Critical Minerals Financing Corp shares surge 60% on Nigerian Exchange

Critical Minerals Financing Corporation Plc (CMFC), formerly Deap Capital Management and Trust Plc, saw its share price surge by approximately 59.8 percent last week on the Nigerian Exchange (NGX). The stock rose from N2.04 to N3.26, marking an uninterrupted five-day advance.

The rally occurred despite the company’s recent financial statements showing a loss position. The price increase followed a recent expansion of CMFC’s issued share capital, which saw an additional 1.069 billion ordinary shares listed on September 17 after N1.807 billion in debt was converted to equity at N1.69 per share. This conversion increased the company’s issued and fully paid-up shares from approximately 1.501 billion to 2.570 billion.

Trading activity was significant, with approximately 63.8 million CMFC shares changing hands during the period. The stock’s performance significantly outperformed the broader market, where the All-Share Index rose 0.92 percent during the same week.