STOCK MARKET REVIEW
The Ghana Stock Exchange took a loss at week’s end after profit-taking by investors caused price dips across fifteen (15) counters.
The GSE Composite Index (GSE-CI) dipped by 247.40 points (-1.60%) for the week, closing at 15,187.47 points, reflecting a year-to-date (YTD) gain of 73.17%.  
The GSE Financial Index (GSE-FI) fell by 216.84 points (-2.63%) for the week, closing at 8,021.23 points and reflecting a year-to-date (YTD) gain of 72.60%.  
Market capitalization declined by 2.62% to close the week at GH¢284,836.17 million, from GH¢292,511.66 million at the close of the previous week. This reflects a YTD gain of 65.56%. 
The week recorded a total of 12,923,774 shares, valued at GH¢58,200,783.30, compared with 29,728,485 shares, valued at GH¢168,915,179.80, traded in the preceding week. 
MTNGH dominated both the volume and value of trades for the week, accounting for 42.92% and 67.41% of the volume and value of shares traded, respectively.
The market closed the week with 5 gainers and 13 decliners, as indicated below:
Price Movers for the Week
Equity    Opening Price               Closing Price     Gain/Loss (%)
CLYD                  4.75                  4.89     ?2.95%
CPC                  0.17                   0.18     ?5.88%
DASPHARMA                 0.44                   0.52     ?18.18%
ZEN               10.00                 11.00     ?10.00%
HORDS                 0.39                   0.55     ?41.03%
IIL                 0.84                   0.53     ?36.90%
SIC                   5.74                   4.79     ?16.55%
ALLGH                  6.37                   5.43     ?14.76%
SOGEGH                 6.80                  6.00     ?11.76%
ETI                  1.93                    1.77     ?8.29%
CAL                  0.79                   0.76     ?3.80%
MTNGH                  7.14                   7.00     ?1.96%
GOIL                 7.96                   7.93     ?0.38%
TOTAL              39.94                39.83     ?0.28%
GGBL                 11.91                 11.88     ?0.25%
GCB               43.20                 43.10     ?0.23%
EGL               10.04                 10.03     ?0.10%
ABG               31.90                 31.89     ?0.03%
 Source: Ghana Stock Exchange

CURRENCY MARKET
The Ghana cedi extended its depreciation run against the US dollar for the week. It traded at GH¢11.7615/$, compared with GH¢11.6900/$ at the week's open, reflecting w/w and YTD depreciations of 0.61% and 11.15%, respectively. This compares with an appreciation of 38.68% a year ago.
    
The Cedi slid against the GBP for the week. It traded at GH¢15.8775/£, compared with GH¢15.7412/£ at the week's open, reflecting a w/w and YTD losses of 0.86% and 11.46%, respectively. This compares with an appreciation of 29.08% a year ago.

The Cedi again weakened against the Euro for the week. It traded at GH¢13.6013/€, compared with GH¢13.4609/€ at the week's open, reflecting w/w and YTD depreciations of 1.03% and 9.77%, respectively. This compares with an appreciation of 23.10% a year ago.
     
The Cedi lost more ground against the Canadian Dollar for the week. It opened at GH¢8.3333/C$ and closed at GH¢8.4423/C$, reflecting w/w and YTD losses of 1.29% and 9.73%, respectively. This compares with an appreciation of 34.45% a year ago.
Weekly Interbank Foreign Exchange Rates
Currency Pair    Year Open                Week Open     Week Close     Change%    YTD %
     01/01/26    03/08/26    07/08/26          
USD/GHS    10.4500    11.6900    11.7615        ?0.61      ?11.15
GBP/GHS    14.0579    15.7412    15.8775    ?0.86    ?11.46
EUR/GHS    12.2728    13.4609    13.6013        ?1.03     ?9.77
CAD/GHS    7.6211    8.3333    8.4423        ?1.29     ?9.73
 Source: Bank of Ghana
 

GOVERNMENT SECURITIES MARKET
The government raised GH¢9,418.52 million for the week across the 91-Day, 182-Day, and 364-Day Treasury Bills. This compares with GH¢8,651.30 million raised in the previous week.       
The 91-Day Bill settled at 5.63% p.a. from 5.76% p.a. last week, whilst the 182-Day Bill settled at 7.53 p.a. from 7.64% p.a. last week. The 364-Day Bill settled at 12.99% p.a. from 12.98% 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 (%)
     01/01/26    03/08/26    07/08/26          
91 Day TB                     11.09                        5.76                        5.63         ?2.31    ?49.25
182 Day TB                     12.52                       7.64                        7.53     ?1.50    ?39.91
364 Day TB                    12.94                     12.98                     12.99     ?0.03    ?0.35
 Source: Bank of Ghana
The Ghana Market Summary
     Current     Previous     Change
Bid (GH¢' M)         9,418.52         8,651.30     ?8.87%
Issuance (GH¢' M)       11,636.83        10,505.12     ?10.77%
Target (GH¢' M)              6,217             5,866     ?5.98%
Maturity (GH¢' M)          6,128.71         5,782.29     ?5.99%
Target coverage ratio                1.87                 1.79     na
Maturity coverage ratio                1.90                 1.82     na
Bid / Cover ratio                0.81                0.82     na
Source: Bank of Ghana

Weekly BOG Gold Coin Prices
BOG Gold Coins    Year Open                Week Open     Week Close     Change%    YTD %
     01/01/26    03/08/26    07/08/26          
1.00 oz        47,231.06          49,789.53       52,786.53     
?6.02    
?11.76
0.50 oz       23,953.39          25,253.00       26,752.65     
?5.94    
?11.69
0.25 oz        12,335.94          13,008.45        13,759.58     
?5.77    
?11.54
Source: Bank of Ghana

COMMODITY MARKET
Oil prices remained lower, mainly driven by assertions at the start of the week that a deal to reopen the critical Strait of Hormuz was imminent. Brent futures traded at US$83.55 a barrel, compared to US$90.12 at the week's open, reflecting a w/w loss and YTD appreciation of 7.29% and 37.30% respectively.

Gold prices reversed earlier losses, extending last week’s 7% surge as weak U.S. jobs data fueled expectations for a Federal Reserve rate cut. Gold settled at US$4,399.70, from US$4,107.00 last week, reflecting a w/w and YTD gains of 7.13% and 0.31%, respectively.

The price of Cocoa increased for the week. Cocoa traded at US$5,895.00 per tonne on Friday, from US$5,397.00 last week, reflecting w/w gain and YTD loss of 9.23% and 2.80%, respectively.

International Commodity Prices
Commodities    Year Open     Week Open    Week Close    Chg%    YTD %
     01/01/26    03/08/26    07/08/26          
Brent crude oil (USD/bbl)               60.85                    90.12                    83.55     ?7.29    ?37.30
Gold (USD/t oz.)         4,386.30            4,107.00            4,399.70     ?7.13    ?0.31
Cocoa (USD/MT)        6,065.00            5,397.00            5,895.00     ?9.23    ?2.80
Source: www.investing.com
 
 

INVESTMENT TERM OF THE WEEK
Markup: It is the amount added to a base price in both investing and retail, whether a broker sells a security above cost or a retailer prices goods above expenses to earn a profit. In broker-dealer trades, it reflects compensation for risk, while in retail, it drives pricing strategy, in contrast to a markdown, which lowers prices.

Source: 
https://www.investopedia.com/terms/m/markup.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.