Market capitalization increased by 0.10% to close the week at GH¢84,287.53 million, from GH¢84,201.62 million at the close of the previous week. This reflects a YTD gain of 14.07%.

The week recorded a total of 1,964,051 shares valued at GH¢12,337,660.43, compared with 1,209,567 shares, valued at GH¢5,819,660.97 traded in the preceding week.

SOGEGH dominated the volume of trades for the week while NewGold Exchange Traded Fund dominated the value of trades for the week, accounting for 35.03% and 41.27% of the volume and value of shares traded respectively. The market ended the week with 6 gainers and 2 decliners as indicated in the table below.

Price Movers for the Week
Equity    Opening Price               Closing Price     Gain/Loss (%)
ALLGH                4.40              4.61     ?4.77%
GCB                 5.25              5.50     ?4.76%
BOPP              22.00            22.20     ?0.91%
SOGEGH                 1.54               1.55     ?0.65%
TOTAL                9.66              9.67     ?0.10%
SCB               19.25            19.26     ?0.05%
GGBL                4.44             4.00     ?9.91%
GLD            343.86          342.50     ?0.40%
Source: Ghana Stock Exchange
 
 
 
 

CURRENCY MARKET
The Cedi extended its 2-month losing streak against the USD for the week. It traded at GH¢14.3015/$, compared with GH¢14.1515/$ at week open, reflecting w/w and YTD depreciations of 1.05% and 16.93% respectively. This compares with a loss of 21.96% a year ago.    
The Cedi also continued its losing streak against the GBP for the week. It traded at GH¢18.1379/£, compared with GH¢18.0071/£ at week open, reflecting w/w and YTD losses of 0.72% and 16.57% respectively. This compares with a depreciation of 26.78% a year ago.
The Cedi dipped marginally against the Euro for the week. It traded at GH¢15.2985/€, compared with GH¢15.2940/€ at week open, reflecting w/w and YTD depreciations of 0.03% and 14.20% respectively. This compares with a depreciation of 23.83% a year ago.    
The Cedi also lost some grounds against the Canadian Dollar for the week. It opened at GH¢10.2892/C$ but closed at GH¢10.4038/C$, reflecting w/w and YTD losses of 1.10% and 13.39% respectively. This compares with a depreciation of 24.07% a year ago.

Weekly Interbank Foreign Exchange Rates
Currency Pair    Year Open                Week Open     Week Close     Change%    YTD %
     01/01/24    10/06/24    14/06/24         
USD/GHS    11.8800    14.1515    14.3015    ?1.05    ?16.93
GBP/GHS    15.1334    18.0071    18.1379    ?0.72    ?16.57
EUR/GHS    13.1264    15.2940    15.2985    ?0.03    ?14.20
CAD/GHS    9.0112    10.2892    10.4038    ?1.10    ?13.39
 Source: Bank of Ghana
 

GOVERNMENT SECURITIES MARKET
The government raised a sum of GH¢4,833.59 million for the week across the 91-Day, 182-Day and 364-Day Treasury Bills. This compared with GH¢5,256.69 million raised in the previous week.       
The 91-Day Bill settled at 24.87% p.a. from 25.04% p.a. last week whilst the 182-Day Bill settled at 26.83% p.a. from 26.94% p.a. last week. The 364-Day Bill settled at 27.82% p.a. from 27.93% p.a. last week.

The tables below highlight primary market activity at the close of the week.
Security    Year Open     Previous Yield %    Current Yield %    WoW Chg (%)    YTD  Chg (%)
     01/01/24    10/06/24    14/06/24         
91 Day TB                   29.24                    25.04                    24.87     ?0.67    ?14.95
182 Day TB                   31.88                   26.94                    26.83     ?0.41    ?15.85
364 Day TB                   32.49                    27.93                    27.82     ?0.39    ?14.36
Source: Bank of Ghana

The Ghana Market Summary
     Current     Previous     Change
Bid (GH¢' M)          4,833.59           5,256.69     ?8.05%
Issuance (GH¢' M)          4,833.59           5,256.69     ?8.05%
Target (GH¢' M)                4,900                 4,400     ?11.36%
Maturity (GH¢' M)          4,610.62           4,140.78     ?11.35%
Target coverage ratio                  0.99                     1.19     na
Maturity coverage ratio                    1.05                     1.27     na
Bid / Cover ratio                   1.00                    1.00     na
Source: Bank of Ghana

COMMODITY MARKET
Oil prices rose slightly, pressured by rising U.S. crude and fuel supplies and expectations of a delayed start to Federal Reserve interest rate cuts. Brent futures traded at US$79.62 a barrel, compared to US$81.62 at week open, reflecting w/w loss and YTD gain of 2.45% and 3.35% respectively.
Gold's lightning rally to successive record highs shows every sign of continuing in the second half of 2024 as the fundamental case for bullion remains firmly in place. Gold settled at US$2,325.00, from US$2,345.80 last week, reflecting w/w loss and YTD appreciation of 0.89% and 12.22% respectively.

The price of Cocoa closed higher for the second week. Cocoa traded at US$9,933.00 per tonne on Friday, from US$9,331.00 last week, reflecting w/w and YTD appreciations of 6.45% and 136.73% respectively.

 International Commodity Prices
Commodities    Year Open     Week Open    Week Close    Chg%    YTD %
     01/01/24    10/06/24    14/06/24         
Brent crude oil (USD/bbl)               77.04                  79.62                  82.62     ?3.77    ?7.24
Gold (USD/t oz.)           2,071.80             2,325.00             2,349.10     ?1.04    ?13.38
Cocoa (USD/MT)          4,196.00             9,933.00           10,294.00     ?3.63    ?145.33
Source: www.investing.com.
 
 

BUSINESS TERM OF THE WEEK
Demonetization: It is the act of stripping a currency unit of its status as legal tender. It occurs whenever there is a change in national currency. The current form or forms of money is pulled from circulation and retired, often to be replaced with new notes or coins. Sometimes, a country completely replaces the old currency with a new currency.
Source: https://www.investopedia.com/terms/d/demonetization.asp

ABOUT CIDAN
CIDAN Investments Limited is an investment and fund management company licensed by the Securities & Exchange Commission (SEC) and the National Pensions Regulatory Authority (NPRA).

RESEARCH TEAM
Name: Ernest Tannor
Email: etannor@cidaninvestments.com
Tel: +233 (0) 20 881 8957
Name: Moses Nana Osei-Yeboah
Email: moyeboah@cidaninvestments.com
Tel: +233 (0) 24 499 0069

Name: Julian Sapara-Grant
Email: jsgrant@cidaninvestments.com
Tel:  +233 (0) 20 821 2079

CORPORATE INFORMATION
CIDAN Investments Limited
CIDAN House
House No. 261
Haatso, North Legon – Accra
Tel: +233 (0) 27 690 0011/ 55 989 9935
Fax: +233 (0)30 254 4351
Email: info@cidaninvestments.com
Website: www.cidaninvestments.com

Disclaimer: The contents of this report have been prepared to provide you with general information only. Information provided in and available from this report does not constitute any investment recommendation.
The information contained herein has been obtained from sources that we believe to be reliable, but its accuracy and completeness are not guaranteed.