Price Movers for the Week
Equity    Opening Price               Closing Price     Gain/Loss (%)
TOTAL                 9.67             11.55     ?19.44%
ALLGH                 4.80               5.51     ?14.79%
MTNGH                   1.81              1.90     ?4.91%
GLD             345.19         352.90     ?2.23%
EGL                  2.39              2.00     ?16.32%
CAL                  0.35              0.34     ?2.86%
Source: Ghana Stock Exchange
 
 
 
 
 

CURRENCY MARKET
The Cedi extended its 3-month losing streak against the USD for the week. It traded at GH¢14.6707/$, compared with GH¢14.5860/$ at week open, reflecting w/w and YTD depreciations of 0.58% and 19.02% respectively. This compares with a loss of 22.04% a year ago.    
The Cedi also furthered its depreciation run against the GBP for the week. It traded at GH¢18.7844/£, compared with GH¢18.4375/£ at week open, reflecting w/w and YTD losses of 1.85% and 19.44% respectively. This compares with a depreciation of 26.97% a year ago.
The Cedi declined marginally against the Euro for the week. It traded at GH¢15.8833/€, compared with GH¢15.6270/€ at week open, reflecting w/w and YTD depreciations of 1.61% and 17.36% respectively. This compares with a depreciation of 24.11% a year ago.    
The Cedi again lost against the Canadian Dollar for the week. It opened at GH¢10.6631/C$ but closed at GH¢10.7625/C$, reflecting w/w and YTD losses of 0.92% and 16.27% respectively. This compares with a depreciation of 23.62% a year ago.

Weekly Interbank Foreign Exchange Rates
Currency Pair    Year Open                Week Open     Week Close     Change%    YTD %
     01-01-24    01-07-24    05-07-24         
USD/GHS    11.8800    14.5860    14.6707    ?0.58    ?19.02
GBP/GHS    15.1334    18.4375    18.7844    ?1.85    ?19.44
EUR/GHS    13.1264    15.6270    15.8833    ?1.61    ?17.36
CAD/GHS    9.0112    10.6631    10.7625    ?0.92    ?16.27
 Source: Bank of Ghana
 

GOVERNMENT SECURITIES MARKET
The government raised a sum of GH¢3,344.64 million for the week across the 91-Day, 182-Day and 364-Day Treasury Bills. This compared with GH¢2,995.30 million raised in the previous week.       
The 91-Day Bill settled at 24.79% p.a. from 24.87% p.a. last week whilst the 182-Day Bill settled at 26.75% p.a. from 26.80% p.a. last week. The 364-Day Bill settled at 27.79% p.a. from 27.79% 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    01-07-24    05-07-24         
91 Day TB                    29.24                     24.87                     24.79     ?0.31    ?15.22
182 Day TB                    31.88                    26.80                     26.75     ?0.20    ?16.11
364 Day TB                    32.49                     27.79                     27.79     0.00    ?14.46
Source: Bank of Ghana

The Ghana Market Summary
     Current     Previous     Change
Bid (GH¢' M)        3,344.64        2,995.30     ?11.66%
Issuance (GH¢' M)        3,344.64        2,995.83     ?11.64%
Target (GH¢' M)             3,247              2,656     ?22.25%
Maturity (GH¢' M)        3,376.36          2,122.24     ?59.09%
Target coverage ratio                1.03                  1.13     na
Maturity coverage ratio              0.99                  1.41     na
Bid / Cover ratio               1.00                1.00     na
Source: Bank of Ghana

COMMODITY MARKET
Oil prices steadied as markets watched for the potential impact of tropical storm Beryl on U.S. oil production, while ongoing ceasefire talks between Israel and Hamas remained in focus. Brent futures traded at US$86.54 a barrel, compared to US$86.41 at week open, reflecting w/w and YTD appreciations of 0.15% and 12.33% respectively.
Gold prices rose, recouping some overnight losses as traders held out for dovish signals from an upcoming testimony from Federal Reserve Chair Jerome Powell. Gold settled at US$2,397.70, from US$2,339.60 last week, reflecting w/w and YTD gains of 2.48% and 15.73% respectively.

The price of Cocoa closed lower for the fourth straight week. Cocoa traded at US$7,721.00 per tonne on Friday, from US$7,729.00 last week, reflecting w/w loss and YTD gain of 0.10% and 84.01% respectively.

 International Commodity Prices
Commodities    Year Open     Week Open    Week Close    Chg%    YTD %
     01-01-24    01-07-24    05-07-24         
Brent crude oil (USD/bbl)                77.04                   86.41                   86.54     ?0.15    ?12.33
Gold (USD/t oz.)          2,071.80            2,339.60             2,397.70     ?2.48    ?15.73
Cocoa (USD/MT)        4,196.00            7,729.00             7,721.00     ?0.10    ?84.01
Source: www.investing.com.
 

BUSINESS TERM OF THE WEEK
Quality Control: It is a process through which a business seeks to ensure that product quality is maintained or improved. Quality control requires the company to create an environment where management and employees strive for perfection. This is done by training personnel, creating benchmarks for product quality, and testing products to check for statistically significant variations.

Source:
https://www.investopedia.com/terms/q/quality-control.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.