CMFC, UPDC, 8 others lead stock market’s N5tr sept gain

Critical Minerals Financing Corporation (CMFC) Plc led the gainers on the Nigerian Exchange (NGX) in September, rising 55.96 per cent as investors’ renewed demand for the stock helped drive the market’s N5.37 trillion increase in total market capitalisation during the month.

According to data provided by the Nigerian Exchange (NGX), CMFC recorded the highest average capital gain in September alone, a major bullish performance in a modest market that closed with average overall gain of about 2.87 per cent.

CMFC’s bullish performance came on the heels of the recognition and award of its President & Co-CEO, Dr Israel Ovirih, as one of Nigeria’s 25 topmost chief executives. The award, earlier in September, was based on Dr Ovirih’s transformational leadership and impact in Nigerian economy. The Top 25 CEOs’ was coordinated by Nigeria’s business and economy daily, BusinessDay in collaboration with the Nigerian Exchange (NGX). The data were primarily collated by the NGX based on corporate performances and records of listed companies during the assessment period.

Dr Ovirih, a versatile investment banker and development economist, was honoured for successfully birthing CMFC as Africa’s premier investment banking institution for minerals and metals, with the award celebrating strategic ambition, institutional transformation and disciplined execution that made the milestone possible.

Further analysis of the September’s share pricing trend showed that UPDC Real Estate Investment Trust (UPDC REIT) recorded the second highest gain of 45.42 per cent. Zichis Agro Allied Industry placed third with a gain of 36.77 per cent for the month. Nigerian Exchange Group (NGX Group) rose by 35.68 per cent while Seplat Energy appreciated by 29.9 per cent.

Other top-10 gainers included VFD Group, which month-on-month gain of 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 closed the month with average gain of 18.47 per cent.

The best-performing stocks, in terms of capital gains, were highlights of trading at the stock market in a period marked by portfolio rebalancing, profit-taking and historic primary market activity.

The All Share Index (ASI)- the common value-based index that tracks all share prices at the NGX, recorded average gain of 2.87 per cent in September, representing net capital gain of N4.53 trillion for the month. The ASI, which had opened the month at 244,199.39 points, closed the month at 251,211.67 points, regaining the psychological 250,000 mark during the period.

Aggregate market value of all quoted equities rose from the month’s opening value of N157.739 trillion to close the month at N163.105 trillion, representing an increase of N5.366 trillion or 3.40 per cent. The difference between the ASI and market capitalisation was due to additional primary listings during the month.

Market analysts said the performance of the top-10 stocks underlined growing investors’ demand for value stocks as price movement on the Exchange is driven by volume of shares and effective demand. Further analysis showed that CMFC recorded 4,895 deals for 253.25 million shares valued at N700.118 million during the period. Market data also indicated that CMFC closed the month on substantial bid, with investors opening up market orders to mop up any available shares of the minerals-focused financing group.

The rally pushed CMFC’s market capitalisation to more than N11.10 billion, creating additional N3.98 billion in capital gains for its shareholders during the month. Analysts expected the demand for CMFC to remain on the uptick citing the company’s outlook and investors’ appetite for its shares. CMFC recorded net capital gain of 3.94 per cent in the first trading day of October to close weekend at N4.49 per share.

On the negative side, International Energy Insurance recorded the highest loss of 20.21 per cent during the period. It was followed by Chams Plc, which dropped by 20.05 per cent. Austin Laz placed third with a loss of 19.12 per cent while Tripple Gee and Company trailed with a drop of 19.10 per cent.

Other top losers included Transcorp Power, which dropped by 18.9 per cent; Regency Alliance Insurance, -18.6 per cent; Industrial and Medical Gases Plc, -17.89 per cent; Academy Press, -17.07 per cent, Haldane McCall, -14.75 per cent and University Press, which depreciated by 14.55 per cent.

Ovirih said CMFC is implementing strategic initiatives that will see it emerging 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,” Dr Ovirih said.

He reassured that CMFC is committed to its vision of providing much-needed structured financing and expertise to unlock values in Nigeria and Africa’s critical minerals and metals space

Dr Ovirih’s Banklink Africa Private Equity had purchased majority equity stake in Deap Capital Management & Trust Plc and rebuilt the company through rigourous process of corporate reassessment, redirection, repositioning, recapitalisation and growth and stability since its MOU signatures in October, 2025.

Chief Executive Officer, Nigerian Exchange (NGX), Mr. Jude Chiemeka, said Dr Israel Ovirih and others top chief executives were selected based on scientific parameters for measuring corporate governance excellence and performance. “Your achievement represents what’s possible when enterprise and leadership come together,” Chiemeka said.

He pointed out that quoted companies like CMFC contribute more meaningfully to the economy as publicly quoted companies have been found to be more compliant in most key parameters, including tax compliant, governance and disclosures. He noted the strategic importance of CMFC in helping to opening up the capital market to vast minerals sector of the economy and unlocking much-needed resources for the greater development of the country.

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