STOCK MARKET REVIEW
The Ghana Stock Exchange (GSE) sustained its month-long rally, closing the week on a positive note as BOPP, CAL Bank, and New Gold led the market’s gainers and underpinned overall market performance.
The GSE Composite Index (GSE-CI) rose by 56.55 points (+0.15%) for the week to close at 8,679.19 points, reflecting a year-to-date (YTD) gain of 77.54%.  
The GSE Financial Index (GSE-FI) also grew by 56.39 points (+0.71%) for the week to close at 4,544.24 points, reflecting a year-to-date (YTD) gain of 90.87%.  
Market capitalization grew marginally by 1.22% to close the week at GH¢168,501.98 million, from GH¢166,476.01 million at the close of the previous week. This reflects a YTD gain of 51.32%. 
The week recorded a total of 26,553,452 shares, valued at GH¢46,742,413.10, compared with 7,639,440 shares valued at GH¢8,377,808.23 that were traded in the preceding week. 
CAL dominated the volume of trades, while MTNGH dominated the value of trades for the week, accounting for 67.35% and 69.35% of the volume and value of shares traded, respectively. 
The market closed the week with 3 growers and 4 decliners as indicated below:
Price Movers for the Week
Equity    Opening Price               Closing Price     Gain/Loss (%)
BOPP               45.70                 51.00     ?11.60%
GLD            449.35              492.31     ?9.56%
CAL                  0.43                   0.47     ?9.30%
EGH               24.02                25.00     ?4.08%
GCB                19.10                  19.51     ?2.15%
GOIL                  2.85                   2.88     ?1.05%
SCB                29.13                 29.16     ?0.10%
ETI                 0.80                   0.79     ?1.25%
SOGEGH                 4.50                  4.49     ?0.22%
TOTAL               40.37                40.36     ?0.02%
 Source: Ghana Stock Exchange
 

CURRENCY MARKET
The Cedi depreciated against the USD for the week. It traded at GH¢11.4900/$, compared with GH¢11.4100/$ at week open, reflecting w/w loss and YTD appreciation of 0.70% and 27.94% respectively. This compares with a depreciation of 19.40% a year ago.    
The Cedi also slid marginally against the GBP for the week. It traded at GH¢15.3449/£, compared with GH¢15.2580/£ at week open, reflecting w/w loss and YTD gain of 0.57% and 19.91% respectively. This compares with a depreciation of 18.71% a year ago.
The Cedi retreated against the Euro for the week. It traded at GH¢13.4877/€, compared with GH¢13.3188/€ at week open, reflecting w/w loss and YTD appreciation of 1.25% and 12.80% respectively. This compares with a depreciation of 15.19% a year ago.     
The Cedi also lost ground against the Canadian Dollar for the week. It opened at GH¢8.1909/C$ and closed at GH¢8.3337/C$, reflecting w/w decline and YTD gain of 1.71% and 22.52% respectively. This compares with a depreciation of 12.99% a year ago.
Weekly Interbank Foreign Exchange Rates
Currency Pair    Year Open                Week Open     Week Close     Change%    YTD %
     01-01-25    08-12-25    12-12-25          
USD/GHS    14.7001    11.4100    11.4900    ?0.70    ?27.94
GBP/GHS    18.4008    15.2580    15.3449    ?0.57    ?19.91
EUR/GHS    15.2141    13.3188    13.4877        ?1.25    ?12.80
CAD/GHS    10.2107    8.1909    8.3337        ?1.71    ?22.52
 Source: Bank of Ghana 
 
 
GOVERNMENT SECURITIES MARKET
The government raised a sum of GH¢8,513.68 million for the week across the 91-Day, 182-Day, and 364-Day Treasury Bills. This compares with GH¢6,955.73 million raised in the previous week.       
The 91-Day Bill settled at 11.11% p.a. from 11.08% p.a. last week, whilst the 182-Day Bill settled at 12.54% p.a. from 12.55% p.a. last week. The 364-Day Bill settled at 12.97% p.a. from 12.70% 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    08-12-25    10-12-25          
91 Day TB                   28.04                      11.08                        11.11     ?0.25    ?60.37
182 Day TB                   28.68                      12.55                      12.54     ?0.08    ?56.27
364 Day TB                    30.07                      12.70                      12.97     ?2.12    ?56.87
 Source: Bank of Ghana

The Ghana Market Summary
     Current     Previous     Change
Bid (GH¢' M)       8,513.68        6,955.73     ?22.40%
Issuance (GH¢' M)      9,284.93         8,019.32     ?15.78%
Target (GH¢' M)           6,946             5,805     ?19.66%
Maturity (GH¢' M)       6,758.52        5,648.95     ?19.64%
Target coverage ratio               1.34                1.38     na
Maturity coverage ratio               1.37                 1.42     na
Bid / Cover ratio              0.92               0.87     na
Source: Bank of Ghana
Weekly BOG Gold Coin Prices
BOG Gold Coins    Year Open                Week Open     Week Close     Change%    YTD %
     01-01-25    08-12-25    12-12-25          
1.00 oz        40,169.31          49,532.23       50,189.02     
?1.33    
?24.94
0.50 oz      20,486.68           25,117.96        25,447.87     
?1.31    
?24.22
0.25 oz        10,675.23           12,934.05         13,100.72     
?1.29    
?22.72

COMMODITY MARKET
Oil prices slipped slightly as concerns over a global supply glut and weak demand outlook continued to dominate market sentiment. Brent futures traded at US$61.12 a barrel, compared to US$63.75 at week's open, reflecting w/w and YTD depreciations of 4.13% and 18.11% respectively.

Gold prices rose, extending its rally as weakness in the dollar, following less hawkish signals from the Federal Reserve, buoyed metal markets. Gold settled at US$4,328.30, from US$4,243.00 last week, reflecting w/w and YTD appreciations of 2.01% and 63.89% respectively.

The price of Cocoa advanced for the week. Cocoa traded at US$6,279.00 per tonne on Friday, from US$5,696.00 last week, reflecting w/w gain and YTD loss of 10.24% and 45.61% respectively. 
International Commodity Prices
Commodities    Year Open     Week Open    Week Close    Chg%    YTD %
     01-01-25    08-12-25    12-12-25          
Brent crude oil (USD/bbl)               74.64                    63.75                     61.12     ?4.13    ?18.11
Gold (USD/t oz.)          2,641.00            4,243.00            4,328.30     ?2.01    ?63.89
Cocoa (USD/MT)       11,545.00           5,696.00            6,279.00     ?10.24    ?45.61
Source: www.investing.com
 

INVESTMENT TERM OF THE WEEK
Negative Interest Rate Environment: It exists when the nominal overnight interest rate falls below zero percent for a particular economic zone. This means that banks and other financial institutions would have to pay to keep their excess reserves stored at the central bank rather than receive positive interest income. 
Source:
https://www.investopedia.com/terms/n/negative-interest-rate-environment.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.