STOCK MARKET REVIEW
The Ghana Stock Exchange extended its weekly decline, with losses across several counters more than offsetting the gains recorded by eleven (11) counters.
The GSE Composite Index (GSE-CI) dipped by 116.31 points (-0.77%) for the week, closing at 15,020.41 points, reflecting a year-to-date (YTD) gain of 71.27%.  
The GSE Financial Index (GSE-FI) also lost 34.41 points (-0.43%) for the week, closing at 7,890.64 points and reflecting a year-to-date (YTD) gain of 69.79%.  
Market capitalization decreased by 0.97% to close the week at GH¢284,033.69 million, from GH¢286,825.39 million at the close of the previous week. This reflects a YTD gain of 65.09%. 
The week recorded a total of 8,291,087 shares, valued at GH¢39,134,604.31, compared with 17,867,492 shares, valued at GH¢76,907,081.03, traded in the preceding week. 
MTNGH dominated both the volume and the value of trades for the week, accounting for 38.75% and 56.77% of the volume and value of shares traded, respectively.
The market closed the week with 11 advancers and 11 decliners, as indicated below:

Price Movers for the Week
Equity    Opening Price               Closing Price     Gain/Loss (%)
DASPHARMA                 1.27                  1.98     ?55.91%
DIGICUT                 0.18                  0.26     ?44.44%
IIL                0.65                  0.75     ?15.38%
UNIL               35.20               40.00     ?13.64%
MMH                 0.11                   0.12     ?9.09%
HORDS                0.82                  0.88     ?7.32%
SOGEGH                5.60                  6.00     ?7.14%
BOPP              76.00                76.67     ?0.88%
TBL                 1.20                   1.21     ?0.83%
KASA                 1.97                  1.98     ?0.51%
GCB              39.00                39.16     ?0.41%
GGBL               11.88                10.70     ?9.93%
EGL                 7.39                  6.70     ?9.34%
CLYD                6.50                  5.98     ?8.00%
SIC                  5.50                   5.31     ?3.45%
ETI                 1.89                   1.83     ?3.17%
CAL                 0.76                  0.75     ?1.32%
MTNGH                7.00                  6.91     ?1.29%
TOTAL              42.00                41.50     ?1.19%
GOIL                 7.50                  7.45     ?0.67%
SCB              70.00               69.89     ?0.16%
ZEN              10.90                10.89     ?0.09%
 Source: Ghana Stock Exchange

CURRENCY MARKET
The Ghana cedi depreciated marginally against the US dollar for the week. It traded at GH¢11.2500/$, compared with GH¢11.1200/$ at the week's open, reflecting w/w and YTD depreciations of 1.16% and 7.11%, respectively. This compares with an appreciation of 28.95% a year ago.
    
The Cedi edged lower against the GBP for the week. It traded at GH¢15.2308/£, compared with GH¢15.1716/£ at the week's open, reflecting a w/w and YTD losses of 0.39% and 7.70%, respectively. This compares with an appreciation of 19.49% a year ago.

The Cedi further declined against the Euro for the week. It traded at GH¢13.0351/€, compared with GH¢12.9944/€ at the week's open, reflecting a w/w and YTD depreciation of 0.31% and 5.85%, respectively. This compares with an appreciation of 14.08% a year ago.
     
The Cedi lost ground against the Canadian Dollar for the week. It opened at GH¢8.0773/C$ and closed at GH¢8.0933/C$, reflecting a w/w and YTD losses of 0.20% and 5.83%, respectively. This compares with an appreciation of 22.99% a year ago.
Weekly Interbank Foreign Exchange Rates
Currency Pair    Year Open                Week Open     Week Close     Change%    YTD %
     01/01/26    24/08/26    28/08/26          
USD/GHS    10.4500    11.1200    11.2500       ?1.16      ?7.11
GBP/GHS    14.0579    15.1716    15.2308    ?0.39    ?7.70
EUR/GHS    12.2728    12.9944    13.0351        ?0.31    ?5.85
CAD/GHS    7.6211    8.0773    8.0933    ?0.20    ?5.83
 Source: Bank of Ghana.
 

GOVERNMENT SECURITIES MARKET
The government raised GH¢6,526.51 million for the week across the 91-Day, 182-Day, and 364-Day Treasury Bills. This compares with GH¢5,854.84 million raised in the previous week.       
The 91-Day Bill settled at 4.95% p.a. from 5.08% p.a. last week, whilst the 182-Day Bill settled at 6.86% p.a. from 7.08% p.a. last week. The 364-Day Bill settled at 10.78% p.a. from 11.59% 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    24/08/26    28/08/26          
91 Day TB                   11.09                     5.08                     4.95      ?2.63     ?55.41
182 Day TB                   12.52                     7.08                     6.86     ?3.13    ?45.24
364 Day TB                  12.94                    11.59                   10.78     ?7.03    ?16.71
 Source: Bank of Ghana

The Ghana Market Summary
     Current     Previous     Change
Bid (GH¢' M)             6,526.51           5,854.84     ?11.47%
Issuance (GH¢' M)           12,345.18         14,269.55     ?13.49%
Target (GH¢' M)                   5,147                 5,428     ?5.18%
Maturity (GH¢' M)             5,082.11           5,354.50     ?5.09%
Target coverage ratio                    2.40                    2.63     na
Maturity coverage ratio                     2.43                    2.66     na
Bid / Cover ratio                     0.53                    0.41     na
Source: Bank of Ghana

Weekly BOG Gold Coin Prices
BOG Gold Coins    Year Open                Week Open     Week Close     Change%    YTD %
     01/01/26    24/08/26    28/08/26          
1.00 oz           47,231.06              51,504.79           53,013.65     
?2.93    
?12.24
0.50 oz          23,953.39               26,101.65          26,857.84     
?2.90    
?12.13
0.25 oz           12,335.94               13,422.61            13,802.71     
?2.83    
?11.89
Source: Bank of Ghana

COMMODITY MARKET
Oil prices dipped slightly on reports that Washington was close to gaining access to Venezuela’s oil reserves and U.S. companies Chevron and Halliburton could invest billions of dollars in Venezuelan oil fields. Brent futures traded at US$88.10 per barrel, compared to US$92.67 at the week's open, reflecting a w/w loss and YTD appreciation of 4.93% and 44.78%, respectively.

Gold prices fell sharply as renewed Middle East tensions pushed oil higher and intensified a global bond selloff, while markets increased bets that the Federal Reserve could raise interest rates this month. Gold settled at US$4,529.90, from US$4,680.60 last week, reflecting a w/w loss and YTD gain of 3.22% and 3.27%, respectively.

The price of Cocoa increased for the week. Cocoa traded at US$6,648.00 per tonne on Friday, from US$6,034.00 last week, reflecting w/w and YTD gains of 10.18% and 9.61%, respectively.

International Commodity Prices
Commodities    Year Open     Week Open    Week Close    Chg%    YTD %
     01/01/26    24/08/26    28/08/26          
Brent crude oil (USD/bbl)               60.85                  92.67                  88.10     ?4.93    ?44.78
Gold (USD/t oz.)           4,386.30            4,680.60             4,529.90     ?3.22    ?3.27
Cocoa (USD/MT)         6,065.00            6,034.00            6,648.00     ?10.18    ?9.61
Source: www.investing.com
 

 
INVESTMENT TERM OF THE WEEK
Parabolic SAR Indicator: It is used by traders to determine trend direction and potential reversals in price. The indicator uses a trailing stop and reverse method called "SAR," or stop and reverse, to identify suitable exit and entry points. Traders also refer to the indicator as to the parabolic stop and reverse, parabolic SAR, or PSAR. 
Source: 
https://www.investopedia.com/terms/p/parabolicindicator.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.