and Africa’s critical minerals space.

The All Share Index (ASI), which tracks all share prices at the NGX, opened the month at 244,199.39 points and closed at 251,211.67 points, regaining the psychological 250,000 mark. Aggregate market value of all quoted equities rose from N157.739 trillion to N163.105 trillion, representing an increase of N5.366 trillion.

Chief executive officer, Nigerian Exchange (NGX), Mr Jude Chiemeka, said the Top 25 CEOs were selected based on scientific parameters for measuring corporate governance excellence and performance, noting the strategic importance of CMFC in opening up the capital market to the minerals sector.

The chief executive officer, BusinessDay Media, Mr Frank Aigbogun, said Ovirih was honoured for demonstrating exemplary attributes during a defining period for corporate Nigeria, describing the award as recognition of both CMFC’s organisational achievement and leadership excellence.