STOCK MARKET REVIEW

The Ghana Stock Exchange prolonged its growing pace on the back of price increases by 2 counters.

The GSE Composite Index (GSE-CI) grew by 44.12 points (+0.94%) for the week to close at 4,738.49 points, reflecting a year-to-date (YTD) gain of 51.38%. The GSE Financial Index (GSE-FI) also gained 17.01 points (+0.72%) for the week to close at 2,368.17 points, reflecting a year-to-date (YTD) gain of 24.54%.

Market capitalization edged up by 0.78% to close the week at GH¢109,219.13 million, from GH¢108,368.85 million at the close of the previous week. This reflects a YTD gain of 47.81%.

The week recorded a total of 16,513,095 shares valued at GH¢7,832,771.00, compared with 774,647 shares, valued at GH¢1,787,029.76 traded in the preceding week.

CAL dominated both the volume and the value of trades for the week accounting for 90.50% and 64.87% of the volume and value of shares traded respectively.

The market ended the week with 2 advancers and 2 decliners, as indicated in the table below.

Source: Ghana Stock Exchange

CURRENCY MARKET

The Cedi extended its strong run against the USD for the week. It traded at GH¢14.8700/$, compared with GH¢15.2700/$ at week open, reflecting w/w gain and YTD depreciation of 2.69% and 20.11% respectively. This compares with a loss of 26.26% a year ago.

The Cedi edged higher against the GBP for the week. It traded at GH¢18.9645/£, compared with GH¢19.3952/£ at week open, reflecting w/w gain and YTD loss of 2.27% and 20.20% respectively. This compares with a depreciation of 29.33% a year ago.

The Cedi improved against the Euro for the week. It traded at GH¢15.7179/€, compared with GH¢16.1291/€ at week open, reflecting w/w gain and YTD depreciation of 2.62% and 16.49% respectively. This compares with a depreciation of 27.00% a year ago.

The Cedi appreciated against the Canadian Dollar for the week. It opened at GH¢10.8928/C$ and closed at GH¢10.5976/C$, reflecting w/w appreciation and YTD loss of 2.79% and 14.97% respectively. This compares with a depreciation of 26.25% a year ago.

Source: Bank of Ghana

GOVERNMENT SECURITIES MARKET

The government raised a sum of GH¢5,199.67 million for the week across the 91-Day, 182-Day and 364-Day Treasury Bills. This compared with GH¢3,835.93 million raised in the previous week.

The 91-Day Bill settled at 27.60% p.a. from 27.36% p.a. last week whilst the 182-Day Bill settled at 28.32% p.a. from 28.10% p.a. last week. The 364-Day Bill settled at 29.91% p.a. from 29.88% p.a. last week.

The tables below highlight primary market activity at the close of the week.

Source: Bank of Ghana

Source: Bank of Ghana

Source: Bank of Ghana

COMMODITY MARKET

Oil prices settled higher as China, the world's largest crude importer, unveiled plans to ease monetary policy and its boost economy, stoking hopes of a revival in global oil demand. Brent futures traded at US$71.12 a barrel, compared to US$72.94 at week open, reflecting w/w and YTD depreciations of 2.50% and 7.68% respectively.

Gold prices rose as heightened geopolitical tensions in Syria and a selloff on Wall Street fuelled safe haven demand for the yellow metal. Gold settled at US$2,659.60, from US$2,681.00 last week, reflecting w/w loss and YTD gain of 0.80 and 28.37% respectively.

The price of Cocoa increased for the week. Cocoa traded at US$9,853.00 per tonne on Friday, from US$9,425.00 last week, reflecting w/w and YTD appreciations of 4.54% and 134.82% respectively.

International Commodity Prices

Source: www.investing.com
 

INVESTMENT TERM OF THE WEEK

Fiscal Quarter: It is a three-month period in a company's financial year used for reporting earnings and paying dividends. It's often labeled as Q1 for the first quarter, Q2 for the second, and so on.

Source: https://www.investopedia.com/terms/q/quarter.asp

ABOUT CIDAN

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RESEARCH TEAM

Name: Ernest Tannor

Email: etannor@cidaninvestments.com

Tel: +233 (0) 20 881 8957

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

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House No. 261

Haatso, North Legon – Accra

Tel: +233 (0) 27 690 0011/ 55 989 9935

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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.