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Access Corp shares decline 6.26% in first trading after tragic demise of CEO Wigwe in helicopter crash

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By Oludare Mayowa

Access Corporation experienced a 6.26 percent decline in its shares on Monday, marking the first trading day after the announcement of the tragic helicopter crash that claimed the life of its Group Chief Executive, Herbert Wigwe.

The unfortunate incident, which also took the lives of Wigwe’s wife and son, occurred on the Nevada-California border in the United States on Friday night.

Investors responded swiftly, with 24.298 million shares of the corporation changing hands, amounting to a total value of N575.10 million.

This activity contributed to pushing the closing price down from N24.75 per share to N23.20 per share.

Despite this downturn, the overall equities market sustained gains from the previous session, with the benchmark index closing 0.18% stronger at 102,042.32 points.

Notable buy interests in BUA FOODS (+1.05 percent), GEREGU (+6.75 percent), and ZENITH BANK (+0.14 percent) helped offset selloffs in GTCO (-0.37 percent), UBA (-1.18 percent), and ACCESSCORP (-6.26 percent), leaving the market in positive territory.

READ ALSO: Access Corp confirms CEO Wigwe dies in US Helicopter crash, to name new CEO this week

As a result, the year-to-date (YTD) return rose to 36.47 percent, and the market capitalization saw an increase of N100.65 billion, closing at N55.84 trillion.

In-depth analysis of the day’s market activities revealed a decrease in trade turnover of 30.31 percent compared to the previous session.

A total of 242.43 billion shares valued at N5.13 billion were exchanged in 8,715 deals.

ACCESSCORP (-6.26 percent) led the volume chart with 24.90 million units traded, while GTCO (-0.37 percent) led the value chart with deals worth N841.25 million.

Market breadth closed positive at a 1.30-to-1 ratio, with advancing issues surpassing the declining ones. CHAMS (+10.00 percent) secured the top position among twenty-nine others on the leader’s table, while INFINITY (-9.90 percent) led twenty-two others on the laggard’s log.

(Contact; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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