The Nigerian Exchange (NGX) recorded a significant gain of N5.36 trillion in September, driven by the performance of 11 top stocks that outperformed the broader market. The market's total capitalisation rose to N163.105 trillion from N157.739 trillion, representing a 3.4% increase. This growth was largely attributed to the strong performance of these stocks, which demonstrated resilience and investor confidence.
Critical Minerals Financing Corporation (CMFC) Plc was the top performer, with an average capital gain of 55.96% in September. This impressive growth was closely followed by UPDC Real Estate Investment Trust (UPDC REIT), which recorded a gain of 45.42%. Zichis Agro Allied Industry also performed well, with a 36.77% increase. These stocks significantly outperformed the overall market average gain of 2.87%.
The recognition of CMFC's president and co-CEO, Dr Israel Ovirih, as one of Nigeria's top 25 chief executives by BusinessDay in collaboration with the NGX contributed to the company's bullish performance. This award acknowledged Ovirih's leadership excellence and CMFC's organisational achievements. The company's strategic initiatives to position itself as a capital market bridge between global demand for critical minerals and the African value chain also boosted investor confidence.
Other top-performing stocks included Nigerian Exchange Group (NGX Group), which rose by 35.68%, and Seplat Energy, which appreciated by 29.9%. VFD Group, ABC Transport, Eterna, Royal Exchange Assurance, and Consolidated Hallmark Insurance also made the list, with gains ranging from 18.47% to 28.89%. Market analysts attributed the rally to growing demand for value stocks.
Dr Israel Ovirih emphasized CMFC's commitment to its vision of providing structured financing and expertise to unlock value in Nigeria and Africa's critical minerals space. He outlined plans to help countries across Africa formalise their mining space and create governance structures around their mining sectors. Ovirih expressed confidence that CMFC would become a natural partner for operators in the sector.
The All Share Index (ASI) also regained the psychological 250,000 mark, opening the month at 244,199.39 points and closing at 251,211.67 points. This growth reflects the positive sentiment in the market, driven by the performance of the top 11 stocks. The aggregate market value of all quoted equities rose significantly, demonstrating investor confidence in the Nigerian market.
The selection of the Top 25 CEOs, including Dr Ovirih, was based on scientific parameters for measuring corporate governance excellence and performance. Nigerian Exchange (NGX) CEO, Mr Jude Chiemeka, and BusinessDay Media CEO, Mr Frank Aigbogun, highlighted the strategic importance of CMFC in opening up the capital market to the minerals sector and acknowledged Ovirih's leadership excellence.
Key points
- Critical Minerals Financing Corporation (CMFC) Plc recorded a 55.96% gain in September.
- The Nigerian Exchange (NGX) saw a N5.36 trillion gain in September, driven by 11 top-performing stocks.
- CMFC's president and co-CEO, Dr Israel Ovirih, was recognised as one of Nigeria's top 25 chief executives.
