Critical Minerals Financing Corporation Plc (CMFC) reversed much of its previous week’s rally on the Nigerian Exchange Limited (NGX), falling 20.27 percent during the week ended October 9, 2026.
CMFC closed the week at N3.58 per share, down N0.91 from its opening level of N4.49, making it the biggest percentage decliner on the NGX for the week.
The decline represents a sharp reversal for a stock that had been one of the market’s strongest performers only a week earlier.
During the week ended October 2, CMFC surged 37.73 percent from N3.26 to N4.49, adding N1.23 per share.
The latest N0.91 decline means the stock surrendered approximately 74 percent of the N1.23 per-share gain recorded during the preceding week.
Despite the reversal, CMFC remained above the N3.26 level from which the previous week’s rally began. At N3.58, the stock was still 32 kobo, or about 9.8 percent above that level.
CMFC’s decline also continued a reversal from the sharp rally Investors King tracked through the second half of September.
The stock had climbed from N2.04 on September 21 to N4.49 by the end of the week ended October 2, representing an increase of N2.45, or about 120 percent, over the period.
At its latest N3.58 closing price, CMFC remains substantially above its September 21 level, but the latest weekly performance shows that part of the rapid appreciation has now been erased.
CMFC led a broader increase in selling pressure across the Nigerian equities market during the week.
ABC Transport Plc followed with an 18.24 percent decline from N7.40 to N6.05, while Japaul Gold & Ventures Plc fell 11.11 percent from N2.88 to N2.56.
Fidelity Bank declined 10.64 percent to N21, while Aradel Holdings lost 10 percent to close at N1,377.
Overall, 54 equities declined during the week compared with 37 in the preceding week, while the number of gainers dropped to 24 from 44.
The NGX All-Share Index consequently declined 0.97 percent from 250,808.27 to 248,363.55 points, while equity market capitalisation closed at N161.260 trillion.
For CMFC, however, the week’s 20.27 percent decline was particularly significant because it erased nearly three-quarters of the stock’s gains from the preceding week, making a sharp reversal after its rapid September rally.
