Price Movers for the Week
Equity    Opening Price               Closing Price     Gain/Loss (%)
GLD            366.24        376.00     ?2.66%
TBL                 0.82              0.83     ?1.22%
TOTAL                12.33            12.36     ?0.24%
GCB                 5.90               5.91     ?0.17%
CAL                 0.34               0.31     ?8.82%
MTNGH                  2.27              2.20     ?3.08%
Source: Ghana Stock Exchange
 
 
 
 
 
 

CURRENCY MARKET
The Cedi hit a different streak this week from its 7-month depreciation run against the USD. It traded at GH¢15.1315/$, compared with GH¢15.1322/$ at week open, reflecting w/w gain and YTD depreciation of 0.005% and 21.49% respectively. This compares with a loss of 22.11% a year ago.    
The Cedi depreciated further against the GBP for the week. It traded at GH¢19.9653/£, compared with GH¢19.5334/£ at week open, reflecting w/w and YTD losses of 2.16% and 24.20% respectively. This compares with a depreciation of 25.49% a year ago.

The Cedi declined further against the Euro for the week. It traded at GH¢16.9111/€, compared with GH¢16.6455/€ at week open, reflecting w/w and YTD depreciations of 1.57% and 22.38% respectively. This compares with a depreciation of 22.99% a year ago.     
The Cedi again lost more ground against the Canadian Dollar for the week. It opened at GH¢11.0427/C$ but closed at GH¢11.1976/C$, reflecting w/w and YTD losses of 1.38% and 19.53% respectively. This compares with a depreciation of 21.75% a year ago.

Weekly Interbank Foreign Exchange Rates
Currency Pair    Year Open                Week Open     Week Close     Change%    YTD %
     01/01/24    19/08/24    23/08/24          
USD/GHS    11.8800    15.1322    15.1315    ?0.005    ?21.49
GBP/GHS    15.1334    19.5334    19.9653    ?2.16    ?24.20
EUR/GHS    13.1264    16.6455    16.9111    ?1.57    ?22.38
CAD/GHS    9.0112    11.0427    11.1976    ?1.38    ?19.53
 Source: Bank of Ghana
 

GOVERNMENT SECURITIES MARKET
The government raised a sum of GH¢5,230.59 million for the week across the 91-Day, 182-Day and 364-Day Treasury Bills. This compared with GH¢4,624.63 million raised in the previous week.       

The 91-Day Bill settled at 24.79% p.a. from 24.84% p.a. last week whilst the 182-Day Bill settled at 26.69% p.a. from 26.75% p.a. last week. The 364-Day Bill settled at 27.81% p.a. from 27.85% 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 (%)
     01/01/24    19/08/24    23/08/24          
91 Day TB                    29.24                    24.84                     24.79     ?0.22    ?15.23
182 Day TB                    31.88                     26.75                    26.69     ?0.23    ?16.30
364 Day TB                    32.49                     27.85                      27.81     ?0.13    ?14.38
Source: Bank of Ghana

The Ghana Market Summary
     Current     Previous     Change
Bid (GH¢' M)        5,230.59         4,624.63     ?13.10%
Issuance (GH¢' M)        5,230.59         4,624.63     ?13.10%
Target (GH¢' M)              5,319             4,968     ?7.07%
Maturity (GH¢' M)        4,864.14         3,775.87     ?28.82%
Target coverage ratio              0.98                0.93     na
Maturity coverage ratio               1.08                 1.22     na
Bid / Cover ratio               1.00                1.00     na
Source: Bank of Ghana

COMMODITY MARKET
Oil prices ended the week in the red, as Federal Reserve chairman Jerome Powell's signal that rate cuts were coming, boosted by sentiments on risk assets. Brent futures traded at US$79.02 a barrel, compared to US$79.68 at week open, reflecting w/w loss and YTD appreciation of 0.83% and 2.57% respectively.
Gold prices rose slightly as the prospect of lower U.S. interest rates battered the dollar and presented a brighter outlook for metal markets. Gold settled at US$2,546.30, from US$2,537.80 last week, reflecting w/w and YTD gains of 0.33% and 22.90% respectively.

The price of Cocoa bounced back for the week. Cocoa traded at US$9,821.00 per tonne on Friday, from US$8,637.00 last week, reflecting w/w and YTD appreciations of 13.71% and 134.06% respectively.
 International Commodity Prices
Commodities    Year Open     Week Open    Week Close    Chg%    YTD %
     01/01/24    19/08/24    23/08/24          
Brent crude oil (USD/bbl)                77.04                   79.68                   79.02     ?0.83    ?2.57
Gold (USD/t oz.)          2,071.80             2,537.80            2,546.30     ?0.33    ?22.90
Cocoa (USD/MT)        4,196.00            8,637.00            9,821.00     ?13.71    ?134.06
Source: www.investing.com
 

INVESTMENT TERM OF THE WEEK
Annuitant: This refers to someone who is entitled to collect the regular payments of a pension or an annuity investment. The annuitant may be the contract holder or another person, such as a surviving spouse. Annuities are generally seen as retirement income supplements. They may be tied to an employee pension plan or a life insurance product.
Source:
https://www.investopedia.com/terms/a/annuitant.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

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.