STOCK MARKET REVIEW
The Ghana Stock Exchange continued its weekly decline, driven by price drops across eight counters.
The GSE Composite Index (GSE-CI) declined by 77.81 points (-0.53%) for the week to close at 14,689.01 points, reflecting a year-to-date (YTD) gain of 67.49%.  
The GSE Financial Index (GSE-FI) also dipped by 47.15 points (-0.57%) for the week to close at 8,207.73 points, reflecting a year-to-date (YTD) gain of 76.62%.  
Market capitalization further declined by 0.76% to close the week at GH¢285,849.24 million, from GH¢288,048.73 million at the close of the previous week. This reflects a YTD gain of 67.43%. 
The week recorded a total of 13,852,950 shares, valued at GH¢43,581,570.19, compared with 43,209,201 shares, valued at GH¢125,851,077.98, traded in the preceding week. 
MTNGH dominated both the volume and the value of trades for the week, accounting for 32.88% and 66.65% of the volume and value of shares traded, respectively.
The market closed the week with 4 advancers and 8 laggards, as indicated below:
Price Movers for the Week
Equity    Opening Price               Closing Price     Gain/Loss (%)
IIL                  0.16                   0.18     ?12.50%
TOTAL              36.00                39.60     ?10.00%
GCB              39.00                41.00     ?5.13%
CLYD                  2.95                    3.10     ?5.08%
RBGH                 4.39                  4.00     ?8.88%
KASA                  1.99                   1.88     ?5.53%
CAL                   0.81                   0.78     ?3.70%
ETI                  2.27                   2.20     ?3.08%
MTNGH                 6.46                   6.42     ?0.62%
SIC                  6.03                   6.01     ?0.33%
FML                13.34                 13.30     ?0.30%
GGBL                11.99                  11.97     ?0.17%
 Source: Ghana Stock Exchange

 CURRENCY MARKET
The Cedi depreciated against the GBP for the week. It traded at GH¢11.3895/$, compared with GH¢11.2925/$ at the week's open, reflecting w/w and YTD depreciations of 0.85% and 8.25% respectively. This compares with an appreciation of 42.44% a year ago.
    
The Cedi also depreciated against the GBP for the week. It traded at GH¢15.2124/£, compared with GH¢14.9214/£ at the week's open, reflecting w/w and YTD losses of 1.91% and 7.59% respectively. This compares with an appreciation of 30.61% a year ago.

The Cedi retracted against the Euro for the week. It traded at GH¢13.0283/€, compared with GH¢12.8660/€ at week open, reflecting w/w and YTD depreciations of 1.25% and 5.80% respectively. This compares with an appreciation of 25.47% a year ago.
     
The Cedi weakened against the Canadian Dollar for the week. It opened at GH¢7.9600/C$ and closed at GH¢8.0319/C$, reflecting w/w and YTD losses of 0.90% and 5.11%, respectively. This compares with an appreciation of 34.21% a year ago.
Weekly Interbank Foreign Exchange Rates
Currency Pair    Year Open                Week Open     Week Close     Change%    YTD %
     01/01/26    29/06/26    02/07/26          
USD/GHS    10.4500    11.2925    11.3895    ?0.85    ?8.25
GBP/GHS    14.0579    14.9214    15.2124    ?1.91    ?7.59
EUR/GHS    12.2728    12.8660    13.0283    ?1.25    ?5.80
CAD/GHS    7.6211    7.9600    8.0319    ?0.90    ?5.11
 Source: Bank of Ghana
 

GOVERNMENT SECURITIES MARKET
The government raised a sum of GH¢3,163.27 million for the week across the 91-Day, 182-Day, and 364-Day Treasury Bills. This compares with GH¢6,010.04 million raised in the previous week.       
The 91-Day Bill settled at 5.87% p.a. from 5.73% p.a. last week, whilst the 182-Day Bill settled at 7.69 p.a. from 7.79% p.a. last week. The 364-Day Bill settled at 12.93% p.a. from 12.82% 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    29/06/26    02/07/26          
91 Day TB                     11.09                        5.73                        5.87     ?2.44    ?47.05
182 Day TB                     12.52                       7.69                        7.79     ?1.23    ?37.82
364 Day TB                    12.94                      12.82                      12.93     ?0.84    ?0.09
 Source: Bank of Ghana
The Ghana Market Summary
     Current     Previous     Change
Bid (GH¢' M)         3,163.27         6,010.04     ?47.37%
Issuance (GH¢' M)         4,162.20          7,371.24     ?43.53%
Target (GH¢' M)               3,371              4,602     ?26.75%
Maturity (GH¢' M)         3,322.55         3,056.10     ?8.72%
Target coverage ratio                 1.23                1.60     na
Maturity coverage ratio                 1.25                 2.41     na
Bid / Cover ratio               0.76                0.82     na
Source: Bank of Ghana

Weekly BOG Gold Coin Prices
BOG Gold Coins    Year Open                Week Open     Week Close     Change%    YTD %
     01/01/26    29/06/26    02/07/26          
1.00 oz        47,231.06         46,804.82       48,091.97     
?2.75    
?1.82
0.50 oz       23,953.39           23,754.35       24,398.96     
?2.71    
?1.86
0.25 oz        12,335.94           12,252.00        12,575.48     
?2.64    
?1.94
Source: Bank of Ghana

COMMODITY MARKET
Oil prices gained, as reports of renewed strikes in the Strait of Hormuz threatened hopes for a recovery in shipping traffic through the vital waterway. Brent futures traded at US$72.12 a barrel, compared to US$71.99 at the week's open, reflecting w/w and YTD gains of 0.18% and 18.52% respectively.

Gold prices steadied after softer-than-expected U.S. payrolls data helped cool fears over rising interest rates and spurred a sharp recovery in the yellow metal. Gold settled at US$4,187.30, from US$4,096.30 last week, reflecting a w/w gain and YTD depreciation of 2.22% and 4.54%, respectively.

The price of Cocoa closed lower for the week. Cocoa traded at US$5,036.00 per tonne on Friday, from US$5,095.00 last week, reflecting w/w and YTD losses of 1.16% and 16.97% respectively.
 
International Commodity Prices
Commodities    Year Open     Week Open    Week Close    Chg%    YTD %
     01/01/26    29/06/26    03/07/26          
Brent crude oil (USD/bbl)               60.85                    71.99                     72.12     ?0.18    ?18.52
Gold (USD/t oz.)         4,386.30           4,096.30             4,187.30     ?2.22    ?4.54
Cocoa (USD/MT)        6,065.00            5,095.00            5,036.00     ?1.16    ?16.97
Source: www.investing.com
 

 
INVESTMENT TERM OF THE WEEK
Pitchbook: It is a sales document created by an investment bank or firm that details the main attributes of the firm, which is then used by the firm's sales force to help sell products and services and generate new clients. Pitchbooks help sales teams recall key benefits and offer visual aids during client presentations. 
Source: 
https://www.investopedia.com/terms/p/pitchbook.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.