Sentiment was bearish across global equities, with stocks across Europe taking the biggest hit. Elevated geopolitical tension with North Korea and the U.S. – in addition to disappointing quarterly results and unimpressive economic data – had the most impact on investor appetite during the week.
The domestic bourse ended the week on a bullish note for the fifth consecutive time, with the All Share Index appreciating further by 2.07% w/w to 38,198.60 points
The overnight money market rate surged 3675 bps to 59.25%, from last week’s 22.50%, reflecting tight liquidity position for the week.
The Treasury bills market closed on a bearish note, with average yield expanding by 87 bps to 18.23%, from last week’s 17.37%.
Proceedings in the bond space remained bearish, as average yield expanded by 4 bps to 16.77%, reflecting the continued strain on system liquidity.
Performance of the naira was mixed across various segments of the currency market, despite the apex bank intervention for the second time in August, with the injection of USD195 million.