February 11, 2025

Unilever, ETI, GCB, GLD, and MTN Recognized as Top Performers on Ghana Stock Exchange in 2024

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Unilever, ETI, GCB, GLD, and MTN Stand Out as Top Performers on the Ghana Stock Exchange in 2024

The Ghana Stock Exchange (GSE) closed 2024 with impressive results, highlighted by a 56.17% increase in the Composite Index and a 25.20% rise in the Financial Stock Index. These figures demonstrate significant market recovery and growing investor confidence, making 2024 a standout year for the GSE.

Unilever Ghana: A Star Performer

Unilever Ghana Limited (UNIL) emerged as the top performer in 2024, showcasing remarkable growth. Its share price surged by an incredible 140.44%, moving from GH₵ 8.11 at the start of the year to GH₵ 19.50 by year-end. This substantial increase made it the highest-gaining stock on the exchange. UNIL traded a total of 586,268 shares, representing 0.19% of the market’s total volume, while its value accounted for 0.90% of the total market value, approximately GH₵ 9.55 million.

ABSA NewGold ETF Shows Robust Performance

Another significant performer was ABSA NewGold ETF (GLD), which posted an impressive 78.72% increase in share price. Starting at GH₵ 218.50, GLD finished 2024 at GH₵ 390.50. This surge was largely driven by strong global gold prices, which bolstered the value of the gold-backed security. GLD was responsible for a substantial portion of market activity, accounting for 48.65% of the total market value traded, which amounted to GH₵ 513.98 million.

MTN Ghana and GCB Bank Shine in Telecom and Banking Sectors

MTN Ghana (MTNGH) also performed exceptionally well in 2024. The telecom giant saw its share price rise by 78.57%, from GH₵ 1.40 to GH₵ 2.50. MTN’s strong market presence was underscored by an astounding 234.5 million shares traded, which contributed to 40.89% of the total market value, equivalent to GH₵ 431.99 million.

In the banking sector, GCB Bank (GCB) was one of the top performers, with a share price increase of 87.35%, closing the year at GH₵ 6.37. GCB traded 2.47 million shares, contributing 1.27% of the market’s total value, worth GH₵ 13.37 million.

Ecobank Transnational Incorporated (ETI) also delivered solid gains, with its share price climbing 106.67%, from GH₵ 0.15 to GH₵ 0.31. ETI traded 1.79 million shares, representing 0.03% of the total market value, approximately GH₵ 297,387.69.

Mixed Results for Other Stocks

Despite the overall positive performance of many stocks, some experienced mixed results. Access Bank Ghana (ACCESS) performed well, ending the year with a 52.94% gain, closing at GH₵ 5.20. Standard Chartered Bank (SCB) saw a 31.05% rise, finishing at GH₵ 23.00. However, CAL Bank (CAL) struggled, posting a 27.08% decline, closing at GH₵ 0.35. This performance highlighted the challenges faced by some institutions in a competitive market.

Market Overview and Key Statistics

  • Top Gainer: Unilever Ghana Limited, which saw a 140.44% increase in its share price.
  • Largest Contributor to Market Value: ABSA NewGold ETF, contributing 48.65% of the total market value.
  • Overall GSE Composite Index Growth: 56.17% Year-To-Date (YTD).
  • Financial Stock Index Growth: 25.20% YTD.

Looking Toward 2025: Optimism and Continued Growth

The strong performances of stocks like Unilever Ghana, MTN Ghana, and ABSA NewGold reflect a rejuvenated stock market, with a rising sense of investor optimism. These results suggest that the Ghana Stock Exchange is positioned for continued growth in 2025. Analysts predict further positive trends, buoyed by improving economic conditions and strong market sentiment. The GSE’s remarkable year in 2024 sets a strong foundation for sustained growth, with expectations for more companies to perform well as the market continues to recover and strengthen in the new year.

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