STOCK MARKET REVIEW
The Ghana Stock Exchange (GSE) posted a rebound for the week, driven by solid price gains across seven (7) counters.
The GSE Composite Index (GSE-CI) grew by 18.23 points (+0.22%) for the week to close at 8,385.35 points, reflecting a year-to-date (YTD) gain of 71.53%.  
The GSE Financial Index (GSE-FI) also rose by 95.79 points (+2.34%) for the week to close at 4,193.90 points, reflecting a year-to-date (YTD) gain of 76.16%.  
Market capitalization inched by 0.01% to close the week at GH¢166,53.93 million, from GH¢166,522.24 million at the close of the previous week. This reflects a YTD gain of 49.55%. 
The week recorded a total of 10,527,983 shares, valued at GH¢40,649,989.82, compared with 5,153,373 shares valued at GH¢12,787,748.52 that were traded in the preceding week. 
MTNGH dominated both the volume and value of trades for the week, accounting for 81.56% and 88.75% of the volume and value of shares traded, respectively. 
The market closed the week with 7 gainers and 5 decliners as indicated below:
Price Movers for the Week
Equity    Opening Price               Closing Price     Gain/Loss (%)
CLYD                  0.22                   0.28     ?27.27%
SOGEGH                 2.80                    3.41     ?21.79%
EGH               14.00                 15.44     ?10.29%
GCB               15.64                 16.97     ?8.50%
GOIL                   2.51                    2.61     ?3.98%
EGL                 3.40                   3.45     ?1.47%
SCB              29.00                  29.11     ?0.38%
CAL                 0.80                  0.49     ?38.75%
GLD            459.28            446.00     ?2.89%
MTNGH                  4.25                   4.20     ?1.18%
ETI                  1.00                  0.99     ?1.00%
UNIL               19.80                 19.79     ?0.05%
 Source: Ghana Stock Exchange
 
 
 

CURRENCY MARKET
The Cedi depreciated marginally against the USD for the week. It traded at GH¢10.9001/$, compared with GH¢10.8500/$ at week open, reflecting w/w loss and YTD appreciation of 0.46% and 34.86% respectively. This compares with a depreciation of 27.12% a year ago.    
The Cedi, however, gained against the GBP for the week. It traded at GH¢14.3003/£, compared with GH¢14.4240/£ at week open, reflecting w/w and YTD gains of 0.87% and 28.67% respectively. This compares with a depreciation of 28.32% a year ago.
The Cedi strengthened against the Euro for the week. It traded at GH¢12.5667/€, compared with GH¢12.6134/€ at week open, reflecting w/w and YTD appreciations of 0.37% and 21.07% respectively. This compares with a depreciation of 25.78% a year ago.     
The Cedi again slid against the Canadian Dollar for the week. It opened at GH¢7.7465/C$ and closed at GH¢7.7816/C$, reflecting w/w loss and YTD gain of 0.45% and 31.22% respectively. This compares with a depreciation of 22.93% a year ago.
Weekly Interbank Foreign Exchange Rates
Currency Pair    Year Open                Week Open     Week Close     Change%    YTD %
     01-01-25    27-10-25    31-10-25          
USD/GHS    14.7001    10.8500    10.9001    ?0.46    ?34.86
GBP/GHS    18.4008    14.4240    14.3003    ?0.87    ?28.67
EUR/GHS    15.2141    12.6134    12.5667    ?0.37    ?21.07
CAD/GHS    10.2107    7.7465    7.7816    ?0.45    ?31.22
 Source: Bank of Ghana 
 
 
GOVERNMENT SECURITIES MARKET
The government raised a sum of GH¢4,619.71 million for the week across the 91-Day, 182-Day, and 364-Day Treasury Bills. This compares with GH¢4,760.06 million raised in the previous week.       
The 91-Day Bill settled at 10.82% p.a. from 10.67% p.a. last week, whilst the 182-Day Bill settled at 12.50% p.a. from 12.47% p.a. last week. The 364-Day Bill settled at 12.95% p.a. from 12.88% 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 (%)
     01-01-25    27-10-25    31-10-25          
91 Day TB                   28.04                     10.67                     10.82     ?1.32    ?61.42
182 Day TB                   28.68                      12.47                      12.50     ?0.23    ?56.43
364 Day TB                    30.07                     12.88                      12.95     ?0.57    ?56.93
 Source: Bank of Ghana
The Ghana Market Summary
     Current     Previous     Change
Bid (GH¢' M)        4,619.71        4,760.06     ?2.95%
Issuance (GH¢' M)        4,619.71        4,760.06     ?2.95%
Target (GH¢' M)            5,329             6,824     ?21.91%
Maturity (GH¢' M)       5,189.52        6,646.23     ?21.92%
Target coverage ratio              0.87               0.70     na
Maturity coverage ratio             0.89                0.72     na
Bid / Cover ratio              1.00                1.00     na
Source: Bank of Ghana
Weekly BOG Gold Coin Prices
BOG Gold Coins    Year Open                Week Open     Week Close     Change%    YTD %
     01-01-25    27-10-25    31-10-25          
1.00 oz        40,169.31          46,359.92        45,017.68     
?2.90    
?12.07
0.50 oz      20,486.68           23,523.12       22,853.02     
?2.85    
?11.55
0.25 oz        10,675.23           12,126.79        11,792.89     
?2.75    
?10.47

COMMODITY MARKET
Oil prices fell as traders digested a meeting between the U.S. and Chinese heads of state as well as the Federal Reserve’s latest policy decision. Brent futures traded at US$65.07 a barrel, compared to US$65.20 at week's open, reflecting w/w and YTD depreciations of 0.20% and 12.82% respectively.

Gold prices steadied slightly lower, as investors assessed the implications of the U.S. Federal Reserve’s rate cut and ongoing trade negotiations between President Donald Trump and China’s President Xi Jinping. Gold settled at US$3,996.50, from US$4,137.80 last week, reflecting w/w loss and YTD appreciation of 3.41% and 51.33% respectively.

The price of Cocoa again rose for the week. Cocoa traded at US$6,151.00 per tonne on Friday, from US$6,319.00 last week, reflecting w/w and YTD losses of 2.66% and 46.72% respectively. 

International Commodity Prices
Commodities    Year Open     Week Open    Week Close    Chg%    YTD %
     01-01-25    27-10-25    31-10-25          
Brent crude oil (USD/bbl)               74.64                   65.20                   65.07     ?0.20    ?12.82
Gold (USD/t oz.)          2,641.00             4,137.80            3,996.50     ?3.41    ?51.33
Cocoa (USD/MT)       11,545.00            6,319.00             6,151.00     ?2.66    ?46.72
Source: www.investing.com
 

INVESTMENT TERM OF THE WEEK
Wealth Effect: It is a behavioral economic theory suggesting that people spend more as the value of their assets rise. The idea is that consumers feel more financially secure and confident about their wealth when their homes or investment portfolios increase in value. They are made to feel richer, even if their income and fixed costs are the same as before.
Source:https://www.investopedia.com/terms/w/wealtheffect.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