STOCK MARKET REVIEW
The Ghana Stock Exchange fell for the second consecutive week on the back of price declines by fifteen (15) counters.
The GSE Composite Index (GSE-CI) lost 206.33 points (-1.37%) for the week, closing at 14,814.08 points, reflecting a year-to-date (YTD) gain of 68.91%.  
The GSE Financial Index (GSE-FI) also decreased by 72.53 points (-0.92%) for the week, closing at 7,818.11 points and reflecting a year-to-date (YTD) gain of 68.23%.  
Market capitalization declined by 1.23% to close the week at GH¢280,527.14 million, from GH¢284,033.69 million at the close of the previous week. This reflects a YTD gain of 65.09%. 
The week recorded a total of 15,026,860 shares, valued at GH¢93,322,935.30, compared with 8,291,087 shares, valued at GH¢39,134,604.31, traded in the preceding week. 
MTNGH dominated both the volume and the value of trades for the week, accounting for 66.12% and 73.13% of the volume and value of shares traded, respectively.
The market closed the week with 2 gainers and 15 decliners, as indicated below:

Price Movers for the Week
Equity    Opening Price               Closing Price     Gain/Loss (%)
DIGICUT                 0.26                   0.39     ?50.00%
GCB               39.16                 39.55     ?1.00%
DASPHARMA                  1.98                     1.21     ?38.89%
CLYD                 5.98                    5.18     ?13.38%
IIL                  0.75                   0.65     ?13.33%
TOTAL               41.50                37.80     ?8.92%
ZEN               10.89                10.00     ?8.17%
HORDS                 0.88                   0.83     ?5.68%
ABG               30.95                29.50     ?4.68%
KASA                  1.98                   1.90     ?4.04%
CAL                   0.75                   0.72     ?4.00%
ETI                  1.83                    1.78     ?2.73%
EGL                 6.70                   6.53     ?2.54%
SIC                    5.31                   5.26     ?0.94%
TBL                   1.21                    1.20     ?0.83%
MTNGH                  6.91                  6.86     ?0.72%
SOGEGH                 6.00                   5.98     ?0.33%
 Source: Ghana Stock Exchange

 CURRENCY MARKET
The Ghana cedi depreciated marginally against the US dollar for the week. It traded at GH¢11.4000/$, compared with GH¢11.2500/$ at the week's open, reflecting w/w and YTD depreciations of 1.32% and 8.33%, 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¢15.4134/£, compared with GH¢15.2308/£ at the week's open, reflecting a w/w and YTD losses of 1.18% and 8.79%, 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¢13.2458/€, compared with GH¢13.0351/€ at the week's open, reflecting a w/w and YTD depreciation of 1.59% and 7.35%, 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¢8.0933/C$ and closed at GH¢8.2385/C$, reflecting a w/w and YTD losses of 1.76% and 7.49%, 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    31-08-26    04-09-26          
USD/GHS    10.4500    11.2500    11.4000    ?1.32    ?8.33
GBP/GHS    14.0579    15.2308    15.4134    ?1.18    ?8.79
EUR/GHS    12.2728    13.0351    13.2458    ?1.59    ?7.35
CAD/GHS    7.6211    8.0933    8.2385    ?1.76    ?7.49
 Source: Bank of Ghana.

GOVERNMENT SECURITIES MARKET
The government raised GH¢11,530.70 million for the week across the 91-Day, 182-Day, 364-Day Treasury Bills, and 4-Year Fixed Bond. This compares with GH¢6,526.51 million raised in the previous week.       
The 91-Day Bill settled at 4.81% p.a. from 4.95% p.a. last week, whilst the 182-Day Bill settled at 6.68% p.a. from 6.86% p.a. last week. The 364-Day Bill settled at 10.12% p.a. from 10.78% p.a. last week. The 4-YR FXR Bond settled at 12.00% 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    31-08-26    04-09-26          
91 Day TB                     11.09                       4.95                        4.81     ?2.85    ?56.68
182 Day TB                     12.52                       6.86                       6.68     ?2.56    ?46.64
364 Day TB                    12.94                     10.78                      10.12     ?6.13     ?21.82
 Source: Bank of Ghana

The Ghana Market Summary
     Current     Previous     Change
Bid (GH¢' M)        11,530.70         6,526.51     ?76.67%
Issuance (GH¢' M)       14,399.92        12,345.18     ?16.64%
Target (GH¢' M)              6,554               5,147     ?27.34%
Maturity (GH¢' M)         4,637.37          5,082.11     ?8.75%
Target coverage ratio                2.20                2.40     na
Maturity coverage ratio                 3.11                2.43     na
Bid / Cover ratio               0.80                0.53     na
Source: Bank of Ghana

Weekly BOG Gold Coin Prices
BOG Gold Coins    Year Open                Week Open     Week Close     Change%    YTD %
     01-01-26    31-08-26    02-09-26          
1.00 oz        47,231.06           53,013.65        50,825.71     
    ?4.13    
 ?7.61
0.50 oz       23,953.39          26,857.84       25,764.80     
?4.07    
 ?7.56
0.25 oz        12,335.94           13,802.71         13,257.23     
?3.95    
?7.47
Source: Bank of Ghana

COMMODITY MARKET
Oil prices extended gains, as investors weighed risks of further disruption to Middle East energy supplies after Iran warned that oil and gas infrastructure across the Gulf could be targeted in retaliation for attacks on its assets. Brent futures traded at US$96.28 per barrel, compared to US$88.10 at the week's open, reflecting a w/w and YTD appreciation of 9.28% and 58.23%, respectively.

Gold prices shed recent gains amid a stronger dollar sparked by a sharp escalation in U.S.-Iran tensions and a global bond rout driven by inflation and fiscal debt worries. Gold settled at US$4,476.60, from US$4,529.90 last week, reflecting a w/w loss and YTD gain of 1.18% and 2.06%, respectively.

The price of Cocoa declined for the week. Cocoa traded at US$6,188.00 per tonne on Friday, from US$6,648.00 last week, reflecting w/w loss and YTD gain of 6.92% and 2.03%, respectively.

International Commodity Prices
Commodities    Year Open     Week Open    Week Close    Chg%    YTD %
     01-01-26    31-08-26    04-09-26          
Brent crude oil (USD/bbl)               60.85                   88.10                   96.28     ?9.28    ?58.23
Gold (USD/t oz.)         4,386.30            4,529.90           4,476.60     ?1.18    ?2.06
Cocoa (USD/MT)        6,065.00           6,648.00            6,188.00     ?6.92    ?2.03
Source: www.investing.com

 
 
INVESTMENT TERM OF THE WEEK
Howey Test: It evaluates whether transactions qualify as "investment contracts" under U.S. securities laws, focusing on the expectation of profits from the efforts of others. Its application is crucial for blockchain and cryptocurrency projects, impacting how these digital assets are classified and regulated. 
Source: 
https://www.investopedia.com/terms/h/howey-test.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