The Ghana Stock Exchange edged higher for the week on the back of price increases by 3 counters, amid price declines of 2 stocks. The GSE Composite Index (GSE-CI) gained 181.86 points (+5.42%) for the week to close at 3,537.79 points, reflecting a year-to-date (YTD) gain of 13.02%.
The GSE Financial Stocks Index (GSE-FI), however, lost 0.63 points (-0.03%) for the week to close at 1,994.83 points, reflecting a year-to-date (YTD) gain of 4.90%.
Market capitalization increased by 2.64% to close the week at GH¢78,531.62 million, from GH¢76,510.09 million at the close of the previous week. This reflects a YTD gain of 6.28%.
The week recorded a total of 6,770,969 shares valued at GH¢36,730,048.36 changing hands, compared with 195,661,017 shares, valued at GH¢249,689,732.56 in the preceding week.
MTNGH dominated volume whiles GLD dominated value of trades for the week, accounting for 95.45% and 70.75% of shares traded respectively. The market ended the week with 3 growers and 2 decliners as indicated in the table below.
Price Movers for the Week
Equity    Opening Price               Closing Price     Gain/Loss (%)
MTNGH                 1.50              1.65     ?10.00%
GLD            262.20          277.50     ?5.84%
GCB                 3.42              3.43     ?0.29%
CAL                0.48              0.47     ?2.08%
FML                 3.24              3.20     ?1.23%
Source: Ghana Stock Exchange
 
 
 
 

CURRENCY MARKET
The Cedi continued its weekly depreciation run against the USD for the week. It traded at GH¢12.8000/$, compared with GH¢12.6047/$ at week open, reflecting w/w and YTD depreciations of 1.53% and 7.19% respectively. This compares with a loss of 22.14% a year ago.    
The Cedi also worsened against the GBP for the week. It traded at GH¢16.1248/£, compared with GH¢16.1246/£ at week open, reflecting w/w and YTD losses of 0.001% and 6.15% respectively. This compares with a depreciation of 23.43% a year ago.
The Cedi again lost against the Euro for the week. It traded at GH¢13.8440/€, compared with GH¢13.7929/€ at week open, reflecting w/w and YTD depreciations of 0.37% and 5.18% respectively. This compares with a depreciation of 22.77% a year ago.    
The Cedi also depreciated against the Canadian Dollar at week end. It opened at GH¢9.3584/C$ but closed at GH¢9.4108/C$, reflecting w/w and YTD losses of 0.56% and 4.25% respectively. This compares with a depreciation of 20.90% a year ago.
Weekly Interbank Foreign Exchange Rates
Currency Pair    Year Open                Week Open     Week Close     Change%    YTD %
     01/01/24    18/03/24    22/03/24         
USD/GHS    11.8800    12.6047    12.8000    ?1.53    ?7.19
GBP/GHS    15.1334    16.1246    16.1248    ?0.001    ?6.15
EUR/GHS    13.1264    13.7929    13.8440    ?0.37    ?5.18
CAD/GHS    9.0112    9.3584    9.4108    ?0.56    ?4.25
Source: Bank of Ghana
 

GOVERNMENT SECURITIES MARKET
Government raised a sum of GH¢4,758.61 million for the week across the 91-Day, 182-Day and 364-Day Treasury Bills. This compared with GH¢5,370.55 million raised in the previous week.       
The 91-Day Bill settled at 26.00% p.a. from 26.50% p.a. last week whilst the 182-Day Bill settled at 28.50% p.a. from 29.00% p.a. last week. The 364-Day Bill settled at 29.10% p.a. from 29.60% p.a. last week.
The tables below highlight primary market activity at close of the week.
Security    Year Open     Previous Yield %    Current Yield %    WoW Chg (%)    YTD  Chg (%)
     01/01/24    19/03/24    22/03/24         
91 Day TB                   29.24                    26.50                   26.00     ?1.89    ?11.09
182 Day TB                   31.88                   29.00                    28.50     ?1.73    ?10.62
364 Day TB                   32.49                   29.60                    29.10     ?1.69    ?10.42
 Source: Bank of Ghana
The Ghana Market Summary
     Current     Previous     Change
Bid (GH¢' M)    4,758.61    5,370.55    ?11.39%
Issuance (GH¢' M)    4,775.39    5,381.79    ?11.27%
Target (GH¢' M)    3,383    3,891    ?13.06%
Maturity (GH¢' M)    3,172.19    9,136.38    ?65.28%
Target coverage ratio    1.41    1.38    na
Maturity coverage ratio    1.51    0.59    na
Bid / Cover ratio    1.00    1.00    na
Source: Bank of Ghana

COMMODITY MARKET
Oil prices rose to multi-month highs for the second straight session as traders assessed how Ukraine's recent attacks on Russian refineries would affect global petroleum supplies. Brent futures traded at US$85.57 a barrel, compared to US$85.34 at week open, reflecting w/w and YTD appreciations of 0.27% and 11.77% respectively.
Gold prices fell in Asian trade on Friday, retreating further from record highs hit this week as a sharp uptick in the dollar, following a surprise interest rate cut by the Swiss National Bank, pressured metal markets. Gold settled at US$2,160.00, from US$2,161.50 last week, reflecting w/w loss and YTD gain of 0.07% and 4.26% respectively.

The price of Cocoa prolonged its fine run for the week. Cocoa traded at US$8,924.00 per tonne on Friday, from US$8,018.00 last week, reflecting w/w and YTD appreciations of 11.30% and 112.68% respectively.
 International Commodity Prices
Commodities    Year Open     Week Open    Week Close    Chg%    YTD %
     01/01/24    18/03/24    22/03/24         
Brent crude oil (USD/bbl)               77.04                  85.34                   85.57     ?0.27    ?11.07
Gold (USD/t oz.)           2,071.80              2,161.50             2,160.00     ?0.07    ?4.26
Cocoa (USD/MT)          4,196.00             8,018.00            8,924.00     ?11.30    ?112.68
Source: www.investing.com
 
 

BUSINESS TERM OF THE WEEK
Total Shareholder Return (TSR):  It is a measure of financial performance, indicating the total amount an investor reaps from an investment—specifically, equities or shares of stock.
Source: https://www.investopedia.com/terms/t/tsr.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) 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
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

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