October proved to be a strong month for several equities on the Ghana Stock Exchange, with notable gains among financial, consumer, and petroleum companies. This article provides a breakdown of top performers, both for October and year-to-date, highlighting key equities that outperformed the market in recent months.
| Equity | Share Price (GH¢) | October Returns | Full Year Returns |
| Ecobank Transnational Incorporation | 0.2 | 17.6% | 33.3% |
| NewGold Issuer Limited | 450.96 | 11.1% | 106.4% |
| Republic Bank | 0.66 | 10.0% | 37.5% |
| Fan Milk Limited | 3.7 | 5.7% | 13.8% |
| Standard Chartered Bank Ghana Ltd. | 23 | 4.1% | 31.1% |
| GCB Bank Limited | 6.15 | 2.5% | 80.9% |
| Total Petroleum Ghana Ltd | 12.83 | 1.7% | 42.6% |
| Ghana Oil Company Limited | 1.51 | 0.7% | 0.7% |
| Benso Oil Palm Plantation Ltd | 25.26 | 0.2% | 14.8% |
| AngloGold Ashanti Limited | 0.41 | 0.0% | 0.0% |
| Access Bank Ghana | 4.32 | 0.0% | 27.1% |
| Agricultural Development Bank | 5.06 | 0.0% | 0.0% |
| AngloGold Ashanti Limited | 37 | 0.0% | 0.0% |
| 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% |
| Enterprise Group Limited | 1.99 | 0.0% | -16.7% |
| Guinness Ghana Breweries Ltd. | 4.7 | 0.0% | 38.2% |
| 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% |
| Societe Generale Ghana Limited | 1.5 | 0.0% | -4.5% |
| Trust Bank Limited (THE GAMBIA) | 0.83 | 0.0% | 1.2% |
| Tullow Oil Plc | 11.92 | 0.0% | 0.0% |
| Unilever Ghana Limited | 16.5 | 0.0% | 103.5% |
| Atlantic Lithium Ltd | 6.14 | -0.2% | 39.5% |
| MTN Ghana Ltd | 2.16 | -0.9% | 54.3% |
| CAL Bank Limited | 0.26 | -7.1% | -45.8% |
October’s Top Gainers
- Ecobank Transnational Incorporated (ETI)
- Share Price: GH¢0.2
- October Returns: 17.6%
- Year-to-Date Returns: 33.3%
- Ecobank Transnational led the October rally, posting an impressive 17.6% increase, benefiting from strong investor interest across the banking sector.
- NewGold Issuer Limited
- Share Price: GH¢450.96
- October Returns: 11.1%
- Year-to-Date Returns: 106.4%
- NewGold Issuer’s stock gained 11.1% in October, bringing its total 2023 returns to over 100%, making it one of the highest performers on the exchange.
- Republic Bank Ghana
- Share Price: GH¢0.66
- October Returns: 10.0%
- Year-to-Date Returns: 37.5%
- Republic Bank also showed resilience with a solid 10% return in October, indicating strong financial performance and investor confidence.
- Fan Milk Limited
- Share Price: GH¢3.7
- October Returns: 5.7%
- Year-to-Date Returns: 13.8%
- The dairy producer maintained a steady upward trend, posting a 5.7% increase last month, reflecting positive consumer demand in the FMCG sector.
- Standard Chartered Bank Ghana Ltd.
- Share Price: GH¢23
- October Returns: 4.1%
- Year-to-Date Returns: 31.1%
- Standard Chartered Bank continued its positive momentum, with a 4.1% gain in October, attributed to stable performance and investor confidence in banking stocks.
Year-to-Date Standouts
In terms of full-year performance, several equities have posted impressive returns, especially in the financial and consumer goods sectors.
- NewGold Issuer Limited leads the pack with an exceptional 106.4% return for the year, largely due to increasing gold prices and a strong commodity market.
- Unilever Ghana Limited saw its stock climb 103.5% year-to-date, reflecting solid demand for consumer goods and positive brand performance.
- MTN Ghana Ltd has also demonstrated robust growth, with a 54.3% increase since January, driven by continued expansion in telecommunications services.
- GCB Bank Limited reported 80.9% returns for the year, placing it among the top financial performers as investors rally behind Ghana’s established banks.
Stocks with Minimal or Negative Movement
While many stocks enjoyed gains, others showed minimal or no growth:
- AngloGold Ashanti Limited, Access Bank Ghana, and several others reported 0.0% returns for both October and the full year, indicating either stable performance or low trading volume.
- CAL Bank Limited faced a challenging year with a -45.8% year-to-date decline, accompanied by a -7.1% drop in October, reflecting potential challenges in the banking sector.
Conclusion
October was marked by strong performances across Ghana’s financial and consumer sectors, with banks and consumer goods companies capturing significant gains. Stocks like NewGold Issuer and Unilever Ghana have emerged as standout performers, offering high returns for long-term investors. However, some equities face ongoing challenges, as seen with CAL Bank’s declines, signaling a mixed outlook for the Ghana Stock Exchange. Investors should remain vigilant, as market trends continue to reflect both economic conditions and sector-specific dynamics.