Access Holdings Shares Dip 6.26% Following Tragic Loss of CEO Herbert Wigwe
In a somber turn of events, Access Holdings, a key player in the Nigerian economy, experienced a 6.26% decline in its share price on Monday as investors responded to the tragic death of Dr. Herbert Wigwe, the Group Chief Executive Officer. Wigwe, along with his family and Abimbola Ogunbanjo, former Chairman of NGX Group, lost their lives in a helicopter crash in Southern California, U.S., last week.
The news of Wigwe’s passing sent shockwaves through the market, with Access Holdings’ shares opening at ₦24.75 per share and closing at ₦23.20 per share. Despite this setback, the corporation led trading activity in volume, with 24.90 million shares traded at ₦575.10 million.
David Adonri, Vice Chairman of Highcap Securities Ltd., emphasized the market’s sensitivity to such significant events, noting that investors reacted by adjusting their positions. However, he expressed confidence in Access Holdings’ resilience, citing its robust corporate governance and security measures.
Despite this downturn, the overall market saw gains, with the All-Share Index closing 0.18% higher and market capitalization rising by ₦101 billion. Investor interest in companies like BUA Foods, Geregu, and Zenith Bank contributed to this positive momentum, driving the Year-To-Date return to 36.47%.
While the market experienced fluctuations, with some stocks witnessing losses, the overall sentiment remained cautiously optimistic. The trading session ended with 30 advancing stocks and 23 declining ones, reflecting a positive market breadth amidst the backdrop of tragedy.