STOCK MARKET REVIEW
The Ghana Stock Exchange (GSE) closed the week with mixed performance as investor activity remained strong despite a marginal decline in the main market index.
The GSE Composite Index (GSE-CI) lost 16.32 points (-0.22%) for the week to close at 7,330.37 points, reflecting a year-to-date (YTD) gain of 49.95%.  
The GSE Financial Index (GSE-FI), however, increased by 2.50 points (+0.07%) for the week to close at 3,411.96 points, reflecting a year-to-date (YTD) gain of 43.31%.  
Market capitalization slipped by 0.20% to close the week at GH¢149,598.17 million, from GH¢149,903.37 million at the close of the previous week. This reflects a YTD gain of 34.34%. 
The week recorded a total of 2,155,384 shares, valued at GH¢15,508,391.08, compared with 13,132,976 shares valued at GH¢47,364,790.25 that were traded in the preceding week. 
MTNGH dominated the volume of trades for the week, while New Gold Exchange Traded Fund dominated the value of trades for the week, accounting for 35.64% and 44.62% of the volume and value of shares traded, respectively. 
The market closed the week with 8 growers and 3 laggards as indicated below:
Price Movers for the Week

 Source: Ghana Stock Exchange

CURRENCY MARKET
The Cedi weakened against the USD for the week. It traded at GH¢11.4000/$, compared with GH¢10.9001/$ at week open, reflecting w/w loss and YTD appreciation of 4.39% and 28.95% respectively. This compares with a depreciation of 21.79% a year ago.    
The Cedi also slipped against the GBP. It traded at GH¢15.3997/£, compared with GH¢14.7581/£ at week open, reflecting w/w depreciation and YTD gain of 4.17% and 19.49% respectively. This compares with a depreciation of 24.05% a year ago.
The Cedi depreciated against the Euro for the second week. It traded at GH¢13.3360/€, compared with GH¢12.7831/€ at week open, reflecting w/w loss and YTD appreciation of 4.15% and 14.08% respectively. This compares with a depreciation of 21.79% a year ago.     
The Cedi also lost grounds against the Canadian Dollar for the week. It opened at GH¢7.8798/C$ and closed at GH¢8.3022/C$, reflecting w/w loss and YTD gain of 5.09% and 22.99% respectively. This compares with a depreciation of 19.89% a year ago.

 Source: Bank of Ghana

 
 
GOVERNMENT SECURITIES MARKET
The government raised a sum of GH¢3,335.37 million for the week across the 91-Day, 182-Day, and 364-Day Treasury Bills. This compares with GH¢5,754.56 million raised in the previous week.       
The 91-Day Bill settled at 10.33% p.a. from 10.42% p.a. last week, whilst the 182-Day Bill settled at 12.37% p.a. from 12.39% p.a. last week. The 364-Day Bill settled at 13.00% p.a. from 13.00% p.a. last week.
 

Source: Bank of Ghana

COMMODITY MARKET
Oil prices climbed on heightened fears of supply disruptions following the escalation of the Russia-Ukraine conflict, while investors also assessed whether upcoming U.S. employment data might influence potential interest rate cuts. Brent futures traded at US$68.12 a barrel, compared to US$67.22 at week's open, reflecting w/w gain and YTD depreciation of 1.34% and 8.74% respectively.

Gold prices briefly touched a record high as persistent bets on U.S. interest rate cuts and heightened uncertainty over U.S. President’s trade tariffs kept traders biased towards bullion. Gold settled at US$3,418.50, from US$3,530.70 last week, reflecting w/w and YTD appreciations of 3.28% and 33.69% respectively.

The price of Cocoa again slipped for the week. Cocoa traded at US$7,710.00 per tonne on Friday, from US$7,781.00 last week, reflecting w/w and YTD losses of 0.91% and 33.22% respectively. 

 Source: Bank of Ghana

Source: www.investing.com
 
INVESTMENT TERM OF THE WEEK
Price Action: It is the movement of a security's price plotted over time. Price action forms the basis for all technical analyses of a stock, commodity, or other asset charts.
 Source: https://www.investopedia.com/terms/p/price-action.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) 54 836 7639
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.