STOCK MARKET REVIEW
The Ghana Stock Exchange (GSE) declined over the week, as losses in CAL and MTN shares outweighed gains recorded by six other listed stocks.
The GSE Composite Index (GSE-CI) fell by 128.81 points (-1.52%) for the week to close at 8,367.12 points, reflecting a year-to-date (YTD) gain of 71.16%.  
The GSE Financial Index (GSE-FI), however, rose by 34.49 points (+0.85%) for the week to close at 4,098.11 points, reflecting a year-to-date (YTD) gain of 72.13%.  
Market capitalization slipped by 0.93% to close the week at GH¢166,522.24 million, from GH¢168,084.92 million at the close of the previous week. This reflects a YTD gain of 49.54%. 
The week recorded a total of 5,153,373 shares, valued at GH¢12,787,748.52, compared with 6,659,147 shares valued at GH¢25,786,444.85 that were traded in the preceding week. 
CAL dominated the volume of trades for the week whiles MTNGH dominated the value of trades for the week, accounting for 46.90% and 53.91% of the volume and value of shares traded, respectively. 
The market closed the week with 6 gainers and 3 laggards as indicated below:
Price Movers for the Week
Equity    Opening Price               Closing Price     Gain/Loss (%)
CLYD                  0.18                   0.22     ?22.22%
SOGEGH                  2.32                   2.80     ?20.69%
FML                  7.50                  8.00     ?6.67%
GOIL                  2.45                    2.51     ?2.45%
GLD           448.56             459.28     ?2.39%
GCB                15.56                 15.64     ?0.51%
CAL                  0.85                  0.80     ?5.88%
MTNGH                 4.40                   4.25     ?3.41%
MAC                  5.38                   5.20     ?3.35%
 Source: Ghana Stock Exchange
 
 
 
 
 
 

CURRENCY MARKET
The Cedi depreciated marginally against the USD for the week. It traded at GH¢10.8500/$, compared with GH¢10.7001/$ at week open, reflecting w/w loss and YTD appreciation of 1.38% and 35.48% respectively. This compares with a depreciation of 26.44% a year ago.    
The Cedi also slid against the GBP for the week. It traded at GH¢14.4240/£, compared with GH¢14.3567/£ at week open, reflecting w/w and YTD gain of 0.47% and 27.57% respectively. This compares with a depreciation of 27.79% a year ago.
The Cedi retreated against the Euro for the week. It traded at GH¢12.6134/€, compared with GH¢12.4885/€ at week open, reflecting w/w decline and YTD appreciation of 0.99% and 20.62% respectively. This compares with a depreciation of 24.82% a year ago.     
The Cedi also declined against the Canadian Dollar for the week. It opened at GH¢7.6179/C$ and closed at GH¢7.7465/C$, reflecting w/w loss and YTD gain of 1.66% and 31.81% respectively. This compares with a depreciation of 22.55% a year ago.
Weekly Interbank Foreign Exchange Rates
Currency Pair    Year Open                Week Open     Week Close     Change%    YTD %
     01-01-25    20-10-25    24-10-25          
USD/GHS    14.7001    10.7001    10.8500    ?1.38    ?35.48
GBP/GHS    18.4008    14.3567    14.4240    ?0.47    ?27.57
EUR/GHS    15.2141    12.4885    12.6134    ?0.99    ?20.62
CAD/GHS    10.2107    7.6179    7.7465    ?1.66    ?31.81
 Source: Bank of Ghana 
 
 
GOVERNMENT SECURITIES MARKET
The government raised a sum of GH¢4,760.06 million for the week across the 91-Day, 182-Day, and 364-Day Treasury Bills. This compares with GH¢2,921.49 million raised in the previous week.       
The 91-Day Bill settled at 10.67% p.a. from 10.70% p.a. last week, whilst the 182-Day Bill settled at 12.47% p.a. from 12.44% p.a. last week. The 364-Day Bill settled at 12.88% p.a. from 12.92% 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 (%)
     01-01-25    21-10-25    24-10-25          
91 Day TB                   28.04                     10.70                     10.67     ?0.21    ?61.93
182 Day TB                   28.68                     12.44                      12.47     ?0.24    ?56.53
364 Day TB                    30.07                      12.92                     12.88     ?0.35    ?57.17
 Source: Bank of Ghana
The Ghana Market Summary
     Current     Previous     Change
Bid (GH¢' M)      4,760.06         2,921.49     ?62.93%
Issuance (GH¢' M)      4,760.06        2,926.49     ?62.65%
Target (GH¢' M)            6,824             6,578     ?3.74%
Maturity (GH¢' M)      6,646.23        6,408.81     ?3.70%
Target coverage ratio              0.70                0.44     na
Maturity coverage ratio              0.72               0.46     na
Bid / Cover ratio              1.00                1.00     na
Source: Bank of Ghana
Weekly BOG Gold Coin Prices
BOG Gold Coins    Year Open                Week Open     Week Close     Change%    YTD %
     01-01-25    20-10-25    24-10-25          
1.00 oz        40,169.31         46,880.70       46,359.92     
     ?1.11    
?15.41
0.50 oz      20,486.68         23,780.86         23,523.12     
?1.08    
?14.82
0.25 oz        10,675.23           12,252.67         12,126.79     
?1.03    
?13.60

COMMODITY MARKET
Oil prices rose after the imposition of fresh U.S. sanctions on Russia’s major oil companies. Brent futures traded at US$65.20 a barrel, compared to US$61.29 at week's open, reflecting w/w gain and YTD depreciation of 6.38% and 12.65% respectively.

Gold prices fell as easing U.S.-China trade tensions eroded bullion’s safe-haven demand ahead of an expected Federal Reserve rate cut later this week. Gold settled at US$4,137.80, from US$4,213.30 last week, reflecting w/w loss and YTD appreciation of 1.79% and 56.68% respectively.

The price of Cocoa again rose for the week. Cocoa traded at US$6,319.00 per tonne on Friday, from US$5,895.00 last week, reflecting w/w gain and YTD loss of 7.19% and 45.27% respectively. 
International Commodity Prices
Commodities    Year Open     Week Open    Week Close    Chg%    YTD %
     01-01-25    20-10-25    24-10-25          
Brent crude oil (USD/bbl)               74.64                    61.29                   65.20     ?6.38    ?12.65
Gold (USD/t oz.)          2,641.00             4,213.30             4,137.80     ?1.79    ?56.68
Cocoa (USD/MT)       11,545.00            5,895.00            6,319.00     ?7.19     ?45.27
Source: www.investing.com

INVESTMENT TERM OF THE WEEK
Trust Fund: It is an estate planning tool that holds property or assets for a person or an organization. Trust funds are sometimes simply referred to as "trusts." They can hold a variety of assets such as money, real property, stocks, bonds, businesses, or a combination of many types of properties or assets.
Source:  https://www.investopedia.com/terms/t/trust-fund.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.