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As of September 30, stocks have shown a strong overall performance, with a 39.59% increase across the market, while financial stocks specifically rose by 15.19%. Below is a summary of the performance of individual stocks:
Stocks overall are up a strong 39.59% as at September 30 and financial stocks are up 15.19%. See how all stocks performed below.
| Equity | Share Price (GH¢) | September Returns | Full Year Returns |
| Enterprise Group Limited | 1.99 | 20.6% | -16.7% |
| Ecobank Transnational Incorporation | 0.17 | 13.3% | 13.3% |
| Standard Chartered Bank Ghana Ltd. | 22.1 | 10.0% | 25.9% |
| Republic Bank | 0.6 | 9.1% | 25.0% |
| NewGold Issuer Limited | 405.9 | 6.1% | 85.8% |
| Unilever Ghana Limited | 16.5 | 3.1% | 103.5% |
| Total Petroleum Ghana Ltd | 12.61 | 1.7% | 40.1% |
| GCB Bank Limited | 6 | 1.5% | 76.5% |
| Benso Oil Palm Plantation Ltd | 25.21 | 0.8% | 14.6% |
| AngloGold Ashanti Limited | 0.41 | 0.0% | 0.0% |
| Agricultural Development Bank | 5.06 | 0.0% | 0.0% |
| AngloGold Ashanti Limited | 37 | 0.0% | 0.0% |
| Atlantic Lithium Ltd | 6.15 | 0.0% | 39.8% |
| Aluworks LTD | 0.1 | 0.0% | 0.0% |
| Asante Gold Corp | 8.89 | 0.0% | 0.0% |
| CAL Bank Preference Shares | 0.29 | 0.0% | 0.0% |
| Clydestone (Ghana) Limited | 0.03 | 0.0% | 0.0% |
| Camelot Ghana Ltd | 0.12 | 0.0% | 20.0% |
| Cocoa Processing Company | 0.02 | 0.0% | 0.0% |
| DASPHARMA | 0.38 | 0.0% | -5.0% |
| Digicut | 0.09 | 0.0% | 0.0% |
| Ecobank Ghana Ltd | 6.1 | 0.0% | 10.9% |
| Fan Milk Limited | 3.5 | 0.0% | 7.7% |
| Ghana Oil Company Limited | 1.5 | 0.0% | 0.0% |
| HORDS LTD | 0.1 | 0.0% | 0.0% |
| Intravenous Infusions (IIL) | 0.05 | 0.0% | 0.0% |
| Mega African Capital Limited | 5.38 | 0.0% | 0.0% |
| Meridian-Marshalls Holdings | 0.1 | 0.0% | -9.1% |
| Produce Buying Company Ltd. | 0.02 | 0.0% | 0.0% |
| Samba Foods Ltd | 0.55 | 0.0% | 0.0% |
| Standard Chartered Bank Ghana Ltd – Preference Shares | 0.9 | 0.0% | 0.0% |
| SIC Insurance Company Limited | 0.25 | 0.0% | 4.2% |
| Trust Bank Limited (THE GAMBIA) | 0.83 | 0.0% | 1.2% |
| Tullow Oil Plc | 11.92 | 0.0% | 0.0% |
| MTN Ghana Ltd | 2.18 | -0.9% | 55.7% |
| Societe Generale Ghana Limited | 1.5 | -3.2% | -4.5% |
| Guinness Ghana Breweries Ltd. | 4.7 | -8.9% | 38.2% |
| CAL Bank Limited | 0.28 | -9.7% | -41.7% |
| Access Bank Ghana | 4.32 | -10.0% | 27.1% |
The Ghanaian stock market has seen a remarkable surge as of September 30, 2024, with an overall growth of 39.59%. Financial stocks, while rising at a slower pace compared to the broader market, also delivered strong performance with a 15.19% increase year-to-date. Investors continue to ride the wave of optimism, fueled by a diverse range of high-performing sectors, including financial services, energy, and consumer goods.
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Below is an in-depth look at how individual stocks have fared, breaking down key gainers and laggards, along with insights into their September returns and full-year performances.
Top Gainers: Strong September Returns
- Enterprise Group Limited
- Share Price: GH¢1.99
- September Returns: +20.6%
- Full Year Returns: -16.7%
Despite being down for the year overall, Enterprise Group saw a strong 20.6% gain in September. This suggests the company is beginning to recover from earlier losses, and its recent momentum could signal a positive outlook for the remaining months of 2024.
- Ecobank Transnational Incorporation
- Share Price: GH¢0.17
- September Returns: +13.3%
- Full Year Returns: +13.3%
Ecobank posted solid gains for both September and the year. As one of the key players in Ghana’s financial sector, its performance reflects investor confidence and its strategic market position in West Africa.
- Standard Chartered Bank Ghana Ltd.
- Share Price: GH¢22.10
- September Returns: +10.0%
- Full Year Returns: +25.9%
Standard Chartered continues to shine, delivering a strong 10% return in September and a robust 25.9% gain for the year. The bank’s steady rise reflects strong fundamentals and consistent profitability, appealing to both local and international investors.
- Republic Bank
- Share Price: GH¢0.60
- September Returns: +9.1%
- Full Year Returns: +25.0%
Republic Bank enjoyed a healthy 9.1% boost in September, contributing to its impressive 25% growth for the year. This performance is largely attributed to its innovative banking solutions and growth in the retail banking space.
- NewGold Issuer Limited
- Share Price: GH¢405.90
- September Returns: +6.1%
- Full Year Returns: +85.8%
NewGold Issuer Limited has emerged as one of the top performers of 2024, with its shares skyrocketing by 85.8% over the year. As gold prices remain strong, the company continues to attract investors seeking safe-haven assets amidst global uncertainty.
- Unilever Ghana Limited
- Share Price: GH¢16.50
- September Returns: +3.1%
- Full Year Returns: +103.5%
Unilever Ghana’s stock soared with an incredible 103.5% gain in 2024, making it one of the standout performers. Unilever’s focus on consumer goods, particularly with a shift toward sustainable and locally produced products, has clearly resonated with investors and consumers alike.
- Total Petroleum Ghana Ltd
- Share Price: GH¢12.61
- September Returns: +1.7%
- Full Year Returns: +40.1%
Total Petroleum’s 40.1% rise over the year reflects the ongoing demand for energy in Ghana, with the company capitalizing on favorable oil prices and expanding its footprint across the region.
Steady Performers: Consistent Year-to-Date Growth
- GCB Bank Limited
- Share Price: GH¢6.00
- September Returns: +1.5%
- Full Year Returns: +76.5%
GCB Bank continues to post solid gains, with a strong 76.5% return for the year, making it one of the leading performers in the financial sector. September returns of 1.5% indicate steady, incremental growth driven by GCB’s strategic investments and diversified portfolio.
- Benso Oil Palm Plantation Ltd
- Share Price: GH¢25.21
- September Returns: +0.8%
- Full Year Returns: +14.6%
While Benso’s returns have been modest, its 14.6% annual growth is notable. The plantation company has benefitted from increasing demand for sustainable agriculture and palm oil products, but the pace of growth slowed in the second half of the year.
Stocks with Zero Growth: Holding Steady
- AngloGold Ashanti Limited
- Share Price: GH¢37.00
- September Returns: 0.0%
- Full Year Returns: 0.0%
AngloGold Ashanti has remained flat for 2024, with no significant price movement in either September or the year-to-date. However, with gold being a key asset during economic uncertainty, it remains a stable investment for risk-averse shareholders.
- Ecobank Ghana Ltd
- Share Price: GH¢6.10
- September Returns: 0.0%
- Full Year Returns: +10.9%
Though flat in September, Ecobank Ghana saw a 10.9% increase throughout the year, signaling underlying strength in its banking operations.
Underperformers: Negative Returns and Declines
- MTN Ghana Ltd
- Share Price: GH¢2.18
- September Returns: -0.9%
- Full Year Returns: +55.7%
While MTN Ghana posted a slight dip in September, its full-year return of 55.7% remains highly impressive. MTN has continued to dominate the telecommunications industry, driven by increased data usage and expansion into mobile financial services.
- Societe Generale Ghana Limited
- Share Price: GH¢1.50
- September Returns: -3.2%
- Full Year Returns: -4.5%
Societe Generale had a tough year, with negative returns both for September and the year overall. Its decline could be attributed to increased competition and market challenges in the financial sector.
- Guinness Ghana Breweries Ltd.
- Share Price: GH¢4.70
- September Returns: -8.9%
- Full Year Returns: +38.2%
Guinness Ghana experienced an 8.9% decline in September, despite a strong 38.2% gain throughout the year. The fluctuation likely reflects seasonal consumption trends and shifting consumer preferences in the alcoholic beverage market.
- CAL Bank Limited
- Share Price: GH¢0.28
- September Returns: -9.7%
- Full Year Returns: -41.7%
CAL Bank has struggled significantly in 2024, posting a steep 41.7% decline for the year. Its September returns reflect further losses, as the bank faces challenges related to asset quality and economic pressures in the financial sector.
- Access Bank Ghana
- Share Price: GH¢4.32
- September Returns: -10.0%
- Full Year Returns: +27.1%
Despite a 10% drop in September, Access Bank has still delivered a solid 27.1% return year-to-date. The dip in performance could be part of a broader correction after strong early-year gains.
Read: Ghana’s Inflation in August 2023 Drops to 40.1%: A Positive Sign for the Economy
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Conclusion: A Mixed Bag with Strong Overall Gains
The Ghanaian stock market has showcased its resilience in 2024, with impressive overall gains driven by key sectors like energy, financial services, and consumer goods. While some stocks have struggled or remained flat, the market’s 39.59% overall growth remains a testament to investor confidence and economic optimism.
As the year progresses, investors will be closely watching the performance of strong sectors, while keeping an eye on potential challenges that could affect underperformers in the final quarter of the year.
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