MACROECONOMIC INDICATORS

STOCK MARKET REVIEW

The Ghana Stock Exchange (GSE) finished the week higher, driven by price appreciations in nineteen (19) listed equities.

The GSE Composite Index (GSE-CI) grew by 1,403.88 points (+10.91%) for the week to close at 14,273.08 points, reflecting a year-to-date (YTD) gain of 62.74%.  

The GSE Financial Index (GSE-FI) also surged by 1,258.73 points (+16.36%) for the week to close at 8,951.61 points, reflecting a year-to-date (YTD) gain of 92.62%. 

Market capitalization grew by 11.17% to close the week at GH¢262,078.11 million, from GH¢235,736.20 million at the close of the previous week. This reflects a YTD gain of 52.33%.

The week recorded a total of 29,021,912 shares, valued at GH¢241,270,934.40, compared with 39,536,588 shares valued at GH¢218,933,102.49 that were traded in the preceding week.

MTNGH dominated both the volume and value of trades for the week, accounting for 72.78% and 51.39% of the volume and value of shares traded, respectively.

The market closed the week with 19 advancers as indicated below:

 Source: Ghana Stock Exchange

CURRENCY MARKET

The Cedi weakened marginally against the USD for the week. It traded at GH¢10.7700/$, compared with GH¢10.6865/$ at week open, reflecting w/w and YTD depreciations of 0.78% and 2.97% respectively. This compares with a depreciation of 5.47% a year ago.              

The Cedi showed signs of growth against the GBP for the week. It traded at GH¢14.3774/£, compared with GH¢14.3825/£ at week open, reflecting w/w gain and YTD loss of 0.04% and 2.22% respectively. This compares with a depreciation of 8.37% a year ago.

The Cedi also advanced marginally against the Euro for the week. It traded at GH¢12.5000/€, compared with GH¢12.6312/€ at week open, reflecting w/w gain and YTD depreciation of 1.05% and 1.82% respectively. This compares with a depreciation of 9.82% a year ago.                

The Cedi lost some ground against the Canadian Dollar for the week. It opened at GH¢7.8398/C$ and closed at GH¢7.8975/C$, reflecting w/w and YTD losses of 2.22% and 2.79%, respectively. This compares with a depreciation of 5.46% a year ago.

 Source: Bank of Ghana

GOVERNMENT SECURITIES MARKET

The government raised a sum of GH¢6,137.99 million for the week across the 91-Day, 182-Day, and 364-Day Treasury Bills. This compares with GH¢8,806.77 million raised in the previous week.       

The 91-Day Bill settled at 4.83% p.a. from 5.32% p.a. last week, whilst the 182-Day Bill settled at 6.30% p.a. from 6.98% p.a. last week. The 364-Day Bill settled at 9.35% p.a. from 9.76% 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

COMMODITY MARKET

Oil prices jumped about 28%, to settle at their highest since 2022, as Saudi Arabia and other OPEC members cut supplies amid the expanding U.S.-Israeli war with Iran. Brent futures traded at US$92.69 a barrel, compared to US$72.48 at week's open, reflecting w/w and YTD appreciations of 27.88% and 52.33% respectively.

Gold prices retreated slightly, as an escalation in the U.S.-Israel war with Iran spurred flows into the dollar and oil. Gold settled at US$5,158.70, from US$5,247.90 last week, reflecting w/w loss and YTD appreciation of 1.70% and 17.61% respectively.

The price of Cocoa rose for the week. Cocoa traded at US$3,230.00 per tonne on Friday, from US$2,888.00 last week, reflecting w/w gain and YTD loss of 11.84% and 46.74% respectively.

International Commodity Prices

Source: www.investing.com

INVESTMENT TERM OF THE WEEK

Oil ETFs: It is an exchange-traded fund that invests in the oil and gas industry. It can hold shares in many types of companies connected to the oil industry, including those involved in finding, producing, transporting, and selling oil. Some oil ETFs also invest directly in the commodity itself. In some cases, these ETFs are set up as commodity pools, giving investors limited partnership interests instead of regular shares

Source:

https://www.investopedia.com/terms/o/oil-etf.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.