STOCK MARKET REVIEW
The Ghana Stock Exchange experienced significant advances this week, as both of its main indices finished trading on a high note.
The GSE Composite Index (GSE-CI) rose by 89.13 points (+1.05%) for the week to close at 8,610.15 points, reflecting a year-to-date (YTD) gain of 74.31%.  
The GSE Financial Index (GSE-FI) also grew by 70.11 points (+2.45%) for the week to close at 4,456.43 points, reflecting a year-to-date (YTD) gain of 87.18%.  
Market capitalization slipped by 0.23% to close the week at GH¢166,484.54 million, from GH¢166,867.36 million at the close of the previous week. This reflects a YTD gain of 49.51%. 
The week recorded a total of 20,364,474 shares, valued at GH¢89,393,586.89, compared with 9,085,211 shares valued at GH¢71,731,177.86 that were traded in the preceding week. 
MTNGH dominated both the volume and value of trades for the week, accounting for 82.43% and 79.05% of the volume and value of shares traded, respectively. 
The market closed the week with 7 advancers and 2 laggards as indicated below:
Price Movers for the Week
Equity    Opening Price               Closing Price     Gain/Loss (%)
EGH               19.02                23.00     ?20.93%
CAL                  0.36                  0.40     ?11.11%
SOGEGH                  4.10                   4.50     ?9.76%
GOIL                  2.75                   2.83     ?2.91%
GCB               19.00                 19.10     ?0.53%
MTNGH                 4.20                    4.21     ?0.24%
SCB                29.12                 29.13     ?0.03%
ETI                 0.90                   0.81     ?10.00%
ABG               16.20                16.08     ?0.74%
 Source: Ghana Stock Exchange
 
 

CURRENCY MARKET
The Cedi depreciated against the USD for the week. It traded at GH¢11.2700/$, compared with GH¢11.1200/$ at week open, reflecting w/w loss and YTD appreciation of 1.33% and 30.44% respectively. This compares with a depreciation of 22.20% a year ago.    
The Cedi also depreciated against the GBP for the week. It traded at GH¢14.8995/£, compared with GH¢14.5533/£ at week open, reflecting w/w loss and YTD gain of 2.32% and 23.50% respectively. This compares with a depreciation of 21.97% a year ago.
The Cedi again weakened against the Euro for the week. It traded at GH¢13.0531/€, compared with GH¢12.8037/€ at week open, reflecting w/w loss and YTD appreciation of 1.91% and 16.56% respectively. This compares with a depreciation of 18.62% a year ago.     
The Cedi also slid against the Canadian Dollar for the week. It opened at GH¢7.8829/C$ and closed at GH¢8.0693/C$, reflecting w/w decline and YTD gain of 2.31% and 26.54% respectively. This compares with a depreciation of 17.27% a year ago.
Weekly Interbank Foreign Exchange Rates
Currency Pair    Year Open                Week Open     Week Close     Change%    YTD %
     01-01-25    24-11-25    28-11-25          
USD/GHS    14.7001    11.1200    11.2700    ?1.33    ?30.44
GBP/GHS    18.4008    14.5533    14.8995    ?2.32    ?23.50
EUR/GHS    15.2141    12.8037    13.0531    ?1.91    ?16.56
CAD/GHS    10.2107    7.8829    8.0693    ?2.31    ?26.54
 Source: Bank of Ghana 
 
 
GOVERNMENT SECURITIES MARKET
The government raised a sum of GH¢5,782.48 million for the week across the 91-Day, 182-Day, and 364-Day Treasury Bills. This compares with GH¢4,837.57 million raised in the previous week.       
The 91-Day Bill settled at 11.14% p.a. from 11.14% p.a. last week, whilst the 182-Day Bill settled at 12.43% p.a. from 12.68% p.a. last week. The 364-Day Bill settled at 13.09% p.a. from 13.08% 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    25-11-25    28-11-25          
91 Day TB                   28.04                       11.14                      11.05     ?0.77    ?60.59
182 Day TB                   28.68                     12.68                      12.43     ?1.97    ?56.66
364 Day TB                    30.07                     13.06                     13.09     ?0.19    ?56.48
 Source: Bank of Ghana

The Ghana Market Summary
     Current     Previous     Change
Bid (GH¢' M)       5,782.48         4,837.57     ?19.53%
Issuance (GH¢' M)       6,034.23        4,953.48     ?21.82%
Target (GH¢' M)            2,862              6,418     ?55.41%
Maturity (GH¢' M)       2,784.26        6,245.05     ?55.42%
Target coverage ratio                2.11                0.77     na
Maturity coverage ratio               2.17               0.79     na
Bid / Cover ratio             0.96               0.98     na
Source: Bank of Ghana
Weekly BOG Gold Coin Prices
BOG Gold Coins    Year Open                Week Open     Week Close     Change%    YTD %
     01-01-25    24-11-25    28-11-25          
1.00 oz        40,169.31          46,926.43       48,385.96     
    ?3.11    
?20.46
0.50 oz      20,486.68           23,810.53        24,543.01     
?3.08    
?19.80
0.25 oz        10,675.23           12,275.20        12,644.53     
?3.01    
?18.45

COMMODITY MARKET
Oil prices ticked higher on the back of renewed supply concerns stemming from geopolitical tensions. Brent futures traded at US$63.20 a barrel, compared to US$61.94 at week's open, reflecting w/w gain and YTD depreciation of 2.03% and 15.33% respectively.

Gold prices traded higher, supported by a weaker dollar and expectations that the Federal Reserve could cut interest rates at its meeting later this month. Gold settled at US$4,254.90, from US$4,116.00 last week, reflecting w/w and YTD appreciations of 3.37% and 61.11% respectively.

The price of Cocoa grew for the week. Cocoa traded at US$5,504.00 per tonne on Friday, from US$5,159.00 last week, reflecting w/w gain and YTD loss of 6.69% and 52.33% respectively. 
International Commodity Prices
Commodities    Year Open     Week Open    Week Close    Chg%    YTD %
     01-01-25    24-11-25    28-11-25          
Brent crude oil (USD/bbl)               74.64                   61.94                   63.20     ?2.03    ?15.33
Gold (USD/t oz.)          2,641.00             4,116.00            4,254.90     ?3.37    ?61.11
Cocoa (USD/MT)       11,545.00             5,159.00            5,504.00     ?6.69    ?52.33
Source: www.investing.com
 

INVESTMENT TERM OF THE WEEK
Home Country Bias: It refers to investors' tendency to favor companies from their own country over those from other countries or regions. The tendency to invest in our own backyard is not unusual or surprising; it is a worldwide phenomenon, and certainly not unique to U.S. investors. This bias is also understandable because we are inclined to recognise and value domestic brands. 
Source:
https://www.investopedia.com/terms/h/home-country-bias.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.