STOCK MARKET REVIEW
The Ghana Stock Exchange (GSE) bounced back from its losing run as eight counters experienced significant growth in share prices.
The GSE Composite Index (GSE-CI) gained 96.96 points (+1.35%) for the week to close at 7,269.40 points, reflecting a year-to-date (YTD) gain of 48.70%.  
The GSE Financial Index (GSE-FI) also increased by 34.02 points (+0.99%) for the week to close at 3,478.32 points, reflecting a year-to-date (YTD) gain of 46.10%.  
Market capitalization inched up by 0.90% to close the week at GH¢149,036.60 million, from GH¢147,703.09 million at the close of the previous week. This reflects a YTD gain of 33.84%. 

The week recorded a total of 9,366,503 shares, valued at GH¢38,127,230.46, compared with 17,081,517 shares valued at GH¢67,569,870.48 that were traded in the preceding week. 
MTNGH dominated both the volume and value of trades for the week, accounting for 89.48% and 81.38% of the volume and value of shares traded, respectively. 
The market closed the week with 8 growers and 1 laggard as indicated below:
Price Movers for the Week
Equity    Opening Price               Closing Price     Gain/Loss (%)
GCB                11.02                  12.12     ?9.98%
TOTAL               31.96                35.00     ?9.51%
GLD            416.00              453.25     ?8.95%
FML                  4.41                   4.62     ?4.76%
AADS                  0.41                   0.42     ?2.44%
CAL                   0.51                   0.52     ?1.96%
MTNGH                  3.70                   3.74     ?1.08%
GOIL                   2.31                    2.33     ?0.87%
ABG               16.36                 16.35     ?0.06%
 Source: Ghana Stock Exchange.
 
 
 

CURRENCY MARKET
The Cedi depreciated marginally against the USD for the week. It traded at GH¢12.1500/$, compared with GH¢11.9600/$ at week open, reflecting w/w loss and YTD appreciation of 1.56% and 20.99% respectively. This compares with a depreciation of 22.58% a year ago.    
The Cedi also depreciated against the GBP. It traded at GH¢16.4542/£, compared with GH¢16.1789/£ at week open, reflecting w/w depreciation and YTD gain of 1.67% and 11.83% respectively. This compares with a depreciation of 24.89% a year ago.
The Cedi fell against the Euro for the second week. It traded at GH¢14.2300/€, compared with GH¢14.0479/€ at week open, reflecting w/w loss and YTD appreciation of 1.28% and 6.92% respectively. This compares with a depreciation of 22.83% a year ago.     
The Cedi lost against the Canadian Dollar for the week. It opened at GH¢8.6444/C$ and closed at GH¢8.7655/C$, reflecting w/w loss and YTD gain of 1.38% and 16.49% respectively. This compares with a depreciation of 20.37% a year ago.
Weekly Interbank Foreign Exchange Rates
Currency Pair    Year Open                Week Open     Week Close     Change%    YTD %
     01-01-25    08-09-25    12-09-25          
USD/GHS    14.7001    11.9600    12.1500    ?1.56    ?20.99
GBP/GHS    18.4008    16.1789    16.4542    ?1.67    ?11.83
EUR/GHS    15.2141    14.0479    14.2300    ?1.28    ?6.92
CAD/GHS    10.2107    8.6444    8.7655    ?1.38    ?16.49
 Source: Bank of Ghana 
 
 
GOVERNMENT SECURITIES MARKET
The government raised a sum of GH¢6,248.84 million for the week across the 91-Day, 182-Day, and 364-Day Treasury Bills. This compares with GH¢4,364.78 million raised in the previous week.       
The 91-Day Bill settled at 10.53% p.a. from 10.42% p.a. last week, whilst the 182-Day Bill settled at 12.44% p.a. from 12.41% p.a. last week. The 364-Day Bill settled at 12.96% p.a. from 12.97% 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 (%)
     01-01-25    08-09-25    12-09-25          
91 Day TB                   28.04                     10.42                      10.53     ?1.04    ?62.44
182 Day TB                   28.68                      12.41                     12.44     ?0.24    ?56.63
364 Day TB                    30.07                      12.97                     12.96       ?0.12    ?56.91
 Source: Bank of Ghana
The Ghana Market Summary
     Current     Previous     Change
Bid (GH¢' M)         6,248.84           4,364.78     ?43.17%
Issuance (GH¢' M)         6,503.29           4,389.78     ?48.15%
Target (GH¢' M)              8,286                3,788     ?118.74%
Maturity (GH¢' M)         8,074.64           3,692.62     ?118.67%
Target coverage ratio                0.78                    1.16     na
Maturity coverage ratio                 0.81                    1.19     na
Bid / Cover ratio                0.96                  0.99     na
Source: Bank of Ghana
Weekly BOG Gold Coin Prices
BOG Gold Coins    Year Open                Week Open     Week Close     Change%    YTD %
     01-01-25    08-09-25    12-09-25          
1.00 oz        40,169.31             44,411.31         45,783.11     
?3.09    
?13.98
0.50 oz      20,486.68           22,567.71         23,255.11     
?3.05    
?13.51
0.25 oz        10,675.23           11,670.48        12,015.89     
?2.96    
?12.56

COMMODITY MARKET
Oil prices rose as markets weighed a potential disruption of supplies from Russia due to Ukrainian drone attacks on its ports and refineries. Brent futures traded at US$66.99 a barrel, compared to US$65.50 at week's open, reflecting w/w gain and YTD depreciation of 2.27% and 10.25% respectively.

Gold prices rose as investors remained confident of a U.S. Federal Reserve interest rate cut later this month. Gold settled at US$3,686.40, from US$3,653.30 last week, reflecting w/w and YTD appreciations of 0.91% and 39.58% respectively.

The price of Cocoa again slipped for the week. Cocoa traded at US$7,420.00 per tonne on Friday, from US$7,471.00 last week, reflecting w/w and YTD losses of 0.68% and 35.73% respectively. 
International Commodity Prices
Commodities    Year Open     Week Open    Week Close    Chg%    YTD %
     01-01-25    08-09-25    12-09-25          
Brent crude oil (USD/bbl)               74.64                   65.50                  66.99     ?2.27    ?10.25
Gold (USD/t oz.)          2,641.00             3,653.30           3,686.40     ?0.91     ?39.58
Cocoa (USD/MT)       11,545.00             7,471.00            7,420.00     ?0.68    ?35.73
Source: www.investing.com
 
 

INVESTMENT TERM OF THE WEEK
Mezzanine Financing: It stands as a strategic financial tool that bridges the gap between senior debt and equity. This hybrid form of financing provides lenders the potential to convert debt to equity, fostering flexibility and higher returns. Frequently employed in acquisitions and company expansions, mezzanine financing encapsulates both opportunity and risk, offering companies crucial capital for growth.
 Source: https://www.investopedia.com/terms/m/mezzaninefinancing.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.