STOCK MARKET REVIEW
The Ghana Stock Exchange (GSE) continued its dominant run for the fifth consecutive week on the back of price gains by eleven (11) counters. 
The GSE Composite Index (GSE-CI) rose by 78.25 points (+0.93%) for the week to close at 8,488.81 points, reflecting a year-to-date (YTD) gain of 73.65%.  
The GSE Financial Index (GSE-FI) grew by 68.69 points (+1.77%) for the week to close at 3,949.15 points, reflecting a year-to-date (YTD) gain of 65.88%.  
Market capitalization inched up by 0.67% to close the week at GH¢166,737.67 million, from GH¢165,631.44 million at the close of the previous week. This reflects a YTD gain of 49.73%. 
The week recorded a total of 18,145,024 shares, valued at GH¢122,957,108.72, compared with 6,722,522 shares valued at GH¢27,393,196.77 that were traded in the preceding week. 
CAL dominated the volume of trades for the week whiles GCB dominated the value of trades for the week, accounting for 36.08% and 77.58% of the volume and value of shares traded, respectively. 
The market closed the week with 11 gainers and 3 decliners as indicated below:
Price Movers for the Week
Equity    Opening Price               Closing Price     Gain/Loss (%)
CAL                  0.69                   0.79     ?14.49%
FML                  5.45                   5.99     ?9.91%
GGBL                  5.47                   6.01     ?9.87%
TOTAL               37.00               40.60     ?9.73%
EGH                13.20                14.00     ?6.06%
GCB               15.00                  15.53     ?3.53%
ETI                  0.91                   0.92     ?1.10%
BOPP                37.81                38.06             ?0.66%
SIC                   1.05                   1.06             ?0.95%
SOGEGH                 2.08                   2.09             ?0.48%
SCB               28.02                  28.11            ?0.32%
GLD            476.72             467.67           ?1.90%
UNIL               19.99                19.80            ?0.95%
MTNGH                  4.52                   4.50            ?0.44%
 Source: Ghana Stock Exchange
 
 
 
 
 
 

CURRENCY MARKET
The Cedi appreciated against the USD for the week. It traded at GH¢12.1650/$, compared with GH¢12.5500/$ at week open, reflecting w/w and YTD appreciations of 3.16% and 20.84% respectively. This compares with a depreciation of 25.28% a year ago.    
The Cedi gained some grounds against the GBP. It traded at GH¢16.2494/£, compared with GH¢16.9180/£ at week open, reflecting w/w and YTD gains of 4.11% and 13.24% respectively. This compares with a depreciation of 27.20% a year ago.
The Cedi strengthened against the Euro for the week. It traded at GH¢14.1391/€, compared with GH¢14.7396/€ at week open, reflecting w/w and YTD appreciations of 4.25% and 7.60% respectively. This compares with a depreciation of 24.58% a year ago.     
The Cedi also strength against the Canadian Dollar for the week. It opened at GH¢8.9971/C$ and closed at GH¢8.6881/C$, reflecting w/w and YTD gains of 3.56% and 17.53% respectively. This compares with a depreciation of 22.00% a year ago.

Weekly Interbank Foreign Exchange Rates
Currency Pair    Year Open                Week Open     Week Close     Change%    YTD %
     01-01-25    07-10-25    10-10-25          
USD/GHS    14.7001    12.5500    12.1650       ?3.16    ?20.84
GBP/GHS    18.4008    16.9180    16.2494       ?4.11     ?13.24
EUR/GHS    15.2141    14.7396    14.1391       ?4.25     ?7.60
CAD/GHS    10.2107    8.9971    8.6881       ?3.56    ?17.53
 Source: Bank of Ghana 
 
 
GOVERNMENT SECURITIES MARKET
The government raised a sum of GH¢6,336.66 million for the week across the 91-Day, 182-Day, and 364-Day Treasury Bills. This compares with GH¢2,578.83 million raised in the previous week.       
The 91-Day Bill settled at 10.53% p.a. from 10.47% p.a. last week, whilst the 182-Day Bill settled at 12.31% p.a. from 12.35% p.a. last week. The 364-Day Bill settled at 12.87% p.a. from 12.87% 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    07-10-25    10-10-25          
91 Day TB                   28.04                     10.47                      10.53     ?0.54    ?62.44
182 Day TB                   28.68                      12.35                       12.31     ?0.36    ?57.09
364 Day TB                    30.07                      12.87                      12.87     ?0.03    ?57.21
 Source: Bank of Ghana
The Ghana Market Summary
     Current     Previous     Change
Bid (GH¢' M)      6,336.66        2,578.83     ?145.72%
Issuance (GH¢' M)       6,507.52        2,593.83     ?150.88%
Target (GH¢' M)            5,269              3,710     ?42.02%
Maturity (GH¢' M)      4,767.68        2,299.85     ?107.30%
Target coverage ratio               1.24               0.70     na
Maturity coverage ratio               1.36                 1.13     na
Bid / Cover ratio              0.97               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    07-10-25    10-10-25          
1.00 oz        40,169.31          50,376.94       49,974.25     
?0.80    
?24.41
0.50 oz      20,486.68          25,558.08       25,350.69     
?0.81    
?23.74
0.25 oz        10,675.23            13,174.22       13,063.68     
?0.84    
?22.37

COMMODITY MARKET
Oil prices fell amid uncertainty about trade tensions between the U.S. and China, and as the International Energy Agency (IEA) flagged weaker price fundamentals. Brent futures traded at US$62.73 a barrel, compared to US$64.53 at week's open, reflecting w/w and YTD depreciations of 2.79% and 15.96% respectively.

Gold prices rose as renewed tensions between the U.S. and China spurred a rush into safe-haven assets. Gold settled at US$4,000.40, from US$3,908.90 last week, reflecting w/w and YTD appreciations of 2.34% and 51.47% respectively.

The price of Cocoa further dipped for the week. Cocoa traded at US$5,848.00 per tonne on Friday, from US$6,190.00 last week, reflecting w/w and YTD losses of 5.53% and 49.35% respectively. 

International Commodity Prices
Commodities    Year Open     Week Open    Week Close    Chg%    YTD %
     01-01-25    06-10-25    10-10-25          
Brent crude oil (USD/bbl)               74.64                   64.53                    62.73     ?2.79    ?15.96
Gold (USD/t oz.)          2,641.00           3,908.90           4,000.40     ?2.34    ?51.47
Cocoa (USD/MT)       11,545.00            6,190.00           5,848.00     ?5.53    ?49.35
Source: www.investing.com

INVESTMENT TERM OF THE WEEK
Quant Fund: It is an investment fund that uses quantitative analysis for its investment selection process. It relies more on algorithmic, data-driven strategies than human judgment. Such non-traditional and passive funds use customized software models for investment decisions.
Source:
https://www.investopedia.com/terms/q/quantfund.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.