Price Movers for the Week
Equity    Opening
Price               Closing Price     Gain/Loss
(%)
FML                  3.02              3.04     ?0.66%
MTNGH                  1.40               1.35     ?3.57%
EGH                  5.70              5.50     ?3.51%
CAL                  0.51              0.50     ?1.96%
 Source: Ghana Stock Exchange
 
 
 
   
 
 
 

CURRENCY MARKET
The Cedi depreciated marginally against the USD for the week. It traded at GH¢11.6431/$, compared with GH¢11.6301/$ at week open, reflecting w/w and YTD depreciations of 0.11% and 26.34% respectively. This compares with a loss of 24.94% a year ago.    
The Cedi fell against the GBP for the week. It traded at GH¢14.8013/£, compared with GH¢14.5917/£ at week open, reflecting w/w and YTD depreciation of 1.42% and 30.33% respectively. This compares with a depreciation of 16.50% a year ago.
The Cedi also receeded against the Euro for the week. It traded at GH¢12.7143/€, compared with GH¢12.5278/€ at week open, reflecting w/w and YTD depreciation of 1.47% and 28.07% respectively. This compares with a depreciation of 19.56% a year ago.    
The Cedi retracted against the Canadian Dollar at week end. It opened at GH¢8.5723/C$ but closed at GH¢8.7008/C$, reflecting w/w and YTD depreciations of 0.09% and 26.25% respectively. This compares with a depreciation of 18.88% a year ago.
Weekly Interbank Foreign Exchange Rates
Currency Pair    Year Open                Week Open     Week Close     Change
%    YTD
%
     01-01-23    11-12-23    15-12-23         
USD/GHS    8.5760    11.6301    11.6431          ?0.11     ?26.34
GBP/GHS    10.3118    14.5917    14.8013         ?1.42     ?30.33
EUR/GHS    9.1457    12.5278    12.7143         ?1.47     ?28.07
CAD/GHS    6.3222    8.5723    8.7008         ?1.48     ?27.34
Source: Bank of Ghana
 

GOVERNMENT SECURITIES MARKET
Government raised a sum of GH¢4,723.84 million for the week across the 91-Day, 182-Day and 364-Day Treasury Bills. This compared with GH¢4,126.40 million raised in the previous week.       
The 91-Day Bill settled at 29.05% p.a. from 29.58% p.a. last week whilst the 182-Day Bill settled at 31.14% p.a. from 31.97% p.a. last week. The 364-Day Bill settled at 32.49% p.a. from 33.46% 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 (%)
     01-01-23    11-12-23    15-12-23         
91 Day TB                    35.36                     29.58                     29.05     ?1.81    ?17.85
182 Day TB                    35.98                      31.97                      31.14     ?2.60    ?13.46
364 Day TB                    35.89                     33.46                     32.49     ?2.89    ?9.48
 Source: Bank of Ghana

The Ghana Market Summary
     Current    Previous    Change
Bid (GH¢' M)    4,723.84    4,126.40    ?14.48%
Issuance (GH¢' M)    4,726.53    4,127.46    ?14.51%
Target (GH¢' M)    3,984    3,919    ?1.66%
Maturity (GH¢' M)    3,709.22    3,247.13    ?14.23%
Target coverage ratio    1.19    1.05    na
Maturity coverage ratio    1.27    1.27    na
Bid / Cover ratio    1.00    1.00    na
Source: Bank of Ghana

COMMODITY MARKET
Oil prices settled higher, buoyed by a Federal Reserve-induced slump in dollar and the International Energy Agency's brighter outlook for demand next year. Brent futures traded at US$76.55 a barrel, compared to US$75.84 at week open, reflecting w/w gain and YTD depreciation of 0.94% and 10.90% respectively.
Gold prices rose slightly, extending a push above key levels after dovish signals from the Federal Reserve sparked steep losses in the dollar and Treasury yields. Gold settled at US$2,035.70, from US$2,014.50 last week, reflecting w/w and YTD appreciations of 1.05% and 11.47% respectively.

The price of Cocoa fell for the week. Cocoa traded at US$4,244.00 per tonne on Friday, from US$4,381.00 last week, reflecting w/w loss and YTD appreciation of 3.13% and 63.23% respectively.

International Commodity Prices
Commodities    Year Open     Week Open    Week Close    Chg
%    YTD
%
     01-01-23    11-12-23    15-12-23         
Brent crude oil (USD/bbl)                85.91                   75.84                    76.55     ?0.94    ?10.90
Gold (USD/t oz.)          1,826.20             2,014.50             2,035.70     ?1.05    ?11.47
Cocoa (USD/MT)        2,600.00            4,381.00           4,244.00     ?3.13    ?63.23
Source: www.investing.com
 

BUSINESS TERM OF THE WEEK
Lock-up Agreement: A lock-up agreement is a contractual provision preventing insiders of a company from selling their shares for a specified period of time. They are commonly used as part of the initial public offering (IPO) process.
Source: https://www.investopedia.com/terms/l/lockup.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 on 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.