STOCK MARKET REVIEW
The Ghana Stock Exchange (GSE) continued its strong run as CAL led the market in gainers at week’s end.
The GSE Composite Index (GSE-CI) rose by 12.49 points (+0.15%) for the week to close at 8,622.64 points, reflecting a year-to-date (YTD) gain of 76.39%.  
The GSE Financial Index (GSE-FI) also grew by 31.42 points (+0.71%) for the week to close at 4,487.85 points, reflecting a year-to-date (YTD) gain of 88.50%.  
Market capitalization inched lower by 0.01% to close the week at GH¢166,476.01 million, from GH¢166,484.54 million at the close of the previous week. This reflects a YTD gain of 49.50%. 
The week recorded a total of 7,639,440 shares, valued at GH¢8,377,808.23, compared with 20,364,474 shares valued at GH¢89,393,586.89 that were traded in the preceding week. 
CAL dominated both the volume and value of trades for the week, accounting for 85.10% and 32.51% 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 (%)
CAL                  0.40                   0.43     ?7.50%
EGH               23.00                24.02     ?4.43%
GOIL                  2.83                   2.85     ?0.71%
ETI                  0.81                  0.80     ?1.23%
MTNGH                  4.21                   4.20     ?0.24%
GLD           449.86             449.35     ?0.11%
TOTAL               40.41                40.37     ?0.10%
 Source: Ghana Stock Exchange
 
 
 
 
 
 

CURRENCY MARKET
The Cedi depreciated against the USD for the week. It traded at GH¢11.4100/$, compared with GH¢11.2700/$ at week open, reflecting w/w loss and YTD appreciation of 1.23% and 28.83% respectively. This compares with a depreciation of 20.11% a year ago.    
The Cedi also depreciated marginally against the GBP for the week. It traded at GH¢15.2580/£, compared with GH¢14.8995/£ at week open, reflecting w/w loss and YTD gain of 2.35% and 20.60% respectively. This compares with a depreciation of 20.20% a year ago.
The Cedi retreated against the Euro for the week. It traded at GH¢13.3188/€, compared with GH¢13.0531/€ at week open, reflecting w/w loss and YTD appreciation of 1.99% and 14.23% respectively. This compares with a depreciation of 16.49% a year ago.     
The Cedi also weakened against the Canadian Dollar for the week. It opened at GH¢8.0693/C$ and closed at GH¢8.1909/C$, reflecting w/w decline and YTD gain of 1.48% and 24.66% respectively. This compares with a depreciation of 14.97% a year ago.
Weekly Interbank Foreign Exchange Rates
Currency Pair    Year Open                Week Open     Week Close     Change%    YTD %
     01-01-25    01-12-25    04-12-25          
USD/GHS    14.7001    11.2700    11.4100         ?1.23     ?28.83
GBP/GHS    18.4008    14.8995    15.2580    ?2.35    ?20.60
EUR/GHS    15.2141    13.0531    13.3188    ?1.99    ?14.23
CAD/GHS    10.2107    8.0693    8.1909    ?1.48    ?24.66
 Source: Bank of Ghana 
 

 
GOVERNMENT SECURITIES MARKET
The government raised a sum of GH¢6,955.73 million for the week across the 91-Day, 182-Day, and 364-Day Treasury Bills. This compares with GH¢5,782.48 million raised in the previous week.       
The 91-Day Bill settled at 11.08% p.a. from 11.05% p.a. last week, whilst the 182-Day Bill settled at 12.55% p.a. from 12.43% p.a. last week. The 364-Day Bill settled at 12.70% p.a. from 13.09% 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    01-12-25    04-12-25          
91 Day TB                   28.04                      11.05                      11.08     ?0.29    ?60.47
182 Day TB                   28.68                      12.43                      12.55     ?0.99    ?56.24
364 Day TB                    30.07                     13.09                      12.70     ?2.94    ?57.76
 Source: Bank of Ghana
The Ghana Market Summary
     Current     Previous     Change
Bid (GH¢' M)       6,955.73        5,782.48     ?20.29%
Issuance (GH¢' M)       8,019.32        6,034.23     ?32.90%
Target (GH¢' M)            5,805             2,862     ?102.83%
Maturity (GH¢' M)      5,648.95        2,784.26     ?102.89%
Target coverage ratio               1.38                 2.11     na
Maturity coverage ratio               1.42                 2.17     na
Bid / Cover ratio              0.87               0.96     na
Source: Bank of Ghana
Weekly BOG Gold Coin Prices
BOG Gold Coins    Year Open                Week Open     Week Close     Change%    YTD %
     01-01-25    01-12-25    04-12-25          
1.00 oz        40,169.31         48,385.96        49,532.23     
?2.37    
?23.31
0.50 oz      20,486.68           24,543.01         25,117.96     
?2.34    
?22.61
0.25 oz        10,675.23           12,644.53        12,934.05     
?2.29    
?21.16

COMMODITY MARKET
Oil prices edged up nearly 1% on increasing expectations that the U.S. Federal Reserve will cut interest rates next week. Brent futures traded at US$63.75 a barrel, compared to US$63.20 at week's open, reflecting w/w gain and YTD depreciation of 0.87% and 14.59% respectively.

Gold prices edged lower, weighed by profit-taking even as investors grew more confident that the Federal Reserve will cut interest rates next week. Gold settled at US$4,243.00, from US$4,254.90 last week, reflecting w/w loss and YTD appreciation of 0.28% and 60.66% respectively.

The price of Cocoa grew for the week. Cocoa traded at US$5,696.00 per tonne on Friday, from US$5,504.00 last week, reflecting w/w gain and YTD loss of 3.49% and 50.66% respectively. 
International Commodity Prices
Commodities    Year Open     Week Open    Week Close    Chg%    YTD %
     01-01-25    01-12-25    05-12-25          
Brent crude oil (USD/bbl)               74.64                   63.20                    63.75     ?0.87    ?14.59
Gold (USD/t oz.)          2,641.00            4,254.90            4,243.00     ?0.28    ?60.66
Cocoa (USD/MT)       11,545.00            5,504.00           5,696.00     ?3.49    ?50.66
Source: www.investing.com
 

INVESTMENT TERM OF THE WEEK
Reserve Price: It is the minimum amount that a seller will accept as the winning bid. Alternatively, it is less commonly known as the highest price a buyer is willing to pay for a good or service. The reserve price prevents a bidder who offers a price lower than what the owner will accept from winning the auction. 
Source:https://www.investopedia.com/terms/r/reserve-price.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.