STOCK MARKET REVIEW

The Ghana Stock Exchange rebounded this week after taking its first loss in months on the back of price increases by four (4) counters.

The GSE Composite Index (GSE-CI) rose by 3.85 points (+0.06%) for the week to close at 6,100.93 points, reflecting a year-to-date (YTD) gain of 24.80%.

The GSE Financial Index (GSE-FI) also gained 0.53 points (+0.02%) for the week to close at 3,062.66 points, reflecting a year-to-date (YTD) gain of 28.64%. 

Market capitalization inched up by 0.09% to close the week at GH¢135,626.56 million, from GH¢135,503.65 million at the close of the previous week. This reflects a YTD gain of 21.80%.

The week recorded a total of 3,138,322 shares valued at GH¢22,882,674.58, compared with 2,476,847 shares, valued at GH¢42,085,796.50 traded in the preceding week.

MTNGH dominated the volume of trades for the week while SCB dominated the value of trades for the week accounting for 32.98% and 36.40% of the volume and value of shares traded respectively.

The market growth bolstered for the week on the back of 4 gainers and 1 laggard, as indicated in the table below:

 Source: Ghana Stock Exchange

CURRENCY MARKET

The Cedi appreciated marginally against the USD for the week. It traded at GH¢15.5200/$, compared with GH¢15.5350/$ at week open, reflecting w/w gain and YTD depreciation of 0.02% and 5.28% respectively. This compares with a loss of 8.52% a year ago.         

The Cedi however slipped against the GBP for the week. It traded at GH¢20.2497/£, compared with GH¢20.0479/£ at week open, reflecting w/w and YTD depreciations of 1.00% and 9.13% respectively. This compares with depreciation of 6.46% a year ago.

The Cedi lost grounds against the Euro for the week. It traded at GH¢17.5817/€, compared with GH¢17.0824/€ at week open, reflecting w/w and YTD losses of 2.84% and 13.47% respectively. This compares with a loss of 5.08% a year ago.  

The Cedi deprciated against the Canadian Dollar for the week. It opened at GH¢10.9423/C$ and closed at GH¢11.1667/C$, reflecting w/w and YTD depreciations of 2.01% and 8.56% respectively. This compares with a depreciation of 4.53% a year ago.

 Source: Bank of Ghana

GOVERNMENT SECURITIES MARKET

The government raised a sum of GH¢6,744.21 million for the week across the 91-Day, 182-Day and 364-Day Treasury Bills. This compared with GH¢1,692.23 million raised in the previous week.       

The 91-Day Bill settled at 15.45% p.a. from 15.65% p.a. last week whilst the 182-Day Bill settled at 16.21% p.a. from 16.50% p.a. last week. The 364-Day Bill settled at 18.65% p.a. from 18.83% 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 fell slightly as traders digested mixed signals on U.S. tariffs and a trade conflict with China. Brent futures traded at US$64.76 a barrel, compared to US$65.58 at week open, reflecting w/w and YTD depreciations of 1.25% and 13.24% respectively.

Gold blazed past the $3,200-mark last week, as a faltering dollar and an escalating U.S.-China trade war stirred recession fears, sending investors flocking to the safety of the yellow metal. Gold settled at US$3,244.60, from US$3,035.40 last week, reflecting w/w and YTD appreciations of 6.89% and 22.85% respectively.

The price of Cocoa decreased for the week. Cocoa traded at US$8,511.00 per tonne on Friday, from US$8,512.00 last week, reflecting w/w and YTD losses of 0.01% and 26.28% respectively.

International Commodity Prices

Source: www.investing.com.

INVESTMENT TERM OF THE WEEK

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Source:

https://www.investopedia.com/terms/p/proxystatement.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.