STOCK MARKET REVIEW
The Ghana Stock Exchange recovered from recent losses on the back of price gains by nine (9) counters.
The GSE Composite Index (GSE-CI) gained 120.24 points (+0.79%) for the week, closing at 15,307.71 points, reflecting a year-to-date (YTD) gain of 74.54%.  
The GSE Financial Index (GSE-FI) increased by 95.75 points (+1.19%) for the week, closing at 8,116.98 points and reflecting a year-to-date (YTD) gain of 74.66%.  
Market capitalization increased by 1.43% to close the week at GH¢288,904.50 million, from GH¢284,836.17 million at the close of the previous week. This reflects a YTD gain of 67.93%. 
The week recorded a total of 10,060,155 shares, valued at GH¢31,346,429.14, compared with 12,923,774 shares, valued at GH¢58,200,783.30, traded in the preceding week. 
IIL dominated the volume of trades, while 
MTNGH dominated the value of trades for the 
week, accounting for 23.37% and 50.96% of the 
volume and value of shares traded, 
respectively.
The market closed the week with 9 gainers and 8 decliners, as indicated below:
Price Movers for the Week
Equity    Opening Price               Closing Price     Gain/Loss (%)
DASPHARMA                  0.52                   0.81     ?55.77%
DIGICUT                 0.09                    0.13     ?44.44%
CLYD                 4.89                   6.50     ?32.92%
HORDS                  0.55                   0.65     ?18.18%
SIC                  4.79                   5.59     ?16.70%
UNIL               29.50                32.00     ?8.47%
ETI                   1.77                   1.89     ?6.78%
CAL                  0.76                   0.78     ?2.63%
MTNGH                 7.00                   7.04     ?0.57%
IIL                  0.53                  0.46     ?13.21%
BOPP              79.99                78.00     ?2.49%
SOGEGH                 6.00                   5.86     ?2.33%
ABG               31.89                 31.49     ?1.25%
FML                13.30                 13.20     ?0.75%
ALLGH                  5.43                   5.40     ?0.55%
GCB               43.10                42.95     ?0.35%
EGL               10.03                 10.02     ?0.10%
 Source: Ghana Stock Exchange

CURRENCY MARKET
The Ghana cedi turned the corner against the US dollar for the week. It traded at GH¢10.9500/$, compared with GH¢11.7615/$ at the week's open, reflecting w/w gain and YTD depreciation of 7.41% and 4.57%, respectively. This compares with an appreciation of 38.03% a year ago.
    
The Cedi appreciated against the GBP for the week. It traded at GH¢14.8427/£, compared with GH¢15.8775/£ at the week's open, reflecting a w/w gain and YTD loss of 6.97% and 5.29%, respectively. This compares with an appreciation of 27.38% a year ago.

The Cedi also strengthened against the Euro for the week. It traded at GH¢12.6807/€, compared with GH¢13.6013/€ at the week's open, reflecting a w/w gain and YTD depreciation of 7.26% and 3.22%, respectively. This compares with an appreciation of 22.03% a year ago.
     
The Cedi gained some ground against the Canadian Dollar for the week. It opened at GH¢8.4423/C$ and closed at GH¢7.8943/C$, reflecting a w/w gain and YTD loss of 6.94% and 3.46%, respectively. This compares with an appreciation of 32.39% a year ago.
Weekly Interbank Foreign Exchange Rates
Currency Pair    Year Open                Week Open     Week Close     Change%    YTD %
     01/01/26    10/08/26    14/08/26          
USD/GHS    10.4500    11.7615    10.9500        ?7.41    ?4.57
GBP/GHS    14.0579    15.8775    14.8427         ?6.97    ?5.29
EUR/GHS    12.2728    13.6013    12.6807         ?7.26    ?3.22
CAD/GHS    7.6211    8.4423    7.8943     ?6.94    ?3.46
 Source: Bank of Ghana
 

GOVERNMENT SECURITIES MARKET
The government raised GH¢4,881.50 million for the week across the 91-Day, 182-Day, and 364-Day Treasury Bills. This compares with GH¢9,418.52 million raised in the previous week.       
The 91-Day Bill settled at 5.47% p.a. from 5.63% p.a. last week, whilst the 182-Day Bill settled at 7.27 p.a. from 7.53% p.a. last week. The 364-Day Bill settled at 12.50% p.a. from 12.99% 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    10/08/26    14/08/26          
91 Day TB                     11.09                        5.63                        5.47      ?2.85    ?50.70
182 Day TB                     12.52                        7.53                        7.27       ?3.38    ?41.94
364 Day TB                    12.94                     12.99                      12.50       ?3.75      ?3.41
 Source: Bank of Ghana
The Ghana Market Summary
     Current     Previous     Change
Bid (GH¢' M)         4,881.50         9,418.52     ?48.17%
Issuance (GH¢' M)        11,279.92        11,636.83     ?3.07%
Target (GH¢' M)             5,993               6,217     ?3.60%
Maturity (GH¢' M)        5,909.37          6,128.71     ?3.58%
Target coverage ratio                1.88                 1.87     na
Maturity coverage ratio                 1.91                1.90     na
Bid / Cover ratio                0.43                0.81     na
Source: Bank of Ghana

Weekly BOG Gold Coin Prices
BOG Gold Coins    Year Open                Week Open     Week Close     Change%    YTD %
     01/01/26    10/08/26    14/08/26          
1.00 oz        47,231.06          52,786.53        49,591.61     
?6.05    
?5.00
0.50 oz       23,953.39          26,752.65        25,142.76     
?6.02    
?4.97
0.25 oz        12,335.94           13,759.58        12,940.56     
?5.95    
?4.90
Source: Bank of Ghana

COMMODITY MARKET
Oil prices edged higher during the period, supported by persistent uncertainty surrounding diplomatic developments in the Middle East and continued concerns over the effective closure of the Strait of Hormuz, a key global oil transit route. Brent futures traded at US$88.52 per barrel, compared to US$83.55 at the week's open, reflecting w/w and YTD appreciations of 5.95% and 45.47%, respectively.

Gold prices inched higher, buoyed by a weaker U.S. dollar and fading expectations that the Federal Reserve will raise interest rates at its next policy meeting. Gold settled at US$4,437.30, from US$4,399.70 last week, reflecting a w/w and YTD gains of 0.85% and 1.16%, respectively.

The price of Cocoa decreased for the week. Cocoa traded at US$5,773.00 per tonne on Friday, from US$5,895.00 last week, reflecting w/w and YTD losses of 2.07% and 4.81%, respectively.

International Commodity Prices
Commodities    Year Open     Week Open    Week Close    Chg%    YTD %
     01/01/26    10/08/26    14/08/26          
Brent crude oil (USD/bbl)               60.85                    83.55                   88.52     ?5.95    ?45.47
Gold (USD/t oz.)         4,386.30            4,399.70            4,437.30     ?0.85    ?1.16
Cocoa (USD/MT)        6,065.00            5,895.00             5,773.00     ?2.07    ?4.81
Source: www.investing.com
 
 

INVESTMENT TERM OF THE WEEK
Heavy Industry: It relates to a type of business that typically carries a high capital cost (capital-intensive), high barriers to entry, and low transportability. The term "heavy" refers to the fact that the items produced by "heavy industry" used to be products such as iron, coal, oil, ships, etc.
Source: 
https://www.investopedia.com/terms/h/heavy_industry.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.