Investors on the stock market of the Nigerian Exchange Ltd. (NGX) on Monday reacted to the death of Dr Herbert Wigwe, Group Chief Executive Officer (Group CEO), Access Holdings, reducing the company's share price.
The News Agency of Nigeria (NAN) reports that Wigwe, his wife, son and Abimbola Ogunbanjo, former Chairman of NGX Group died on Friday in a helicopter crash in Southern California, U.S.
Specifically, shares of Access Holdings, which opened at ₦24.75 per share, lost 6.26% to close at ₦23.20 per share.
However, the corporation led the activity chart in volume with 24.90 million shares traded at ₦575.10 million.
In a reaction, David Adonri, Vice Chairman, Highcap Securities Ltd., told NAN that the capital market is information driven.
According to him, the news of the death of Wigwe is a price sensitive event capable of affecting price on the equity.
Adonri said Wigwe, who was a big weight in Access Holdings and the Nigerian economy, affected investors trading decision on the stock of the holding. He explained that investors reacted negatively to Wigwe's death by reducing their stock on the market.
"However, in my own opinion, there is no cause for alarm because Access Holdings is well structured with good corporate governance and security on ground," he said.
Meanwhile, the local bourse opened the week with gains , as the All-Share Index closed 0.18% or 183.95 points higher to close at 102,042.32 points, compared to 101,858.37 recorded on Friday.
Similarly, market capitalisation, which opened at ₦55.735 trillion, gained ₦101 billion to close at ₦55.836 trillion.
Consequently, the Year-To-Date (YTD) return rose to 36.47%.
Investors buy interests in BUA Foods, Geregu and Zenith Bank drove the market to a positive terrain.
A total of 242.43 billlion shares valued at ₦5.13 billion were exchanged in 8,715 deals, compared to 321.89 million shares valued at ₦7.35 billion in 8,925 deals posted on Friday.
While Access Corporation led the activity log, Veritas Kapital Assurance followed with 24.20 million shares worth ₦17.45 million per share.
GTCO sold 21.17 million shares worth ₦841.25 million to lead the log in deals and First Bank Nigeria Holdings (FBNH) traded 17.23 million shares valued at ₦439.39 million per share.
Also, Transcorp transacted 17.08 million shares worth ₦229.22 million per share.
On the gainers' log, NCR Nigeria Plc, Chams and Royal Exchange Assurance led in percentage terms of 10 each to close at ₦4.40, N2.75 and 77k per share, respectively.
SUNU Assurances followed by 9.50% to close at ₦1.96 and The Initiative Plc (TIP) gained 9.43% to close at ₦2.32 per share.
Conversely, Infinity led the losers' log by 9.90% to close at ₦7.19 per share.
Johnholt trailed closely by 9.88% to close at ₦2.19, while PZ Cussons lost 9.87% to close at ₦27.85 per share.
May and Baker Nigeria Plc also lost 9.80% ₦6.35, and Deap Capital Management and Trust Services shed 7.14% to close at 65k per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 30.31%.
Market breadth closed positive with 30 advancing stocks and 23 declining ones.