Critical Minerals Financing Corporation (CMFC) extended its rally on the Nigerian Exchange (NGX) on Wednesday lifting its three-session gain to more than 32 percent as the stock climbed to N2.70.
CMFC gained 9.76 percent on Wednesday, rising by N0.24 from N2.46 to N2.70 as sustained buying interest pushed the stock higher for a third consecutive trading session.
The latest advance followed a 9.82 percent gain on Tuesday, when CMFC rose from N2.24 to N2.46.
On Monday, the stock had appreciated 9.80 percent, advancing from N2.04 to N2.24.
The three consecutive gains have lifted CMFC from N2.04 to N2.70, representing an increase of N0.66 per share, or approximately 32.4 percent, in three trading sessions.
The rally has also accelerated the stock’s recovery from the losses recorded earlier in September.
CMFC declined 24.24 percent during the week ended September 11 before subsequently attracting renewed buying interest.
The company’s recent price movement has coincided with changes to its listed equity base following a debt-to-equity conversion.
During the week ended September 18, 1.069 billion additional 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.
CMFC was among the strongest gainers reported on the NGX on Wednesday.
Eterna Plc led with a 10 percent increase from N35 to N38.50, while Thomas Wyatt Nigeria gained 9.88 percent from N2.53 to N2.78.
CMFC followed with its 9.76 percent advance, ahead of Haldane McCall, which gained 9.70 percent, and Omatek Ventures, which appreciated 9.63 percent.
The broader market also extended its advance during the session.
The NGX All-Share Index increased 0.23 percent to 251,191.02 points, while equity market capitalisation rose by approximately N374 billion to N163.06 trillion.
Investors exchanged 1.59 billion shares worth N45.82 billion in 49,836 deals.
With Wednesday’s advance, CMFC has now appreciated 32.4 percent in three consecutive sessions, rising from N2.04 at the start of the week to N2.70.
