STOCK MARKET REVIEW
The Ghana Stock Exchange rebounded for the week, as twelve counters recorded price gains.
The GSE Composite Index (GSE-CI) increased by 116.94 points (+0.80%) for the week to close at 14,805.95 points, reflecting a year-to-date (YTD) gain of 68.82%.  
The GSE Financial Index (GSE-FI) also grew by 32.93 points (+0.40%) for the week to close at 8,240.66 points, reflecting a year-to-date (YTD) gain of 77.33%.  
Market capitalization rose by 0.45% to close the week at GH¢287,123.51 million, from GH¢285,849.24 million at the close of the previous week. This reflects a YTD gain of 66.89%. 
The week recorded a total of 20,633,756 shares, valued at GH¢67,139,741.85, compared with 13,852,950 shares, valued at GH¢43,581,570.19, traded in the preceding week. 
KASA dominated the volume of trades, while MTNGH dominated the value of trades for the week, accounting for 46.29% and 55.34% of the volume and value of shares traded, respectively.
The market closed the week with 12 gainers and 4 decliners, as indicated below:
Price Movers for the Week
Equity    Opening Price               Closing Price     Gain/Loss (%)
IIL                  0.18                   0.28     ?55.56%
HORDS                   0.11                   0.14     ?27.27%
CPC                  0.13                    0.15     ?15.38%
CLYD                  3.10                   3.49     ?12.58%
GOIL                  7.50                   7.98     ?6.40%
GCB               41.00                42.50     ?3.66%
TOTAL              39.60                40.26     ?1.67%
CAL                  0.78                   0.79     ?1.28%
MTNGH                 6.42                  6.49     ?1.09%
EGH               33.67                34.00     ?0.98%
ZEN               10.99                 11.00     ?0.09%
GGBL                11.97                 11.98     ?0.08%
RBGH                 4.00                   3.93     ?1.75%
ETI                  2.20                    2.18     ?0.91%
SIC                   6.01                  6.00     ?0.17%
SCB               71.00                70.90     ?0.14%
 Source: Ghana Stock Exchange

CURRENCY MARKET
The Cedi weakened against the USD for the week. It traded at GH¢11.4800/$, compared with GH¢11.3895/$ at the week's open, reflecting w/w and YTD depreciations of 0.79% and 8.97% respectively. This compares with an appreciation of 41.35% a year ago.
    
The Cedi also depreciated against the GBP for the week. It traded at GH¢15.4056/£, compared with GH¢15.2124/£ at the week's open, reflecting w/w and YTD losses of 1.25% and 8.75% respectively. This compares with an appreciation of 30.98% a year ago.

The Cedi retracted against the Euro for the week. It traded at GH¢13.1318/€, compared with GH¢13.0283/€ at the week's open, reflecting w/w and YTD depreciations of 0.79% and 6.54% respectively. This compares with an appreciation of 25.09% a year ago.
     
The Cedi lost ground against the Canadian Dollar for the week. It opened at GH¢8.0319/C$ and closed at GH¢8.1301/C$, reflecting w/w and YTD losses of 1.21% and 6.26%, respectively. This compares with an appreciation of 34.41% a year ago.
Weekly Interbank Foreign Exchange Rates
Currency Pair    Year Open                Week Open     Week Close     Change%    YTD %
     01/01/26    06/07/26    10/07/26          
USD/GHS    10.4500    11.3895    11.4800    ?0.79    ?8.97
GBP/GHS    14.0579    15.2124    15.4056    ?1.25    ?8.75
EUR/GHS    12.2728    13.0283    13.1318    ?0.79    ?6.54
CAD/GHS    7.6211    8.0319    8.1301    ?1.21    ?6.26
 Source: Bank of Ghana
 

GOVERNMENT SECURITIES MARKET
The government raised a sum of GH¢7,383.32 million for the week across the 91-Day, 182-Day, and 364-Day Treasury Bills. This compares with GH¢3,163.27 million raised in the previous week.       
The 91-Day Bill settled at 5.87% p.a. from 5.86% p.a. last week, whilst the 182-Day Bill settled at 7.79 p.a. from 7.79% p.a. last week. The 364-Day Bill settled at 12.99% p.a. from 12.93% 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    06/07/26    10/07/26          
91 Day TB                     11.09                        5.87                       5.86     ?0.19     ?47.15
182 Day TB                     12.52                        7.79                        7.79     ?0.001    ?37.82
364 Day TB                    12.94                      12.93                     12.99     ?0.48     ?0.39
 Source: Bank of Ghana
The Ghana Market Summary
     Current     Previous     Change
Bid (GH¢' M)         7,383.32          3,163.27     ?133.41%
Issuance (GH¢' M)        10,034.14         4,162.20     ?141.08%
Target (GH¢' M)             5,669               3,371     ?68.17%
Maturity (GH¢' M)        5,945.02         3,322.55     ?78.93%
Target coverage ratio                 1.77                 1.23     na
Maturity coverage ratio                1.69                 1.25     na
Bid / Cover ratio                0.74                0.76     na
Source: Bank of Ghana

Weekly BOG Gold Coin Prices
BOG Gold Coins    Year Open                Week Open     Week Close     Change%    YTD %
     01/01/26    06/07/26    10/07/26          
1.00 oz        47,231.06          48,091.97       48,953.63     
?1.79    
?3.65
0.50 oz       23,953.39         24,398.96         24,831.21     
?1.77    
?3.66
0.25 oz        12,335.94           12,575.48         12,793.21     
?1.73    
?3.71
Source: Bank of Ghana

COMMODITY MARKET
Oil prices extended gains, as investors remained on edge over escalating U.S.-Iran tensions and the potential impact of Washington’s renewed maritime blockade on Iranian shipping through the Strait. Brent futures traded at US$76.01 a barrel, compared to US$72.12 at the week's open, reflecting w/w and YTD appreciations of 5.39% and 24.91% respectively.

Gold prices declined as investors assessed Federal Reserve meeting minutes, which revealed differing views on the monetary policy outlook, while a renewed rise in oil prices heightened inflation concerns. Gold settled at US$4,113.70, from US$4,187.30 last week, reflecting a w/w and YTD depreciation of 1.76% and 6.21%, respectively.

Cocoa prices surged at week end. Cocoa traded at US$6,065.00 per tonne on Friday, from US$5,036.00 last week, reflecting w/w and YTD gains of 20.43% and 0.00% respectively.

International Commodity Prices
Commodities    Year Open     Week Open    Week Close    Chg%    YTD %
     01/01/26    06/07/26    10/07/26          
Brent crude oil (USD/bbl)               60.85                     72.12                    76.01     ?5.39    ?24.91
Gold (USD/t oz.)         4,386.30             4,187.30              4,113.70     ?1.76    ?6.21
Cocoa (USD/MT)        6,065.00            5,036.00           6,065.00     ?20.43    0.00
Source: www.investing.com
 
 

INVESTMENT TERM OF THE WEEK
Kimchi Premium: It is the price gap where decentralized assets, such as bitcoin, trades higher on South Korean exchanges than on global exchanges, which can suggest an arbitrage opportunity. In practice, South Korea's capital controls and crypto regulations often make it hard to move money and execute the trade, and the premium has historically spiked during periods of intense local demand. 
Source: 
https://www.investopedia.com/terms/k/kimchi-premium.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.