Ghanaian Stocks November 2023 Insights and Year-End Strategies

The stock market, often a rollercoaster of financial twists and turns, has wrapped up November with a notable 29.71% overall increase. However, the landscape isn’t uniform, and financial stocks are experiencing a dip, down 2.71% for the year. Let’s delve into the individual stocks to unpack the diverse performances shaping the market.

Winners of the Month:

Ecobank Ghana Ltd (Share Price: GH¢7)

  • November Returns: 18.6%
  • Full Year Returns: 5.4%
  • Ecobank Ghana Ltd emerges as a frontrunner, boasting a robust 18.6% surge in November, contributing to a solid 5.4% full-year increase.

NewGold Issuer Limited (Share Price: GH¢218.5)

  • November Returns: 2.6%
  • Full Year Returns: 0.3%
  • NewGold Issuer Limited showcases a steady performance, gaining 2.6% in November and maintaining a modest 0.3% increase for the entire year.

MTN Ghana Ltd (Share Price: GH¢1.4)

  • November Returns: 2.2%
  • Full Year Returns: 59.1%
  • MTN Ghana Ltd, a market heavyweight, continues its upward trajectory with a 2.2% boost in November, contributing to an impressive 59.1% full-year growth.

Mixed Performances:

CAL Bank Limited (Share Price: GH¢0.51)

  • November Returns: 2.0%
  • Full Year Returns: -21.5%
  • CAL Bank Limited records a positive monthly return of 2.0%, yet struggles with a challenging full-year performance, down by 21.5%.

Unilever Ghana Limited (Share Price: GH¢8.11)

  • November Returns: 0.1%
  • Full Year Returns: 109.0%
  • Unilever Ghana Limited experiences a minimal uptick in November (0.1%) but shines with an impressive 109.0% full-year growth.

Stagnant Performances:

Several stocks, including AngloGold Ashanti Limited, Access Bank Ghana, Agricultural Development Bank, and others, show no significant changes in both November and full-year returns.

Losers of the Month:

Ghana Oil Company Limited (Share Price: GH¢1.45)

  • November Returns: -3.3%
  • Full Year Returns: -15.7%
  • Ghana Oil Company Limited faces challenges in November, witnessing a 3.3% decline and contributing to a cumulative 15.7% decrease for the year.

Standard Chartered Bank Ghana Ltd. (Share Price: GH¢17.55)

  • November Returns: -9.9%
  • Full Year Returns: -12.9%
  • Standard Chartered Bank Ghana Ltd. experiences a notable setback in November, with a 9.9% dip, adding to a year-to-date decline of 12.9%.


November has brought a mix of triumphs, challenges, and steady trajectories in the stock market. While some stocks enjoy substantial monthly and yearly gains, others grapple with stagnant or negative performances. As we navigate the complexities of the financial landscape, these individual stock analyses serve as valuable insights for investors seeking to make informed decisions in a market that continues to evolve.