Critical Minerals Financing Corporation (CMFC) extended its winning streak on the Nigerian Exchange (NGX) on Monday gaining another 9.82 percent to close at N3.58 per share.
The stock advanced by N0.32 from its previous closing price of N3.26, placing it among the strongest-performing equities during Monday’s trading session.
The latest increase extended CMFC’s rally to six consecutive trading sessions with the company’s share price climbing from N2.04 at the beginning of trading on Monday to N3.58 on September 28.
This represents an increase of N1.54 per share, or approximately 75.5 percent in six sessions.
CMFC started the rally on September 21 when it gained 9.80 percent from N2.04 to N2.24.
The stock subsequently advanced 9.82 percent to N2.46 on September 22 and another 9.76 percent to N2.70 on September 23.
Buying momentum continued on September 24, when CMFC appreciated 10 percent to N2.97, before gaining another 9.76 percent on Friday to close the week at N3.26.
The rally resumed on Monday with the stock appreciating 9.82 percent to N3.58, extending the cumulative gain since September 21 to approximately 75.5 percent.
The sustained price appreciation comes after CMFC recently completed the supplementary listing of 1.069 billion additional ordinary shares on the NGX following a debt-to-equity conversion.
The additional 1,068,980,259 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 shares to 2.57 billion shares.
At Monday’s closing price of N3.58, CMFC was trading N1.89, or about 112 percent, above the N1.69 price attached to the recently listed shares.
CMFC was the second-highest percentage gainer on Monday, behind University Press Plc, which advanced 9.89 percent from N4.55 to N5.
ABC Transport gained 9.80 percent to N5.60, Eterna appreciated 9.62 percent to N42.75, while Sovereign Trust Insurance rose 9.17 percent to N2.62.
With Monday’s advance, CMFC has now recorded gains in every trading session since September 21, lifting its share price from N2.04 to N3.58 and delivering a 75.5 percent increase in six consecutive sessions.
