Critical Minerals Financing Corporation (CMFC) Plc, UPDC Real Estate Investment Trust (UPDC REIT) and Zichis Agro Allied Industry emerged as the best-performing stocks on the Nigerian Exchange (NGX) in September, as investors showed increased appetite for moderately priced value stocks.
Market data showed that CMFC led the gainers with an average monthly appreciation of 55.96 per cent, significantly outperforming the broader market, which posted a 2.87 per cent gain during the month.
UPDC REIT ranked second with a 45.42 per cent increase, while Zichis Agro Allied Industry rose 36.77 per cent.
NGX Group gained 35.68 per cent, while Seplat Energy appreciated by 29.90 per cent.
Top Gainers Reflect Strong Demand
Other major gainers during the month included VFD Group, which advanced 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 gained 18.47 per cent.
Market analysts attributed the strong performance of several lower- and moderately priced stocks to portfolio rebalancing, increased demand and profit-taking across various segments of the market.
The overall market also recorded a strong monthly performance, with the All-Share Index (ASI) rising from 244,199.39 points at the beginning of September to 251,211.67 points at month-end.
The 2.87 per cent increase represented an estimated N4.53 trillion gain in the aggregate value of the index.
Meanwhile, total market capitalisation increased from N157.739 trillion to N163.105 trillion, representing a rise of N5.366 trillion, or 3.40 per cent.
The difference between the ASI gain and the increase in market capitalisation was attributed to additional primary listings during the month.
CMFC Leads Investor Interest
CMFC was the standout performer, recording 4,895 deals involving 253.25 million shares valued at N700.12 million during September.
The strong demand pushed the company’s market capitalisation above N11.10 billion, translating to about N3.98 billion in additional capital gains for shareholders during the month.
Trading activity also indicated substantial buying interest in CMFC towards the end of September, with investors placing market orders for available shares.
The stock continued its positive momentum into October, gaining 3.94 per cent on the first trading day of the month to close at N4.49 per share.
Market analysts said investor interest could remain strong, citing the company’s growth prospects and its positioning in the critical minerals investment space.
Energy Insurance Leads Decliners
While several stocks recorded strong gains, International Energy Insurance posted the biggest decline in September, falling 20.21 per cent.
Chams Plc followed with a 20.05 per cent decline, while Austin Laz dropped 19.12 per cent and Tripple Gee and Company shed 19.10 per cent.
Other major decliners included Transcorp Power, down 18.90 per cent; Regency Alliance Insurance, 18.60 per cent; Industrial and Medical Gases, 17.89 per cent; Academy Press, 17.07 per cent; Haldane McCall, 14.75 per cent; and University Press, 14.55 per cent.
Ovirih Honoured Among Top CEOs
CMFC’s strong market performance coincided with the recognition of its President and Co-Chief Executive Officer, Dr Israel Ovirih, among Nigeria’s 25 leading chief executives.
Ovirih received the recognition in September at the BusinessDay Top 25 CEOs awards, organised by BusinessDay in collaboration with the Nigerian Exchange.
The award recognised his leadership and role in developing CMFC as an investment banking institution focused on Africa’s minerals and metals sector.
Speaking at the event in Lagos, Ovirih said CMFC was pursuing strategic initiatives aimed at positioning the company as a bridge between global demand for critical minerals and Africa’s mineral value chain.
He said the company’s strategy was focused on connecting international capital and demand with opportunities within Africa’s growing critical-minerals ecosystem.
