August 2023 Funds Factsheet
Asset Management
31 Aug 2023 · Factsheets
Overview
In the month of August, Naira bond rates rose significantly while Treasury bill rates declined slightly in the secondary market. The Nigerian equity market recorded another gain.
The local bourse continued its winning streak with the NGX All–Share index adding 3.44% month-on-month to settle at 66,548.99 points. A report from the National Bureau of Statistics showed inflation rising from 24.08% year-on year in July to 25.80% in August. Food inflation rose by 622 basis points to 29.34% and core inflation rose by 403 basis points to 21.15%. Increased prices of edible oil, bread, and cereals were the major pressures on food inflation. Increased bus and air fares and the high cost of purchasing spare parts contributed to the rise in core inflation.