Critical Minerals Financing Corporation Plc (CMFC) rallied nearly 60 percent last week as sustained buying interest pushed the company’s share price from N2.04 to N3.26 on the Nigerian Exchange (NGX).
The stock gained N1.22 per share during the week, representing an appreciation of approximately 59.8 percent between its opening level on Monday and Friday’s closing price.
CMFC began the week at N2.04 before climbing 9.80 percent to close Monday at N2.24.
The rally continued on Tuesday as the stock advanced another 9.82 percent to N2.46 before gaining 9.76 percent on Wednesday to settle at N2.70.
On Thursday, CMFC reached N2.97 after appreciating another 10 percent.
Buying momentum remained strong on Friday, pushing the stock another 9.76 percent higher to N3.26 and completing an uninterrupted five-day advance.
The progression from N2.04 to N2.24, N2.46, N2.70, N2.97 and finally N3.26 highlights the strength of the rally during the week.
An investor holding CMFC shares from the beginning of Monday’s trading through Friday’s close therefore recorded a paper gain of approximately N1.22 for every share held, excluding transaction costs.
The rally followed the recent expansion of CMFC’s issued share capital.
An additional 1.069 billion ordinary shares were listed on the NGX on September 17 following the conversion of N1.807 billion in debt to equity at N1.69 per share.
The supplementary listing increased CMFC’s issued and fully paid-up shares from approximately 1.501 billion to 2.570 billion ordinary shares.
Despite the enlarged share base, CMFC emerged as one of the most persistent gainers during last week’s trading.
The stock’s Friday performance placed it behind Zichis, which gained 10 percent, but ahead of RT Briscoe, ABC Transport and Royal Exchange among the day’s leading gainers.
RT Briscoe appreciated 9.74 percent to N10.70, ABC Transport gained 9.68 percent to N5.10, while Royal Exchange advanced 9.09 percent to N1.08.
CMFC ultimately closed the week at N3.26 per share, nearly 60 percent above the N2.04 level at which it started Monday’s trading, after recording gains in every trading session of the week.
