By Dipo Olowookere
Shares of Nigerian Aviation Handling Company (NAHCO) Plc depreciated at the Nigerian Exchange (NGX) Limited on Monday after some employees of the company disrupted flight operations at the Murtala Muhammed International Airport (MMIA), Ikeja, Lagos.
The workers of the leading aviation ground handling service provider in the country embarked on an indefinite industrial action yesterday to ask for better pay.
However, their action affected airline operators and passengers yesterday as many flights were cancelled, leaving passengers frustrated.
According to one of the key players in the aviation sector, Arik Airline, it lost about N500 million to the protest of the NAHCO workers yesterday, claiming that no prior notification was given by the organisation concerning the action of its employees.
The strike was later called off after the leaders of the Air Transport Services Senior Staff Association of Nigeria (ATSSSAN), and the National Union of Air Transport Employees (NUATE) said they were having discussions with the management of NAHCO on the issues raised.
At the stock market, the situation forced some investors to press the panic button and began to offload NAHCO stocks, leading to a depletion in its value by 1.27 per cent or 10 Kobo.
Business Post reports that at the close of transactions, the company’s equities traded at N7.80 per unit versus the previous trading session’s N7.90 per unit, with a total of 1,171,948 units of the shares transacted by investors during the session.
Adedapo Adesanya