STOCK MARKET REVIEW
The Ghana Stock Exchange (GSE) advanced strongly, with eleven (11) equities posting impressive price gains by the close of the week. 
The GSE Composite Index (GSE-CI) gained 290.56 points (+3.58%) for the week to close at 8,410.56 points, reflecting a year-to-date (YTD) gain of 72.05%.  
The GSE Financial Index (GSE-FI) also increased by 129.12 points (+3.44%) for the week to close at 3,880.46 points, reflecting a year-to-date (YTD) gain of 62.99%.  
Market capitalization grew by 2.36% to close the week at GH¢165,631.44 million, from GH¢161,818.77 million at the close of the previous week. This reflects a YTD gain of 48.74%. 
The week recorded a total of 6,722,522 shares, valued at GH¢27,393,196.77, compared with 7,651,661 shares valued at GH¢37,466,387.22 that were traded in the preceding week. 
MTNGH dominated both the volume and value of trades for the week, accounting for 72.24% and 78.55% of the volume and value of shares traded, respectively. 
The market closed the week on a strong note with 11 gainers and 1 laggard as indicated below:
 

CURRENCY MARKET
The Cedi depreciated marginally against the USD for the week. It traded at GH¢12.5500/$, compared with GH¢12.4000/$ at week open, reflecting w/w loss and YTD appreciation of 1.20% and 17.13% respectively. This compares with a depreciation of 24.76% a year ago.    
The Cedi retreated against the GBP. It traded at GH¢16.9180/£, compared with GH¢16.6266/£ at week open, reflecting w/w depreciation and YTD gain of 1.72% and 8.76% respectively. This compares with a depreciation of 26.90% a year ago.
The Cedi further weakened against the Euro for the week. It traded at GH¢14.7396/€, compared with GH¢14.5001/€ at week open, reflecting w/w loss and YTD appreciation of 1.62% and 3.22% respectively. This compares with a depreciation of 24.14% a year ago.     
The Cedi declined marginally against the Canadian Dollar for the week. It opened at GH¢8.8934/C$ and closed at GH¢8.9971/C$, reflecting w/w and YTD gains of 1.15% and 13.49% respectively. This compares with a depreciation of 22.50% a year ago.

GOVERNMENT SECURITIES MARKET
The government raised a sum of GH¢2,578.83 million for the week across the 91-Day, 182-Day, and 364-Day Treasury Bills. This compares with GH¢3,463.03 million raised in the previous week.       
The 91-Day Bill settled at 10.47% p.a. from 10.24% p.a. last week, whilst the 182-Day Bill settled at 12.35% p.a. from 11.67% p.a. last week. The 364-Day Bill settled at 12.87% p.a. from 11.43% p.a. last week.

The tables below highlight primary market activity at the close of the week.

COMMODITY MARKET
Oil prices settled lower, extending a run of declines, due to concerns about oversupply in the market ahead of a meeting of the OPEC+ group over the weekend. Brent futures traded at US$64.53 a barrel, compared to US$69.22 at week's open, reflecting w/w and YTD depreciations of 6.78% and 13.55% respectively.

Gold prices rose close to record highs near $4,000 an ounce as safe-haven demand was underpinned by growing political uncertainty in the U.S., Japan, and France. Gold settled at US$3,908.90, from US$3,793.90 last week, reflecting w/w and YTD appreciations of 3.03% and 48.01% respectively.

The price of Cocoa again slid for the week. Cocoa traded at US$6,190.00 per tonne on Friday, from US$6,908.00 last week, reflecting w/w and YTD losses of 10.39% and 46.38% respectively. 

INVESTMENT TERM OF THE WEEK
Non-recourse debt: It is a loan secured by collateral like property. If a borrower defaults, the lender can seize the collateral but bears a greater risk without pursuing further compensation. Unlike recourse debt, where lenders can seek out borrowers to cover any remaining debt after seizing collateral, non-recourse loans offer more borrower protection.
Source:https://www.investopedia.com/terms/n/nonrecoursedebt.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.