STOCK MARKET REVIEW
The Ghana Stock Exchange continued its positive trajectory, supported by moderate gains in the prices of twelve (12) listed counters. The GSE Composite Index (GSE-CI) rose by 131.97 points (+0.89%) for the week to close at 14,937.92 points, reflecting a year-to-date (YTD) gain of 70.32%.  
The GSE Financial Index (GSE-FI) also grew by 24.70 points (+0.30%) for the week to close at 8,265.36 points, reflecting a year-to-date (YTD) gain of 77.86%.  
Market capitalization grew by 0.16% to close the week at GH¢287,570.18 million, from GH¢287,123.51 million at the close of the previous week. This reflects a YTD gain of 67.15%. 
The week recorded a total of 30,238,425 shares, valued at GH¢370,674,865.75, compared with 20,633,756 shares, valued at GH¢67,139,741.85, traded in the preceding week. 
ABG dominated both the volume and value of trades for the week, accounting for 39.95% and 74.96% of the volume and value of shares traded, respectively.
The market closed the week with 12 advancers and 4 laggards, as indicated below:
Price Movers for the Week
Equity    Opening Price               Closing Price     Gain/Loss (%)
IIL                 0.28                   0.42     ?50.00%
HORDS                  0.14                   0.18     ?28.57%
CLYD                 3.49                  4.00     ?14.61%
SCB PREF                 0.90                  0.99     ?10.00%
EGH              34.00                37.00     ?8.82%
KASA                  1.88                   2.00     ?6.38%
RBGH                  3.93                   4.05     ?3.05%
CAL                  0.79                  0.80     ?1.27%
MTNGH                 6.49                   6.57     ?1.23%
GCB               42.50                42.78     ?0.66%
GLD           462.00             462.39     ?0.08%
BOPP              79.99               80.00     ?0.01%
ETI                  2.18                   2.07     ?5.05%
SCB              70.90                70.02     ?1.24%
TOTAL              40.26               40.00     ?0.65%
GGBL                11.98                  11.95     ?0.25%
 Source: Ghana Stock Exchange

CURRENCY MARKET
The Ghana cedi extended its depreciation against the US dollar for the week. It traded at GH¢11.5500/$, compared with GH¢11.4800/$ at the week's open, reflecting w/w and YTD depreciations of 0.61% and 9.52%, respectively. This compares with an appreciation of 40.94% a year ago.
    
The Cedi also depreciated against the GBP for the week. It traded at GH¢15.5284/£, compared with GH¢15.4056/£ at the week's open, reflecting w/w and YTD losses of 0.79% and 9.47% respectively. This compares with an appreciation of 31.28% a year ago.

The Cedi retracted against the Euro for the week. It traded at GH¢13.2118/€, compared with GH¢13.1318/€ at the week's open, reflecting w/w and YTD depreciations of 0.61% and 7.11% respectively. This compares with an appreciation of 25.24% a year ago.
     
The Cedi also lost against the Canadian Dollar for the week. It opened at GH¢8.1301/C$ and closed at GH¢8.2407/C$, reflecting w/w and YTD losses of 1.34% and 7.52%, respectively. This compares with an appreciation of 34.26% a year ago.
Weekly Interbank Foreign Exchange Rates
Currency Pair    Year Open                Week Open     Week Close     Change%    YTD %
     01/01/26    13/07/26    17/07/26          
USD/GHS    10.4500    11.4800    11.5500    ?0.61    ?9.52
GBP/GHS    14.0579    15.4056    15.5284    ?0.79    ?9.47
EUR/GHS    12.2728    13.1318    13.2118    ?0.61    ?7.11
CAD/GHS    7.6211    8.1301    8.2407    ?1.34    ?7.52
 Source: Bank of Ghana

GOVERNMENT SECURITIES MARKET
The government raised GH¢9,978.99 million for the week across the 91-Day, 182-Day, and 364-Day Treasury Bills. This compares with GH¢7,383.32 million raised in the previous week.       
The 91-Day Bill settled at 5.78% p.a. from 5.87% p.a. last week, whilst the 182-Day Bill settled at 7.68 p.a. from 7.79% p.a. last week. The 364-Day Bill settled at 13.00% p.a. from 12.99% 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 (%)
     01/01/26    13/07/26    17/07/26          
91 Day TB                     11.09                       5.86                        5.78      ?1.32    ?47.85
182 Day TB                     12.52                        7.79                       7.68     ?1.44    ?38.71
364 Day TB                    12.94                     12.99                     13.00     ?0.03    ?0.42
 Source: Bank of Ghana

The Ghana Market Summary
     Current     Previous     Change
Bid (GH¢' M)       9,978.99         7,383.32     ?35.16%
Issuance (GH¢' M)    12700.31       10,034.14     ?26.57%
Target (GH¢' M)              7,362             5,669     ?29.86%
Maturity (GH¢' M)         7,254.91         5,945.02     ?22.03%
Target coverage ratio                 1.73                 1.77     na
Maturity coverage ratio                 1.75                1.69     na
Bid / Cover ratio               0.79                0.74     na
Source: Bank of Ghana

Weekly BOG Gold Coin Prices
BOG Gold Coins    Year Open                Week Open     Week Close     Change%    YTD %
     01/01/26    13/07/26    17/07/26          
1.00 oz        47,231.06          48,953.63       47,779.29     
   ?2.40    
?1.16
0.50 oz       23,953.39            24,831.21        24,245.57     
   ?2.36    
?1.22
0.25 oz        12,335.94            12,793.21         12,502.13     
   ?2.28    
?1.35
Source: Bank of Ghana

COMMODITY MARKET
Oil prices jumped as the United States and Iran expanded attacks in the Middle East that have curbed energy shipments in the Strait of Hormuz. Brent futures traded at US$88.10 a barrel, compared to US$76.01 at the week's open, reflecting w/w and YTD appreciations of 15.91% and 44.78% respectively.

Gold prices fell as flaring tensions in the Middle East pushed up oil prices and fuelled worries over inflation-driven policy tightening. Gold settled at US$4,018.80, from US$4,113.70 last week, reflecting a w/w and YTD depreciation of 2.31% and 8.38%, respectively.

The price of Cocoa decreased for the week. Cocoa traded at US$5,533.00 per tonne on Friday, from US$5,919.00 last week, reflecting w/w and YTD losses of 6.52% and 8.77%, respectively.

International Commodity Prices
Commodities    Year Open     Week Open    Week Close    Chg%    YTD %
     01/01/26    13/07/26    17/07/26          
Brent crude oil (USD/bbl)               60.85                    76.01                   88.10     ?15.91    ?44.78
Gold (USD/t oz.)         4,386.30              4,113.70            4,018.80     ?2.31    ?8.38
Cocoa (USD/MT)        6,065.00            5,919.00             5,533.00     ?6.52    ?8.77
Source: www.investing.com
 

 
INVESTMENT TERM OF THE WEEK
Kicking the Tires: It is a colloquial expression that refers to performing minimal research into an investment, as opposed to conducting a thorough and rigorous analysis. The process usually includes a cursory reading of the company's annual report, looking at its historical earnings and revenue performance, considering the company's competitive strengths and weaknesses, and reading news articles or headlines about the company. 
Source: 
https://www.investopedia.com/terms/k/kickingthetires.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.